Only the Rich Can Play

Only the Rich Can Play
Author :
Publisher : Hachette UK
Total Pages : 281
Release :
ISBN-10 : 9781541757202
ISBN-13 : 1541757203
Rating : 4/5 (203 Downloads)

Book Synopsis Only the Rich Can Play by : David Wessel

Download or read book Only the Rich Can Play written by David Wessel and published by Hachette UK. This book was released on 2021-10-05 with total page 281 pages. Available in PDF, EPUB and Kindle. Book excerpt: In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political and economic elites attend to the care and feeding of the super-rich, and inequality compounds. David Wessel's incredible tale of how Washington works-and why the rich keep getting richer-starts when a Silicon Valley entrepreneur develops an idea intended as a way to help poor people that will save rich people money on their taxes. He organizes and pays for an effective lobbying effort that pushes his idea into law with little scrutiny or fine-tuning by congressional or Treasury tax experts-and few safeguards against abuse. With an unbeatable pair of high-profile sponsors, bumper-sticker simplicity and deft political marketing, the Opportunity Zone became an unnoticed part of the 2017 Trump tax bill. The gold rush followed immediately thereafter. David Wessel follows the money to see who profited from this plan that was supposed to spur development of blighted areas and help people out of poverty: the Las Vegas strip, the Portland (Oregon) Ritz-Carlton, the Mall of America, and self-storage facilities-lucrative areas where the one percent can park money profitably and avoid capital gains taxes. And the best part: unlike other provisions for eliminating capital gains taxes (inheritance, for example) you don't have to die to take advantage of this one. Wessel provides vivid portraits of the proselytizers, political influencers, motivational speakers, consultants, real estate dealmakers, and individual money-seekers looking to take advantage of this twenty-first century bonanza. He looks at places for which Opportunity Zones were supposedly designed (Baltimore, for example) and how little money they've drawn. And he finds a couple of places (Erie, PA) where zones are actually doing what they were supposed to, a lesson on how a better designed program might have helped more left-behind places. But what Wessel reveals is the gritty reality: The dark underbelly of a system tilted in favor of the few, with the many left out in the cold


Only the Rich Can Play Related Books

Only the Rich Can Play
Language: en
Pages: 281
Authors: David Wessel
Categories: Business & Economics
Type: BOOK - Published: 2021-10-05 - Publisher: Hachette UK

GET EBOOK

In a Winners Take All meets This Town narrative, a New York Times bestselling author tells the story of the creation of a massive tax break, in which political
Language: en
Pages: 671
Authors: Ralph Nader
Categories: Fiction
Type: BOOK - Published: 2011-01-04 - Publisher: Seven Stories Press

GET EBOOK

"In the cozy den of the large but modest house in Omaha where he has lived since he started on his first billion, Warren Buffett watched the horrors of Hurrican
Good Rich People
Language: en
Pages: 337
Authors: Eliza Jane Brazier
Categories: Fiction
Type: BOOK - Published: 2022-01-25 - Publisher: Penguin

GET EBOOK

A Good Morning America 'January Book That Can Get Us Through Anything' A Most Anticipated Novel of 2022 by The New York Times, Good Housekeeping, Harper's Bazaa
Playing Without the Ball
Language: en
Pages: 222
Authors: Rich Wallace
Categories: Young Adult Fiction
Type: BOOK - Published: 2010-08-18 - Publisher: Laurel Leaf

GET EBOOK

Some might think Jay was cheated. By his mother, who walked out when he was 9. By his dad, who took a job a couple thousand miles away and let him stay above a
The Cash Ceiling
Language: en
Pages: 340
Authors: Nicholas Carnes
Categories: Political Science
Type: BOOK - Published: 2020-03-03 - Publisher: Princeton University Press

GET EBOOK

Why are Americans governed by the rich? Millionaires make up only three percent of the public but control all three branches of the federal government. How did