Maybe Republicans Weren’t Being Sincere About Wanting To Boost Investment In Low-Income Areas

Anthony Scaramucci was, however briefly, a member of the Trump administration. Not only that, but his 10 days in office happened to coincide with the period when Steve Mnuchin and Gary Cohn were crafting the Republican tax heist that proved the only legislative achievement of the former president. Now, Mn uchin may not have thought much of the Mooch, but surely even this somewhat sketchy pedigree means that Scaramucci knows a bit better what exactly the White House intended for the “Opportunity Zone” tax breaks the law created than does Sen. Ron Wyden, who was not consulted on the matter nor voted for it.

Wyden sent letters Thursday to several organizations that have invested in Opportunity Zones -- low-income areas where investors can qualify for large capital-gains tax breaks for providing funds for real estate and business. In addition to SkyBridge Capital and Baker Tilly, Wyden also sent to Cresset Partners, Hatteras Sky, PTM Partners, Related Group and Shopoff Realty Investments.

“I have long been concerned that the Opportunity Zone program may permit wealthy investors another opportunity to avoid billions of dollars in taxes without meaningfully benefitting the distressed communities the program was intended to help,” Wyden, an Oregon Democrat, said in the letter…. Wyden said he is worried that the Opportunity Zones, which were created in the 2017 Republican tax law, aren’t helping struggling communities develop, but rather funding luxury real estate projects -- including a yacht marina in Palm Beach, Florida, and a Ritz Carlton hotel in Portland, Oregon.

To which Scaramucci might as well have replied, “Uh, no shit, Ron. Remember who wrote it?” Instead, he said essentially the same thing in more diplomatic language.

Scaramucci, in response to a request for comment, said, “We are very proud to be a part of the program and are fully cooperating with Senator Wyden’s request. We built a beautiful hotel in New Orleans which I hope added a lot of construction jobs and permanent hotel jobs.”

Yes, Mooch, there’s nothing more permanent these days than a hotel job.

Top Democrat Targets Scaramucci’s SkyBridge, Others in Opportunity-Zone Probe [Bloomberg]

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