Why is it that these sort of programs never seem to help the people for which they are intended? Ever notice that?
(From The Washington Free Beacon)
Through the New Markets Tax Credit program, tax credits are sold to private investors for development projects in poor communities, amounting to approximately $1 billion in credits every year. The credits are intended to create jobs for poor areas.
However, due to the program’s overly broad definition of what qualifies as a “low-income community,” nearly any city or town in the country is eligible. As a result, credits have been taken advantage of by Hollywood producers, Wall Street bankers, and major corporations, in what Coburn calls a “billionaire’s fantasy island.”