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What Next | Daily News and Analysis

Billionaires’ Favorite Tax Reform

What Next | Daily News and Analysis

Slate Podcasts

News, Daily News, News Commentary

4.32.4K Ratings

🗓️ 2 January 2020

⏱️ 24 minutes

🧾️ Download transcript

Summary

When President Trump passed his tax overhaul in 2017, Democrats and Republicans were excited about the prospect of one specific provision. ‘Opportunity zones’ were meant to spur investment in low-income communities. Two years later, it’s unclear if that has actually happened. Billionaires, on the other hand, are benefitting from the program left and right. Guest: Justin Elliott, reporter at ProPublica.  Slate Plus members get bonus segments and ad-free podcast feeds. Sign up now. Podcast production by Mary Wilson, Jayson De Leon, Danielle Hewitt, and Mara Silvers. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Crypto doesn't sleep, so neither do we.

0:04.0

Crack-in client support is available 24-7, 365 days a year by call, chat, or email.

0:11.0

We're here for you whenever you need us.

0:14.0

Give us a shout at crackin.com forward slash support proof, not investment advice.

0:19.0

Crypto trading involves risk of loss.

0:22.0

Just an Elliott is a reporter for ProPublica.

0:29.0

And for the last year, he's been trying to understand the secret language of taxes.

0:34.0

How did you prep to cover taxes?

0:37.0

Like, were taxes always your jam like you wanted to learn about the tax code?

0:43.0

No, not at all.

0:44.0

Actually, I had a very painful period at the beginning of this year where I started going to American Bar Association,

0:50.0

tax law conferences.

0:53.0

Justin says, when you show up at one of these conferences, it's kind of like going to a foreign country.

0:59.0

As a layperson, you sort of understand maybe 20% of what's being talked about.

1:07.0

But what you do understand very quickly is that there's an army of very, very smart people and suits

1:14.0

who do understand this and spend all their time thinking about it and sort of working with the tax code.

1:21.0

It sounds like at a tax conference, every panel is just about how to not pay taxes.

1:28.0

That's a lot of it.

1:30.0

But using acronyms in jargon that make it basically impossible to understand for a normal person.

1:36.0

Over the last year or so, this new kind of tax conference crapped up.

1:41.0

All about what's called an opportunity zone.

1:44.0

Justin says, these two words, they mean different things to different people.

...

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