“Through Opportunity Zones, the federal government is helping foster partnerships between people who may have never sat at the same table before,” he said. “Community leaders, public housing advocates, investors, builders, state officials and federal officials.”
The 2017 tax reform law was a once-in-a-generation tax cut for America’s families, small businesses, and workers. A huge part of that victory was that we were able to bring hope and prosperity to communities that have been left behind through new Opportunity Zones.
To outsiders the technology industry is often perceived as a massive wealth-generating engine, where 20-somethings lounge around, munch avocado toast and cash in stock options. But insiders know that more people today are discontent living and working in the traditional tech hubs -- New York, Seattle, Los Angeles, San Francisco Bay Area and Boston -- than ever before.
Big companies added 67,000 jobs, mid-sized firms hired 39,000 new workers and small businesses filled 30,000 positions. “Businesses have turned more cautious in their hiring,” said Mark Zandi, chief economist of Moody’s Analytics. “Small businesses have become especially hesitant. If businesses pull back any further, unemployment will begin to rise.”
Singapore has overtaken the U.S. to become the most competitive nation in the world, according to the World Economic Forum (WEF). In its 2019 Global Competitiveness Report, the WEF measured the strength of 103 key indicators, such as inflation, digital skills and trade tariffs, across 141 countries.
The prospects for Congress ratifying a new trade deal with Mexico and Canada improved last month when House Speaker Nancy Pelosi said, "we're moving ahead" and expressed hope for "a continuing path to yes." No trade agreement is ever perfect. But the United States-Mexico-Canada Agreement (USMCA), the trade deal that could replace the North American Free Trade Agreement (NAFTA), is an improvement over NAFTA in several respects, especially when it comes to workers' rights and the environment.
U.S. Secretary of State Mike Pompeo said on Wednesday there is “certainly some risk” that if Britain leaves the European Union it could undermine the British, European and even global economies. But speaking in an interview with the Italian television channel Sky TG24 on a visit to Italy, Pompeo said he was confident entrepreneurialism and innovation across Europe and the United States “will continue to permit everyone’s economy to continue to grow.”
The Opportunity Zones website includes an interactive map of the 8,764 Opportunity Zones nationwide; links to the Opportunity Zone-focused website of each State and Territory; comprehensive Federal tools and resources that support Opportunity Zone residents and complement Qualified Opportunity Fund investments; and the completed action items of each White House Opportunity and Revitalization Council member agency.
After reviewing the latest guidance issued on the Opportunity Zone program, it’s clear that the IRS is taking serious steps to help provide the clarity the investment community has been seeking. While there are still a few unanswered questions, we are hearing from many investors that they have a better understanding of the program and its benefits.
If funds created to finance real estate and businesses in Opportunity Zones ultimately produce healthy community revitalization, it will be directly related to community members’ engagement in expressing their power through unique partnership and dealings with investors.