Trump’s Newest Scam To STEAL From The Poor and Give To The Rich

Trump’s Newest Scam To STEAL From The Poor and Give To The Rich

>>Donald Trump’s 2017 tax cuts for the wealthy
included a benefit that hasn’t really been talked about much. And that benefit allows wealthy investors
to take their money out of the stock market, avoid paying capital gains taxes and then
invest it into developments in so called opportunity zones. Now, opportunity zones are supposed to be
areas of the country that are with poverty, that desperately need some development. But there are no safeguards in the bill indicating
that they have to build in a so called opportunity zone. In fact research indicates that most of these
developments are actually constructed in areas that are low risk and are not grappling with
poverty. So let me give you the details and I want
to give the New York Times credit for the story because they did a great job. This is an example of reporting that should
receive some positive reinforcement. Now the initiative allows people to sell stocks
or other investments and delay capital gains taxes for years- as long as they plow the
proceeds into projects in federally certified opportunity zones. Any profits from those projects can avoid
federal taxes altogether. That’s the most important part. Now remember, the wealthy do not wanna pay
taxes. So they can avoid paying capital gains taxes
by diverting that money into these developments, and any profit they make from those developments
go straight into their pockets and they do not have to worry about paying taxes on it. It allows investors to defer up to seven years
any capital gains taxes on the money they invest in opportunity zones. That defferal is valuable because it allows
people to invest in a larger sum upfront, potentially generating more profits over time. After 10 years, the investor can cash out-
by selling the opportunity-zone real estate, for example- and not owe any taxes on the
profits. When investors sell those assets they can
incur tax bills of up to 41%. Now that’s assuming that they’re actually
paying taxes on their capital gains. So because of Trump’s Legislation and now
law. All of these real estate investors and all
of these wealthy people who invest in the stock market can avoid taxes all together. Now, PBS did a great piece on this and I want
to show you a clip that explains where this money is really going. Take a look. Apartment complex will be priced at market
rate but the company says it will voluntarily set aside at least 9 of the 90 units for those
earning around the median income, a category known as Workforce Housing. But there is no requirement within the legislation
for a real estate developer, to provide a benefit beyond simply creating I quote, Substantial
Improvement. Meaning an increase in the value of the property
over a 30-month period. That means cities like Tempe can’t force developers
to build projects in opportunity zones, that deliver specific benefits, like affordable
housing.>>They’re not really getting anything from
us, so it’s hard for us, on private property, it’s hard for a city to impose itself.>>So get a load of this. Not only are the vast majority of developments
being built in areas that are not grappling with poverty, when they are built in areas
that are grappling with poverty, there is absolutely no indication that they have to
provide affordable housing for that community. So they are building this development, these
you know, I’m sure you’ve seen them in your own town, these high rises. They’re selling them at market value meaning
its overpriced and most people can’t afford it. And if they’re kind enough, maybe 9 out of
the 90 units will be priced for individuals who are earning the median income. Understand that median income is in the very
middle. So it’s not people who are in poverty, it’s
people who are in the middle between those who barely make enough to survive, and those
who are tremendously wealthy.>>So then there’s corruption. Richard is someone who’s taking advantage
of one of these so-called opportunity zones. He happened to give $500,000 to Donald Trump’s
campaign and inauguration. And then he went to the city manager where
he’s about to put up a luxury building, and said hey, why don’t we try to be an opportunity
zone even though they’re not at all poor? And the city manager is like, yeah that sounds
good to me man. I get more money, you get more money, everybody
here wins. But I mean, will the federal government allow
it? It’s outrageous to call this place poor. Probably a total coincidence that the guy
who asked for it happened to be a massive contributor to Donald Trump. So it turns out out of the 8800 opportunities
zones 200 of them are not in poor areas. They are adjacent to poor areas.>>Yeah, let me give you more details on that.>>You know, just before we go on though,
Beverly Hills is arguably adjacent to a poor area. Almost all of Manhattan is adjacent to a poor
area, adjacent to poor area, is a hilarious, preposterous loophole that is used, of course,
to benefit only the rich.>>So there’s a man named Aaron Seibert and
he was very much in favor of this part of the tax plan, right? He’s a social investment officer at the Kresge
Foundation. So he was supportive of it, and then he saw
how things really played out and he’s very critical of how the money is flowing to these
high income areas. So he says capital is going to flow to the
lowest-risk, highest-return environment. Perhaps 95% of this is doing no good for people
we care about. And just going back to what Jake mentioned
earlier about the properties and where they’re being placed. Last year the Treasury Department approved
roughly 8800 such zones. Nearly a third of the 31 million people who
live in the zones are considered poor. So one third, almost doubled the national
poverty rate. Yet there are plenty of affluent areas inside
those poor census tracts. And, as investors would soon realize some
of those zones were not low income at all.>>So there’s two different issues. There is the poor adjacent ones that are not
at all poor. And there’s hundreds of those, and then there
is within a poor area that is generally more poor than the national average. There are pockets that are perfectly wealthy,
so one of the opportunity zones is in Manhattan. No, so far west side of Manhattan. Hilarious! Some of the world’s largest financial institutions
on the far west side of Manhattan. Manhattan is not an opportunity zone unless
you’re talking about the opportunity to rip off the average American taxpayer. So how many people does this affect? Well, in order to have capital gains, you
have to have a lot of money that you invest and hold. Whether it’s in real estate, stock market,
etc. You know how many people have reported capital
gains every year? 7%. So this doesn’t affect 93% of you at all. You won’t get any benefit out of it. To be fair, some of the investors are good
guys. And they actually are putting it into places
that like in Alabama that’s needed, in near Cleveland where it’s needed, etc. So there are some good projects that are happening. The majority of the projects are all the wealthy
areas and luxury places.>>Yes.>>Which I’ll get to some of those details
in a second too because they’re hilarious. Okay, but in terms of the people that it affects
financially, it’s just those 7%. And of those 7% that get capital gains and
have to pay capital gains. Two thirds of them make over a million dollars
in annual income every year. So they’re the richest of the rich, so that’s
where the benefits are going. Now they’re supposed to, the rich are supposed
to take that money and then help the poor in these opportunity zones.>>That’s not what they’re doing.>>So condos in one of these projects are
going for seven and a half million dollars.>>Finally, okay, so can you finally-
>>Agree with me, like this is what I’ve been yelling about from the roof tops and no one
ever listens to me, it drives me nuts, right?>>I wouldn’t know how that feels.>>Drives me nuts. So look, I’ve been saying over and over again
you see these luxury condo buildings, luxury apartment buildings popping up all over the
place, they’re all over LA. But they said vacant, okay, they’re not all
rented out. And so you hear these annoying developers,
right? So the California Realtors Association keeps
putting out this propaganda about, you know what, it’s the zoning laws. There are too many zoning laws and we need
to get rid of the zoning laws so we can deal with this affordable housing issue. You guys are liars, okay? We’re not idiots. It’s not the zoning laws. There are, again, luxury apartment buildings
popping up all over the city and they’re sitting vacant. In fact, even if you take that out of the
equation, there are over a hundred thousand vacant units in Los Angeles County alone. So why are we talking about getting rid of
zoning laws in order to build more housing. When we already have the vacant housing there,
and I kept asking myself, why would developers do this? Isn’t it a waste of money to spend all of
this cash on constructing these high rises and then they sit empty. But it’s a huge tax shelter for all these
wealthy people. Then we’ll go ahead and sell the building. And all the profit they make out of it is
tax free.>>So it increases the profits of these developments
by about 70%. So there’s a gold rush right now. And they’re not gonna be able to reverse this
in the next administration, cuz those developers are gonna say, hey, I relied on the government
telling me I was gonna get this tax break forever. So now I get to have it forever, you gotta
cut medicare and medicaid and social security and food stamps and everything else. I had to make this. One of the opportunities zones, their building
a Ritz Carlton.>>right?>>They’re full of it. Look, they have no interest in providing affordable
housing, what they’re really gonna do even when they go and develop in so called opportunities
zones that actually do qualify as opportunities zones, if they don’t rent those units out. For affordable housing and they price them
at market value. You know what they’re gonna do? They’re gonna push more people out of their
homes. They’re gonna inflate the housing prices in
those communities. No one’s a winner in this case, if you ask
me. This is a disastrous idea, all around.>>No, if you’re if you care about facts at
all you would even be more upset, because it turns out Steven sent one of his top aids
to go sell this in different parts of the country. His name is Daniel Kowalski. And one of the places he went to. He wound up meeting with, look at this, the
Pritzkers is and the Soros family at the Harvard club in New York. Yeah, they’re like, source family. Let’s make you more money. Pritzker is a well known democratic family. Let’s make you more money, cuz it isn’t about
Republicans and Democrats. It’s about the rich versus everyone else.>>Exactly.>>And so, is Swiss bank is right now saying,
I’m sorry the Swiss bank UBS is saying for their, quote, ultra high net worth clients. This is a golden opportunity. Now what’s an ultra high net worth client? You have to have at least $50 million. So they’re like if you have over $50 million,
this program will help you immensely. They sold it as a program for the poor. One of the condo buildings is going to have
a spa for pets. So while the poor are getting almost nothing
out of this program, the richest people in the country and all over the world are laughing
their ass off, Trump for the people. So last thing, because I want you to know
this, this is important, we told you about LeFrak who’s a huge donor to Donald Trump. Well as I was telling you, he’s building this
project in Miami and New York Times explains not far away in the design district, Daniel
Levenson is finally building his high-end office tower. Mr. Levenson previously joined The Trump Organization
to sell luxury condominiums at the Trump Hollywood Complex, North of Miami. What another wonderful coincidence, and finally,
there’s another investment company named who’s gonna take advantage. Guess who that’s co-founded by? Jared Kushner.>>Yep, and he has his eyes set on my hometown,
San Fernando Valley.>>And-
>>Now we gotta stop it, I’m so tired of the average American getting screwed. Constantly working, working our asses off,
right, only to have these goons undermine our communities, push families out of the
homes that they lived in their entire lives, we need to get active, we need to get active,
we need to stop this.>>Donald Trump was right about one thing,
he warned about the swamp, man and I mean any story better than this, if you want to
know what the swamp really looks like. We’ll help the poor. Hey guys rush on in, ultra-high net worth
people. Jared Kushner, all the guys who gave me donations. Sorrows, Pritsker, it doesn’t matter. Hey, this is a great American robberry. Let’s rob the American people blind. He didn’t say it as a warning, he said it
basically as a how to manual. Donald Trump is the swamp

Comments (14)

  1. I think this has been going on for a long time. It isn't just Trump but how the rich rules over the ppl to keep the status quo. That's why some "Democrats" are the same as Republicans… the ppl need to see that it is the rich and greedy vs the modern slaves. When ppl need anything then it is always "how can we afford that" and when the super rich has 10 mansions… it's like "you could have this if you work hard." Never was ever supply and demand… nor survival of the fittest as we watch that idiot in the White House act like a child. – sorry I get too worked up and write my frustration before the video ends. I really hope the bottom 85% will understand.

  2. And you let them take money from your paychecks. Tax Slaves

  3. What you should do is film these developments, a picture is worth a thousand words.

  4. The biggest enemy of the people are those in the poor and working-class who continue to hurt themselves and their own people by foolishly protecting the corrupt rich. Wake up! You're being used because of your ignorance and gullible nature. You're not one of them and they'll only ever see you as cattle on their farm. They bait you by stoking your racism. But, you're just as disposable and appalling to them as brown people.

  5. 10 years ago a “buy in” for “poor elderly citizens” started at
    $450,000.oo for 1 br, apartments in Plymouth, Minnesota,
    It is underwritten by Minnesota housing projects and
    a real SCAM that’s NOT investigated‼️
    ❌Crooked bastards❌

  6. All I have to say is damn!!! When will we start helping our brothers an sisters who don't have much money. This has nothing to do with helping the poor???????

  7. Totally love your analysis ana….it's a standard white practice to get block grants from hud fir affordable housing projects… Sit on funds until the statue of limitations is up.. Apply back to hud to reappropriate the funds into say… A museum… And then give all the contracts for the building of the museum to their white friends… These are the same people who claim to hate the federal government… What you are exposing and incensed about is this type of framework… Excellent outrage… Im right with you

  8. Trump what a fcking joke & disaster

  9. The people that need to hear this story won't ever hear, and if they do, they won't believe it.

  10. Can't wait for progressives to win back the Senate and White House and roll back everything Trump and Congress passed or changed that benefited the rich.

  11. Donnie Swamp is a reverse Robin Hood . . he's the hero for the wealthy and the poor's enemy. . . truly a nice nobleman

  12. The best tax the poor plan is his trade war. It's a libertarians wet dream, its a flat tax. We pay those tarriffs, not China. This bastard is bleeding the working class of America dry. God but we are stupid.

  13. If the economy crashes, are "non-profit" group homes in jeporty of closing down?

  14. Newest scam? Are you kidding, robing from the poor and giving to the rich is Drumph's only scam, his way of life.

Comment here