A bipartisan group of congressmen recently introduced a new bill intended to reinvigorate America’s poorest communities. The Investing in Opportunity Act (IOA) will allow investors to temporarily delay paying capital-gains taxes on their investments if they choose to reinvest the money into “opportunity zones” or distressed communities across the country.
The legislation was cosponsored in the Senate by Republican Tim Scott of South Carolina and Democrat Cory Booker of New Jersey, and in the House by Pat Tiberi (R-Ohio) and Ron Kind (D-Wisc.). These congressmen report that their bill has garnered bipartisan support in both chambers, and they believe that its provisions will allow for tremendous economic growth in some of the country’s most underserved communities.
I might have misspoken in the podcast and attributed the article to the legislator. The legislator is Tim Scott; the writer is Alexandra Desanctis. Whatever the case, this isn’t a direction in which we should go.
There’s a push among conservatives, recently, to rephrase policies in terms more amenable to the themes in which the Left has caught up the public conversation. On one end, this is an obvious thing to do — to explain why conservative policies are the ones that will actually help individuals and families come to their full fruition.
Less obvious are policies that accomplish some of the Left’s goals (like making government central to charity), but that have potential to start to reshape thinking. In that way, for example, taking the step suggested by Representative Scott could lead, in the future, to the additional step of questioning why government’s picking charitable causes at all.
I think this proposal goes a little too far over that line.