Wealthy Shielded Billions With Trump Tax Break Before Virus
- ‘Opportunity zone’ funds have now raised more than $10 billion
- Inflows mostly stopped after mid-March when economy shut down
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Just before the coronavirus roiled the economy, wealthy investors piled into funds that take advantage of a popular, two-year-old tax break meant to help poor communities.
More than $10 billion in total has flowed into “opportunity zone” funds, a survey released Thursday by tax adviser Novogradac shows. That’s up from the $6.7 billion the group tallied in January. Nearly all of the money was raised before mid-March, when President Donald Trump declared a national emergency to combat the virus.