Cory Booker said during a presidential forum on Dec. 6 that the Opportunity Zones created by the Tax Cuts and Jobs Act are “benefiting mayors” and that it helps “do development the right way,” all while he is proposing to repeal the TCJA.
“Here’s something that we got done in a quiet way that is benefiting mayors. And I know there are a lot of folks who are attacking [Opportunity Zones] right now, but when I was a mayor, if I had this as a tool in my toolbox and I know my current mayor does, we can do development the right way, and it’s called Opportunity Zones,” Booker said at the Local America Presidential Forum.
Booker went on to tell the audience how the Opportunity Zones are helping communities around the country, but there’s one big issue: He wants to repeal the legislation that created them. Booker was an original co-sponsor of the Opportunity Zones legislation before it was added to the TCJA.
On multiple occasions, Booker has said he would “reverse” the tax cuts if elected.
“My Plan would reverse those toxic Trump tax cuts,” Booker said during a CNN interview on Sept. 18.
Similarly, Pete Buttigieg also praised TCJA’s Opportunity Zones, saying that the possibilities that exist with them are “inherent,” and even placed two of his South Bend, Indiana campaign offices, Including his headquarters. He also wants to repeal the Trump GOP tax cuts.
“As we further experiment with new ideas and refine our approach to economic development, we hope other cities can learn from ideas that have succeeded in South Bend, and vice versa. Now – perhaps more than ever – cities have to lead for their own people, and have to engage with each other to create progress at scale. The end result, we believe, will be a faster and more inclusive pattern of growth and, yes, opportunity for all South Bend residents,” he also said.
Then-Democratic presidential candidate Kamala Harris had her campaign headquarters located in an Opportunity Zone, as well. The campaign told The Baltimore Sun in May that the headquarters would be moved to an Opportunity Zone:
“The campaign said the permanent site will be located in an“opportunity zone.” That federal program — part of a 2017 tax reform law — is designed to attract billions of dollars of private investment and government resources to distressed communities around the nation.“
Booker’s promise to repeal the tax cuts is also a promise to raise taxes. If the tax cuts were repealed:
- A family of four earning the median income of $73,000 would see a $2,000 tax increase.
- A single parent (with one child) making $41,000 would see a$1,300 tax increase.
- Millions of low and middle income households would be stuck paying the Obamacare individual mandate tax.
- Utility bills would go up in all 50 states as a direct result of the corporate income tax increase.
- Small employers will face a tax increase due to the repeal of the 20% deduction for small business income.
- The USA would have the highest corporate income tax rate in the developed world.
- Taxes would rise in every state and every congressional district.
- The Death Tax would ensnare more families and businesses.
- The AMT would snap back to hit millions of households.
- Millions of households would see their child tax credit cut in half.
- Millions of households would see their standard deduction cut in half, adding to their tax complexity as they are forced to itemize their deductions and deal with the shoebox full of receipts on top of the refrigerator.
Stay up-to-date on Democrat tax hike threats at www.atr.org/HighTaxDems.
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