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

100 comments

  1. why do so many people commenting hate TYT but still watch the videos? do u secretly love TYT? go watch Faux & Friends. if you hate TYT then don't watch the damn videos.

  2. Is anyone surprised by this??? Trump is a low life lying sack of shit and only cares about making money for himself and his top 1% buddies who don’t pay taxes even though they are the only ones who can afford to pay taxes. Middle and lower class people struggle to make a living in this crazy world, because of the benefits for the richest people. Middle class families cannot even afford to buy a decent home unless they have multiple jobs per household. Yet Trump has a gold plated family home in Trump Tower, and he spends his time on a golf course instead of running the country. But I guess that part is for the best since this dim-witted Jack Ass doesn’t even know what a category 5 hurricane is even though there have been 4 category 5 hurricanes since he has been president. What a loser!!!!

  3. You are wrong!
    Trump is for the people.
    Yes, he does care and really really want to help them.
    He is the only one that is willing to do this openly.

    See he did not say WHICH people.
    Those that are richer then he makes out he is.
    Those that will make him money by kissing his ass.

    I would love trump to lose every bit of wealth he really has by the end of 2020.
    Then need to need the help of food stamp, and the health care for those that do not have insurance.

    O i would love to see how he and his brat’s get on then.

    That is right for they will find it not there for he as the fake president had made it gone like the dodo.

    I wonder what he would do – Putin would have spat him out and moved on to the next dipshit dumb-ass. That believed his crap.

  4. Minnesota is like that we have a lot of developers here that everywhere were there the big enough lot just throwing condos in it this all over Saint Paul and Minnesota and Minneapolis and I have been trying to figure out why it for a long time now I think I understand

  5. On top of that….they probably re-finance with banks to draw money out and re invest those proceeds in the market while it's at it's low…and cash in when the economy recovers and then they are even wealthier.

  6. I'd be absolutely shocked if any of these buildings had some cheap wiring that caused fires. You know they're gonna cheap out on anything that can get away with.

    Bernie's great, but we need a Robespierre.

  7. When will the rest of the "Peoples Representatives" actually REPRESENT US!? STOP THE PILLAGING, LOOTING AND ENSLAVING of our ONCE ADMIRED Nation!!!!

  8. Trumping is pillaging all the federal government to support his future life. Making America great for Trump and tramps.🙃🤐 Its SO sad that many Americans still blame others for voting him into the Whitehouse. Trump is the best thing that has happen to America. Well deserved for blaming the rest of the world for America's wrongs.

  9. yet trump is bashing all the homeless in California.those working two jobs are homeless due to inflated rent.the afforadable housing they speak of cant be built fast enough to keep people off the streets,also theres no available building sites.workers travel4 hours by rail one way to minumin wage jobs,their home lives are non existent,yet if they dont travel outside their job zones,they become homeless,with children who go hungry night afternight. America isnt beautiful anymore.

  10. Trump is just doing what he does, he creates corrupt swamps! He's creating corrupt swamps outside of the government! So, when he leaves the white house he has other swamps he can visit and live in! But, Trump doesn't understand that he doesn't need physical swamps because the swamp resides in his head, he's never free of it, thus the constant corruption!

  11. All the governments encourage more children to be born into poverty and slavery where the children must work for 40 to 50 years straight while paying taxes to survive.  The governments brainwash the masses that they all should be breeding more children, so the governments can collect exorbitant taxes from all the slaves born into poverty.  The working slaves are so grossly overtaxed on their ridiculously low wages that they can Never afford to buy a decent house and so they are Always stuck in Slavery mode paying the corrupt governments 30+% of their hard earned wages after 60% of their wages goes to rent, and 10% goes to pay for food and transportation, leaving the working slaves with NO savings to buy a house, so they are always stuck in slavery mode because they are FORCED to work to pay rent their whole lives. Then when they are too old to work they are forced to retire in POVERTY with NO house.    That is the thanks the corrupt government gives to the dedicated working slaves who made the government CEO's more wealthy off the sweat and tears of the retired working slaves.

    If the governments would stop brainwashing people into having children most of the environmental problems would go away. SHAME on the government for encouraging breeding while there are MILLIONS of orphans waiting to be adopted.  It should be illegal to breed while there are millions of orphans waiting to be adopted.

  12. Not sure if it's the same thing but it's related I think..Vancouver is the same..perpetual condo development, business owners having to pay property taxes of property owners (that's apparently legal) There's this neighborhood pub that have been open for 40+ years can't afford the drastic rise in rents and get pushed out..property sits empty for lease for 2-3 years. It's F-cking ridiculous. Rich assholes just using property to park their money and use it as an investment.

  13. Whenever the rich actually invest in poor areas, you fools complain about “gentrification”. There’s no pleasing you.

  14. SO WHEN DID THEY STEAL FROM THE POOR IF ITS THEIR MONEY? No one want to pay taxes not only the rich. Broke people always hate on wealthy people. Many of those rich people were not born rich but made their own, so hush and stop hating.

  15. , she is a new Donald Trump's little tax bulshit deal was in for anybody but the rich and he pisses me off because he's Rich assholes are getting away with a lot of things and as you say then your next Administration may not be able to overturn this they may be able to because of Donald Trump went against certain laws and certain tax laws so basically they can return it off they get rid of mnuchin they get rid of all of Donald Trump's of the lackeys they'll be able to overturn a lot of it and that's the only thing that hurts right now is under Donald Trump we can't do shit to the rich people yet but it will work out it will work out those building should go to Affordable Care affordable housing but we'll see what happened I mean I don't agree with Pelosi waiting for this crap in that crap and then waiting for Donald Trump to get voted out before she decides anything on impeachment or any way of holding Donald Trump and bar and anyone else in contempt in contempt of congress cuz so far they ain't hell bar for a tent but not showing up under subpoena they claim they will they claim they will but they keep giving him more more time and he ain't doing shit they ain't doing nothing about it so the Democrats are going to lose again if they don't watch themselves and Pelosi is all part of that you don't want to do shit that ain't working you got to do something

  16. You're right and Jared Kushner and going to do shit because he's going to put up some houses he don't do nothing look what he did this week in Baltimore ain't done shit but yet he's got a lot of freaking housing complex is there that he ain't done nothing with

  17. Donald Trump and his Republican buddies are all part of the swamp he says clean the swamp being done nothing to the swamp he made it a lot richer than what it is is what he did but more corrupt people got to step up during this 2020 election in a lot of those little GOP idiots out-of-office all of them damn swamp they're the ones that sit there and take out money and don't do Jack schitt floor so people better wake up in these other little States and vote that person out of office I think we should do the same and vote mr. Rick Scott out of office to because he ain't done Jack schitt for Florida

  18. Yeah but she's short rows contributes to both Democrat and Republican but yet Trump turns around and kick his ass at the time and talks about him now he's kissing it but come on you got these rich assholes but yet he ain't done crap about nothing he does made everything a lot worse than what it was so where is America great again he's making us look like assholes in front of our allies he's making us look like idiots in front of even our enemies so Kim Jong young is laughing at and Putin laughing at him you know what I'm saying Siri is laughing at him even though he sent missiles there what damage did they do none so to me Trump is just a bunch of bulshit he don't know jackshit about war he doesn't know jackshit about anything he's never fought in the War so he don't know Jack schitt about nothing and he does not know anything over our generals El General is no more than he does he's not a super genius neither I don't consider him a genius that's why this deal was bad to begin with and should have never been voted on by anybody but he did it while he had Republicans in office before they got voted out

  19. Bad enough i slave away for someone else dream
    Now that guy (for me any way) cant get a break but neither can i….
    But lets make sure rich fuckers can make a buck fml

  20. I really can't understand how human beings can act like this. I thought this kind of evil went out with the crusades and was only used as a parody to describe the wealthy. This is not only cruel but idiotc. When the poor and middle class can't afford your shit. The only ones left to make you money will be yourselves you jackasses

  21. Again and again these vultures get to scam the system through favourable government policies that create new ways to exempt them from having to pay taxes like the rest of Americans.

  22. This is the kind of thing that burns me about BOTH political parties. The GOP and Dems both profit from writing theses laws under the guise of helping the disadvantaged while in reality the money is plowed into real estate that they develop in non destressed neighborhood not seeing the people who need it and of course, not only make a profit but skip out on taxes on every level.

  23. I like the idea of cashing my 401(k) and reinvesting it into my community…way better than piddling it away at the old age home down the road…not seeing the downside for anyone

  24. Let me know when trump has done anything different vs any other president

    By the way animals have no money so a spa is being dedicated to the less fortunate

  25. @The Young Turks – actually, Cenk, a Ritz-Carlton is not such a bad idea in a poor neighborhood–IF indeed it brings in a whole bunch of jobs (it's MUCH better than a bunch of luxury condos where there are no jobs associated with it). the prob then would be to insure the jobs pay well enough and that they do hire from within the community.

  26. Cenk mentions the swamp and old yellow hair is the one that created it just for us to live in while he and his crooked rich cronies are laughing all the way to the bank on OUR DIME! How do you feel about that chump supporters? Oh wait, it's fake news.

  27. How much more corrupt can these gov't officials get?!?!
    It all sounds illegal…really, this stuff has to be illegal, no?
    Ana is right, we must stop these ppl!!!

  28. In my opinion the epitome of stupidity is when I see white people standing outside a food bank trying to get in to get food to feed their family and then turn around and vote for the GOP politicians who put them in
    those lines???

  29. 🗿 This is a bit 'off-topic," but for some reason, this segment reminds me of an embarrassing example of MY OWN naivety & cluelessness as a youth. I used to assume that people went to LAW SCHOOL in order to learn how to HELP THE POOR & MARGINALIZED members of society. 😂 Well, at least I can now laugh at some of my past stupidity❗

  30. Long story short….. Trump Trump Trump Trump Trump…Orange man Bad. NAZI KKK. do you guys talk about anything else. What did you talk about before Trump?

  31. Why don't the Rich Black folks out there invest in their own communities instead of running away as fast as they can soon as they get a few bucks?

  32. 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.

  33. 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.

  34. 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❌

  35. 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???????

  36. 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

  37. 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.

  38. 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.

  39. Unemployment is down to 3.5% under Trump , the lowest in over half a century. For women and blacks unemployment is at at an all time record low. Not only does "trickle-down" work, it has been the basis of all successful economic activity since recorded history.

  40. JohnCook Australia 🇦🇺. What are you saying ? Do the wealthy have opportunities that ordinary wage earners don’t t . It seems to me that means that there is no level playing field in America. The land of the free. loaders . Take the blinkers off you lot . Vote these leeches out on their arses .

  41. The rich hate to pay taxes, and just want to amass wealth, while the rest of the mouth breathers from Trump's base blame poor brown people for the lack of tax revenue. They know it's not true, but they love the setup, because they're blood thirsty neofascists, and love any excuse to lynch any non-whites, shoot them at malls, or kill them for "driving while black", anything to satisfy their bloodlust, then they go back to their trailer homes to eat roadkill stew, while the handful of rich Republicans profiting from the chaos laugh their way to the bank. That's Trump's true America.

  42. Rich people are becoming richer while us poor are becoming poorer, because we are blue collar workers and we cannot find a way to go around uncle Sam rules, but rich people are able to do so. That's terrible.

  43. Let's pay taxes to allow the worthless Mike pence to spend more time with his followers in Trump's hotels all over the world.

  44. The growth in the wealth gap is eye opening, or should be.

    The average American is getting screwed harder and harder.

    Vote these fuckers out.

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