Monday, February 14, 2011

Fancy Hotel Renovated with Your Tax Dollars

From CBS News:

    The Town Hall Education Arts Recreation Campus, an education and arts center, is an oasis in a needy Washington, DC neighborhood.

    Treasury official Don Graves says it's possible only through a government program called "New Markets."

    CBS News investigative correspondent Sharyl Attkisson asked Graves, "You think it's helped change the whole character of the neighborhood?"

    "Absolutely," Graves replied.

    New Markets encourages private companies to invest in low-income communities.

    What do the companies get? Hefty tax breaks: for every dollar they commit, they get back 39 cents.

    But you might be surprised at just what qualifies as help for the poor. The luxury Blackstone Hotel in downtown Chicago is a favorite of movie stars, royalty and presidents. Believe it or not - the Blackstone's pricy renovations were financed with the help of your tax dollars through the New Markets program - intended for poor communities.

Read more here

Blog Archive