October 31, 2019 1:40 p.m.

This Week: Mnuchin Ordered Redrawn ‘Opportunity Zone’ Lines To Billionaire Friend’s Benefit

Billionaire Mnuchin pal benefitted when Treasury secretary personally redrew “Opportunity Zone” lines. President Donald Trump’s 2017 tax bill created so-called “opportunity zones,” or areas where investors get capital gains tax advantages, in an attempt to spur local spending. The areas have been portrayed as downtrodden by the President, but they also include wealthy areas next to poor areas. Predictably, the law prompted many capital-gains-rich investors to shuffle their money around to take advantage of the Trump tax write-off, including Jared Kushner and the billionaire Trump ally Dan Gilbert. Now we can add another billionaire to the list: Once known as the “junk bond king,” Michael Milken happens to be close friends with Treasury Secretary Steve Mnuchin. Milken has a real estate investment in Nevada that he pushed to be included in an opportunity zone. His neighbors there include Tesla and Google. Per The New York Times, Treasury officials first ruled that the area was too wealthy for the tax break. But then…

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