Banking on the Poor: How Corporate America Exploits Struggling Communities to Collect New Markets Tax Credits
A new report from the office of Senator Tom Coburn, M.D., reveals the federal New Markets Tax Credit program is benefiting big banks and private investors that are claiming more than $1 billion of the credit annually.
"Well intentioned, good idea, how do we help the least among us? But the middle men got all the money, and the least among us didn't get help, most of the time. But the people the did get help were the well connected. I think we ought to let it die.'
"The knives are out on me on the New Markets Tax Credit. Every paid lobbyist that works for any of those big banks is getting somebody to write something somewhere. But the fact is truth has this wonderful capability of being able to still be seen in terms of all of the smoke, and I bet its life is limited. I guarantee that while I'm in the Senate they are going to have to spend the time to get that past me. It will never get reauthorized."
To read the full New Markets Tax Report report, go to: 1.usa.gov/1uI71DA