Remember when I said that the rich benefit from the tax code. Here is another good example. But I guess the bad news is that Wayne can't take the full mortgage interest deduction. Pour one out for the poor rich kid...
The Rybovich superyacht marina lies on the West Palm Beach, Florida, waterfront, a short drive north from Mar-a-Lago. Superyachts, floating mansions that can stretch more than 300 feet and cost over $100 million, are serviced at the marina, and their owners enjoy Rybovich’s luxury resort amenities.
Rybovich owner Wayne Huizenga Jr., son of the Waste Management and Blockbuster video billionaire Wayne Huizenga Sr., has long planned to build luxury apartment towers on the site, part of a development dubbed Marina Village. Those planned towers, and the superyacht marina itself, are now in an area designated as an opportunity zone under President Donald Trump’s 2017 tax code overhaul, qualifying them for a tax break program that is supposed to help the poor.
https://www.propublica.org/article/superyacht-marina-west-palm-beach-opportunity-zone-trump-tax-break-to-help-the-poor-went-to-a-rich-gop-donorThe state of Florida, based on an analysis of unemployment and poverty rates, had not originally intended to pick the census tract containing the superyacht marina for the program. But those plans changed in response to Huizenga’s lobbying, according to documents from the Florida Department of Economic Opportunity obtained by ProPublica.