Bloomberg Tax
Dec. 12, 2018, 4:51 PM

Scaramucci Pitches ‘Swank’ Hotel for Tax Cut Aimed at Poor Areas

Noah Buhayar
Noah Buhayar
Bloomberg News

When U.S. lawmakers enacted a new tax break to help low-income communities last year, backers said it would lift up some of the most distressed parts of the country.

But that wasn’t the pitch former White House spokesman Anthony Scaramucci used on Dec. 11 to recruit investors for a real estate investment trust that will seek to claim the tax incentives by investing in some of the nation’s newly created “opportunity zones.” Here’s how he described one of the REIT’s first projects, a Moxy Hotel on the site of a gas station in Oakland, during a conference call with potential ...