Wealthy Shielded Billions With Trump Tax Break Before Virus (1)

Just before the coronavirus roiled the economy, wealthy investors piled into funds that take advantage of a popular, two-year-old tax break meant to help poor communities.

More than $10 billion in total has flowed into “opportunity zone” funds, a survey released Thursday by tax adviser Novogradac shows. That’s up from the $6.7 billion the group tallied in January. Nearly all of the money was raised before mid-March, when President Donald Trump declared a national emergency to combat the virus.

The haul could benefit low-income communities during major economic stress and help spur a post-pandemic recovery, Michael Novogradac, the tax ...