YOUR TAX DOLLERS TO GO TO "AREAS OF FAILURE"
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Obama to Detail ‘Promise Zone’ Program to Aid Distressed Areas
By JACKIE CALMES, New York Times
CHICAGO – At a high school near his own neighborhood here, President Obama on Friday will provide new details about an initiative to select 20 communities nationwide as laboratories for better coordination of federal, local, nonprofit and private-sector investments to revitalize long-distressed areas, according to administration officials.
Mr. Obama had announced his proposal to designate the so-called “Promise Zones” during his State of the Union address last Tuesday night, but did not provide many details. As part of the effort, he also is seeking tax breaks, both for capital investments in the zones and for employers who hire unemployed residents.
But Congress has not passed similar tax incentives that he proposed in the past two years – a testament to the legislative hurdles for the president’s second-term agenda.
Much of the anti-poverty proposal, which is one of several initiatives that Mr. Obama is calling “ladders of opportunity” to help more Americans reach the middle class, would actually not require new legislation or spending. The president’s visit to Chicago follows trips over the last two days to North Carolina and Georgia to showcase two other proposed “ladders” – one to create manufacturing innovation centers and the other for universal pre-school.
Read more: http://nation.foxnews.com/president-obama/2013/02/15/obama-visits-chicago-propose-promise-zones#ixzz2Kzjer73S
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