Only the Rich Can Play: How Washington Works in the New Gilded Age

David Wessel, a veteran financial journalist, traces the origin and aftermath of the Opportunity Zone tax provision, a key component of the 2017 Tax Cuts and Jobs Act. The book examines how a policy intended to stimulate investment in distressed communities was shaped by Silicon Valley entrepreneurs and political lobbyists, ultimately becoming a vehicle for wealthy investors to defer or eliminate capital gains taxes. Wessel follows the money to reveal that the bulk of the capital flowed into already affluent areas—such as Las Vegas, Portland, and the Mall of America—rather than the blighted neighborhoods the program was designed to help.

Through vivid profiles of consultants, real estate developers, and political influencers, Wessel illustrates the mechanics of modern wealth accumulation and the influence of capital on legislative design. The narrative contrasts the program’s failures in major cities like Baltimore with its limited successes in smaller towns like Erie, Pennsylvania. The writing style is investigative and accessible, blending financial analysis with character-driven storytelling to expose the structural inequalities of the contemporary American economy.

Description adapted from Open Library ↗.