Before his untimely death Nipsey Hussle had a vision in which he would help hoods all across the board pick themselves up and become self-sustaining economic neighborhoods owned and operated by it’s own communities. He started things by opening up The Marathon Clothing store on Slauson Ave in Los Angeles and in a new piece in the Los Angeles Times we don’t just learn what the Marathon was meant to be, but we also find out what Nipsey had in mind for the future of ghetto America. To say it was ambitious would be an understatement.
Speaking to the LA Times, Nipsey’s business partner and real estate developer David Gross explained that the store was step one in a series of moves that would’ve led to people having the chance to invest in their own neighborhoods with the help of Nipsey and company.
“He wanted to be a symbol and really spark a movement,” Gross said of Hussle, born Ermias Asghedom. “Basically, it was the economic version of Black Lives Matter. [That] is what we were trying to create.”
The tax incentive that Gross and Hussle were planning to tap was promoted by Scott and included in President Trump’s 2017 overhaul of the federal tax code. It offers potentially large tax breaks to investors who are willing to pour much needed capital into rebuilding poor and sometimes up-and-coming communities that have been designated as “opportunity zones.”
Investors can take proceeds that would normally be subjected to hefty capital gains taxes — such as those from the sale of a business, stocks or an investment property — and put them into an opportunity zone investment fund to defer and potentially reduce those taxes. To see the full tax benefit, the funds must be invested for a decade.
That would’ve been amazing. This will of course add fuel to the conspiracy theory fires that suggest Nipsey was targeted by those who wanted to prevent him from making positive change for the culture but regardless to what the truth of the matter is what we know for sure is that the Victory Lap rapper proved to be one of the most selfless human beings we’ve ever seen. He will be missed.
Nipsey Hussle Was Planning On Helping Poverty Stricken Communities Across America was originally published on hiphopwired.com
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