How much does a tax credit to help the poor help the rich?
The Treasury Department says it's taking a new, critical look at a federal tax credit program examined in a Bloomberg Magazine-CBS News investigation. The New Markets program, funded with tax dollars, is intended to assist the poor- but critics say it's also helping out the wealthy.
Among the controversial projects in our report last February: renovation of the luxurious Blackstone Hotel in downtown Chicago and an antique car museum in Tacoma. Several members of Congress wrote Treasury officials with concerns.
In response, a Treasury official defends New Markets as extremely successful but says officials plan to seek "extensive" public comment to see whether the rules should be tightened.
