Taxes

Obama Pitches 'Promise Zone' Incentive Program

Rand Paul, who suggested something similar for Detroit, approves

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President Barack Obama announced at the White House Thursday the first five of 20 "Promise Zones," distressed areas located in Philadelphia, Los Angeles, San Antonio, Southeastern Kentucky, and the Choctaw Nation of Oklahoma, that will get tax breaks and federal aid.

He said there are communities across America "where for too many young people, it feels like their future only extends to the next street corner or the outskirts of town; too many communities where no matter how hard you work, your destiny feels like it has already been determined  before you took that first step."

The president's White House statement was part a renewed emphasis from Obama in the past few weeks on poverty and economic opportunity, a theme he promised that he'd continue to discuss in his State of the Union speech in two weeks.