The more you know....
Quote:
A Stealth Tax Subsidy for Businesses Comes Under New Scrutiny
But this valuable perk — the ability to finance a variety of business projects cheaply with bonds that are exempt from federal taxes — has not only endured, it has grown, in what amounts to a stealth subsidy for private enterprise.
A winery in North Carolina, a golf resort in Puerto Rico and a Corvette museum in Kentucky, as well as the Barclays Center in Brooklyn and the offices of both the Goldman Sachs Group and Bank of America Tower in New York — all of these projects, and many more, have been built using the tax-exempt bonds that are more conventionally used by cities and states to pay for roads, bridges and schools.
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http://www.nytimes.com/2013/03/05/bu....html?hp&_r=1&
Well, that needs to go away. A system of bonds mainly used to serve the public, used for private means.
Quote:
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This style of financing, called “qualified private activity bonds,” saves businesses money, because they can borrow at relatively low interest rates. But those savings come at the expense of American taxpayers, because the interest paid to bondholders is exempt from taxes.
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So, I'd say... all these projects built with the help of these bonds... should be taken back for the public. Liquidized if necessary.