With the Yankees scheduled to play tonight and potentially clinch a spot in the World Series, the Tax Foundation has a timely reminder that if the series ends up being played at the new Yankee Stadium, it will be on the back of $942 million in tax-exempt bonds. The Yankees owners and its star players, who are rich and well-connected, end up benefiting from a special tax exemption that costs everyone else. Sure, Yankees fans in the bleachers and the hot dog vendors outside the stadium benefit, too. But why should fans of the Red Sox, who, as a New York Sun editorial pointed out, play in a 95-year-old unsubsidized ballpark, see their competitors benefit from tax-exempt financing?
The Yankees Subsidy
by Editor | Related Topics: Reverse Robin-Hood, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list