Section 328 of the bill extends tax-exempt financing for the “Liberty Zone,” the area around the former World Trade Center, for another year.
WaPO reports:
As Matt Stoller points out, this tax provision was supposed to help fund reconstruction after 9/11. Yet a recent Bloomberg investigation found the bonds have mostly helped finance new luxury apartments, not to mention the construction of Goldman Sachs’ new headquarters.
Is this still a loophole through which capitalism breathes?
ReplyDeleteIt has been always about money, such kind of big companies always find ways to get things without paying much for them and we the people have to combat with these high taxes.
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