Neil deMause: The Website

The “Geoffrey Loophole” is not only a way that big corporations get out of paying taxes that their small-business competitors have to, it’s also the only tax dodge named after a cartoon giraffe:

When the Massachusetts passed its much-delayed state budget last week, it included an obscure tax-law change that could be crucial for small-business owners concerned about unfair competition. By becoming the 22nd state to adopt “combined reporting” legislation, Massachusetts lawmakers are hoping to put a stop to a longstanding practice that, they say, gives large corporate chains an unfair advantage over their smaller competitors at tax time… [read more]

The New York State assembly held its first hearing on the Yankees’ request for more publicly subsidized bonds, and I was on the scene for all the excitement.

As promised, state assemblymember Richard Brodsky held a hearing this morning into the Yankees’ latest request for $350 million (or so - see below) in city-backed tax-exempt bonds to help pay for extra doodads for their new stadium. The surprise: On the hot seat for the entire three-hour hearing was a single witness, Economic Development Corporation president Seth Pinsky, who at times struggled to come up with detailed responses to the questions posed by an increasingly impatient Brodsky… [read more]