Goodbye Old Yankee Stadium, Hello Tax Cheating?

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Late last month, Rep. Dennis Kucinich (D-OH) held a hearing on Capitol Hill to investigate the nearly $950 million in tax exempt bonds approved to build the new Yankee Stadium. One of the most egregious discrepancies so far is that the appraiser hired by the city estimated the value of the land for the new stadium at about $40 million. The figure used in documents city officials turned in to the IRS to qualify for tax-exempt bonds was $204 million. Even a columnist for ESPN cited New York Assemblyman Richard Brodsky's report which said that taxpayers will be charged between $550 and $850 million for the new stadium. To add to taxpayer outrage, the Yankees have even raised their ticket prices significantly for next year, even though the Yankees didn't make it to the playoffs. Assemblyman Brodsky put it best when he said, "We do things for professional sports we wouldn't do for any other business. When it comes to professional sports, we become socialists; for everyone else, we're capitalists." Good Jobs First New York has followed the development of the new stadium for some time. To read more about how New Yorkers won't benefit from the stadium deal, check out Good Jobs First New York.

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