The mayor of Bridgeview, Illinois, said building a taxpayer-financed arena for the billionaire owner of Major League Soccer’s Chicago Fire would bring hotels and restaurants to his suburb. Instead, the town has more than doubled property taxes and may raise them again to pay more than $200 million in stadium debt.
Conservatives who worry about the ill effects of marginal tax rates on high earners rarely discuss the even higher marginal tax rates that some low- and moderate- income families face. A low-income single parent can experience a marginal rate as high as 95 percent -- for each dollar earned, the person takes home only 5 cents. And for married parents, the marginal rate for the family’s secondary earner can be almost as high.
Neel Kashkari, the former Goldman Sachs Group Inc. executive chosen by ex-Treasury Secretary Henry Paulson to help rescue the U.S. banking system, is readying a challenge to California Governor Jerry Brown even as the world’s 10th-largest economy reaches its highest level in more than three decades.
Boosters of Baltimore’s Oriole Park at Camden Yards, built at taxpayer cost of $210 million, promised the baseball stadium would lead an urban renaissance, revitalizing blighted neighborhoods and bringing jobs and tax revenue to the city’s struggling downtown.
The U.S. regulator of Fannie Mae and Freddie Mac is proceeding with plans to scale back their financing of apartment-building loans next year, shrinking what opponents call a critical support for rental housing.
Some of the world’s largest oil traders including Vitol Group, Morgan Stanley and Royal Dutch Shell Plc are asking a judge to stop the disclosure of millions of records gathered by the top U.S. commodity regulator during its nationwide investigation of the crude markets.
Berkshire Hathaway Inc. reported a stake in Exxon Mobil Corp. valued at about $3.7 billion as Warren Buffett’s company disclosed its largest new holding since adding International Business Machines Corp. in 2011.