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Monday, September 15, 2008

Rep. Charles Rangel lobbied IRS for tax breaks on behalf of Yankees

From Punta Cana to punt a Cano…Charlie Rangel is always in the mix.

The city and the Yankees secretly crafted a letter Rep. Charles Rangel used to lobby the IRS for tax changes that would save the team $66 million, the Daily News has learned.

They did this at the same time Yankees owner George Steinbrenner and the team’s law firm, Akin Gump Strauss Hauer & Feld, raised almost $25,000 for Rangel, records show.

The law firm’s political action committee also donated an additional $30,000 to the Democratic Congressional Campaign Committee in this election cycle. Rangel is chairman of the DCCC’s board of directors and a key fund-raiser for House Democrats. Yankees President Randy Levine is senior counsel at Akin Gump.

The Rangel letter was just one weapon in the Yankees’ ongoing battle to get more tax-exempt financing for the new stadium rising in the Bronx. Last year, the team got $942 million in tax-free bonds through a city agency, but the team wants $350 million more.

If the new bonds go through, the Yankees would lower their borrowing costs by $66 million on top of the $181 million they’re already set to save from the first round of tax-free bonds, the Independent Budget Office estimates.

Repoz Posted: September 15, 2008 at 11:58 AM | 2 comment(s) Login to Bookmark
  Tags: business, yankees

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Statements posted here are those of our readers and do not represent the BaseballThinkFactory. Names are provided by the poster and are not verified. We ask that posters follow our submission policy. Please report any inappropriate comments.

   1. Rough Carrigan Posted: September 15, 2008 at 02:01 PM (#2941894)
George Steinbrenner and sleazy campaign contributions? People don't change, do they?
   2. bunyon Posted: September 15, 2008 at 02:04 PM (#2941897)
Hey, the other political thread hasn't been killed yet. This one is early.

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