Monday, August 02, 2004

This Isn't Free-Market Capitalism in Action

From today's NYT online (free registration required):
Bill Would Raise Franchise Value of Sports Teams


Owners of professional sports teams stand to gain tens of millions of dollars in the values of their franchises because of a single sentence buried deep in a sprawling piece of export-tax legislation now before Congress.

The benefit to sports franchises is contained in a small part of an enormous bill introduced originally to settle a trade dispute with the European Union. But the legislation has since become laden with add-ons for interests ranging from tobacco farmers to Oldsmobile dealers....
Another good argument for replacing the income tax with a national sales tax.