How Big Tax Shelter With Cities Shortchanges Federal Treasury

Of all the tax shelters currently reducing taxpayers' bills, municipal leasing may be the most costly to the Treasury. Absent new legislation, the deals are projected to cost the U.S. $4.4 billion in uncollected taxes this fiscal year, the congressional Joint Committee on Taxation estimates. Cities have sold and leased back $60 billion to $80 billion in assets over the past four years, <more>