BLACKSTONE BILL

“Max Baucus, of Montana, and the top Republican, Chuck Grassley, of Iowa, produced a bill to close one part of the loophole, which covered the corporate taxes of publicly traded companies. It was nicknamed the ‘Blackstone bill,’ because that firm [the Blackstone Group] was then preparing a $4.7-billion public offering. Senator Barack Obama was one of the bill’s four co-sponsors.”

Alec MacGillis, “The Billionaires’ Loophole,” New Yorker, March 14, 2016, pp: 64-73.