Judge Finds S&P Should Be Taxed by New York City as Publisher

Peter Faber explained how “it would be useful in setting the constitutional stage” to have noted First Amendment lawyer Floyd Abrams testify that S&P’s McGraw-Hill unit should receive the same favorable New York City tax treatment as other publishers because its financial ratings are protected speech. “Having someone of Mr. Abrams’ background say, ‘Yes, this is an important constitutional issue,’” Mr. Faber continued, was key to the city Tax Appeals Tribunal ruling that granted the publisher nearly $35 million in tax rebates.