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Probably one of the few things I can agree with democrats on.
www.newsweek.com
House Democrats on Tuesday reintroduced a bill that would prevent newly built sports stadiums from collecting critical tax breaks.
The No Tax Subsidies for Stadiums Act will try and live up to its name if passed by Congress. The subsidies used by teams come in the form of tax-exempt municipal bonds derived from taxpayer money that can be requested by the teams for stadium purposes. Of the 57 stadiums built since 2000, 43 were at least partially funded by these bonds.
The bill was authored by Representatives Earl Blumenauer, Don Beyer and Jackie Speier, the latter a member of the House Committee on Oversight and Reform.
"There is no justification for these multibillion-dollar franchises to be eligible for tax-exempt municipal bonds," Speier told the Washington Post. "This is tax dollars that could be used for any number of really important public-interest programs."She also told the newspaper that the amount of taxpayer money that has gone into new stadiums is about $4 billion.
Democrats Reintroduce Bill to Eliminate New Sports Stadiums' Tax Subsidies
"There is no justification for these multibillion-dollar franchises to be eligible for tax-exempt municipal bonds," Representative Jackie Speier said.
www.newsweek.com
MSN
www.msn.com
The No Tax Subsidies for Stadiums Act will try and live up to its name if passed by Congress. The subsidies used by teams come in the form of tax-exempt municipal bonds derived from taxpayer money that can be requested by the teams for stadium purposes. Of the 57 stadiums built since 2000, 43 were at least partially funded by these bonds.
The bill was authored by Representatives Earl Blumenauer, Don Beyer and Jackie Speier, the latter a member of the House Committee on Oversight and Reform.
"There is no justification for these multibillion-dollar franchises to be eligible for tax-exempt municipal bonds," Speier told the Washington Post. "This is tax dollars that could be used for any number of really important public-interest programs."She also told the newspaper that the amount of taxpayer money that has gone into new stadiums is about $4 billion.
