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Get nervous, team-owning robber barons

Could the end of tax-exempt bonds for pro stadiums be near?

Qualcomm Stadium
Qualcomm Stadium

The tax bill proposed by the House of Representatives Thursday (October 2nd) has one great feature: it would end the use of tax-exempt bonds issued to construct professional sports stadiums. The Joint Committee on Taxation said the repeal would boost federal revenue by $200 million over a decade.

"Interest to finance the construction of, or capital expenditures for, a professional sports stadium would be subject to federal tax," says the proposed bill. The use of tax-exempt bonds to finance stadiums for billionaire sports team owners has rightfully been called one of the worst examples of corporate welfare.

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According to fieldofschemes.com, president Barack Obama unsuccessfully tried to end this welfare for the affluent in 2015, and one congressman tried a decade ago. Senators Cory Booker and James Lankford tried earlier this year; with President Trump having a battle with the National Football League, the measure may get through this time.

A study last year by the Brookings Institution concluded that the federal government has lost $3.7 billion in tax revenue since 2000 because of these bonds. "Axios reports that $13 billion worth of these tax-exempt bonds have been issued for stadium construction since 2000," according to thehill.com.

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Qualcomm Stadium
Qualcomm Stadium

The tax bill proposed by the House of Representatives Thursday (October 2nd) has one great feature: it would end the use of tax-exempt bonds issued to construct professional sports stadiums. The Joint Committee on Taxation said the repeal would boost federal revenue by $200 million over a decade.

"Interest to finance the construction of, or capital expenditures for, a professional sports stadium would be subject to federal tax," says the proposed bill. The use of tax-exempt bonds to finance stadiums for billionaire sports team owners has rightfully been called one of the worst examples of corporate welfare.

Sponsored
Sponsored

According to fieldofschemes.com, president Barack Obama unsuccessfully tried to end this welfare for the affluent in 2015, and one congressman tried a decade ago. Senators Cory Booker and James Lankford tried earlier this year; with President Trump having a battle with the National Football League, the measure may get through this time.

A study last year by the Brookings Institution concluded that the federal government has lost $3.7 billion in tax revenue since 2000 because of these bonds. "Axios reports that $13 billion worth of these tax-exempt bonds have been issued for stadium construction since 2000," according to thehill.com.

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The latest copy of the Reader

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