Posted on 02/06/2015 6:48:20 AM PST by ConservativeStatement
President Obama's latest budget proposal, released Monday, would eliminate tax breaks associated with city-funded professional sports stadiums. Many cities, when faced with either losing their teams to different areas of the country or ponying up taxpayer dollars to help owners finance a new, better stadium, choose the latter option.
Some cities even contribute money when they're not in danger of losing the team. Surely, the cities of New York and Dallas (well, Arlington) did not think the Yankees or Cowboys would move away when their lawmakers approved $1 billion and $325 million contributions of tax-free debt, respectively, to help build new stadiums for those teams.
(Excerpt) Read more at cbssports.com ...
Move 'em all to Los Angeles. :-)
Yawn....
First time I can recall when I agree with this pres__ent.
Holy crap I agree w Obama. Four more years!
Want to bet the tax benefits are still there for
mosque building, terrorism and a continuing
flood of untrained criminal illegals?
As usual, the standard of exposition in this article is horrible.
But I’m going to read between the lines and deduce that a) Obama would like the federal government to run roughshod over states, cities and counties that MUST balance their books somehow ($542 million is a pittance in DC) and b) this is somehow connected to union payoffs.
I guess Obama can forget hugging Jerry Jones in the Owner’s Box.
Stadiums shouldn’t be funded by governments. Let private enterprise provide the financing, perhaps by selling shares in a private corporation.
It looks like what this will do is prevent the cities and states from selling tax free municipal bonds for stadiums so taxpayers will have to pay a higher interest rate to get investors. Hopefully this will disuade cities from building any new public/private capital projects which most times amount to nothing more than giving away the taxpayers' money to croney businessmen.
You are the second person in less than a month to extol the virtues of Obama and wanting four more years. He wasn’t sarcastic, however. I heard this person say with pride and emphasis that “Obama has personally lowered gas prices, the man deserves four more years.” He also said “Ted Cruz is a bigger nut job than Sarah Palin.”
A direct attack on Scott Walker.
As much as I agree, it’s none of Obama’s business (or the federal government) what local communities do with their local tax revenues.
“There has already been talk of the Rams, Raiders, Chargers and/or Jaguars moving from their cities to Los Angeles...”
And let’s not leave out the NFL. Just look at the financial turd the 49er’s have laid on Santa Clara even ask Candlestick is being demolished while the taxpayers in SF are still paying for it!
Money says that basketball venues are listed as “Arenas” and are exempt from Obama’s “Stadium” proposal.
I do not believe that any public money should ever go to a Stadium.
The comments about blind squirrels occasionally finding an acorn come to mind.
I detest the very concept of public funding of anything related to professional sports.
Quite correct. While Fedgov shouldn't actively discourage such things with penalties through federal tax law, neither should they encourage such local transactions through federal deductions. It should be purely a local matter that deals with specific local and/or state taxes.
Good. It's a special-interest giveaway so egregious that even Obama can see how absurd it is.
Huh? What does this have to do with Scott Walker? He seems too smart to go for one of those stadium-subsidy scams.
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