Site icon The Punching Bag Post

NFL Opposes Republican Bill Halting Tax-Free Bonds for Stadiums

<p class&equals;"MsoNormal" style&equals;"text-align&colon; left&semi;" align&equals;"center">Ever since the National Football League let their games get political with the national anthem protests&comma; there has been a tremendous backlash from fans and Republicans&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">House Republicans even took action by proposing a bill last week that would halt team owners from being able to use tax-free bonds to help fund the construction of these event arenas&period;&nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;Under the legislation unveiled last week&comma; local governments could no longer fund the building or renovation of professional sports stadiums by issuing tax-exempt&comma; public-purpose bonds&comma; the sort of bonds typically used to fund schools&comma; libraries and public transit&comma;&rdquo&semi; wrote <em style&equals;"mso-bidi-font-style&colon; normal&semi;">Reuters&period; <&sol;em><&sol;p>&NewLine;<p class&equals;"MsoNormal">The NFL argues that the tax-breaks are deserved because these massive construction projects create jobs&period; &nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;You can look around the country and see the economic development that&rsquo&semi;s generated from some of these stadiums&comma;&rdquo&semi; said Joe Lockhart&comma; NFL spokesman to <em style&equals;"mso-bidi-font-style&colon; normal&semi;">Reuters&period;<&sol;em> &ldquo&semi;These sorts of infrastructure projects have a long history and the benefits of them are obvious in many of our communities around the country&comma; so we will continue to make our opposition known on that&period;&rdquo&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">Other major sports leagues like the National Basketball Association and Major League Baseball have yet to release statements in response to the legislation&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">Republicans reject the notion that these stadiums stimulate local economies&period; By allowing these tax-free bonds&comma; it will cost the government&comma; which is funded by tax-payers&rsquo&semi; dollars&comma; &dollar;300 million over the next decade&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">According to a Brookings Institution study&comma; the government has lost up to &dollar;3&period;7 billion in tax revenue from these bonds&period; 36 of the 45 major-league stadiums were built with at least some funding from these type of tax-free bonds&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;Although stadium construction for multimillion-dollar sports franchises may have some local economic benefit&comma; that is not the responsibility of the federal government&comma;&rdquo&semi; said Lankford said in a statement to <em style&equals;"mso-bidi-font-style&colon; normal&semi;">The Washington Times&period;<&sol;em> &ldquo&semi;The federal debt is now at a ridiculous &dollar;20 trillion&period; Using billions of federal taxpayer dollars for the subsidization of private stadiums&comma; when we have real infrastructure needs in our country&comma; is not a good way to prioritize our limited amount of money&period;&rdquo&semi;&nbsp&semi;<&sol;p>&NewLine;<p class&equals;"MsoNormal">The NFL is more invested in protecting federal funding than other leagues for good reason&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">&ldquo&semi;With tax-exempt bonds and other public subsidies&comma; taxpayers have spent an average of &dollar;262 million on each&nbsp&semi;NFL&nbsp&semi;stadium built from 1990 to 2010&comma; according to a study by Judith Grant Long&comma; a University of Michigan professor of urban planning&period; That is about &dollar;60 million more than the average MLB stadium received&comma;&rdquo&semi; writes <em style&equals;"mso-bidi-font-style&colon; normal&semi;">The Washington Times&period;<&sol;em><&sol;p>&NewLine;<p class&equals;"MsoNormal">But Democrats have also supported similar legislation in the past&period; Former President Barack Obama proposed ending this type of tax break for stadiums back in 2015&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal">The national anthem debacle may have just what was needed to get this bill in place&period;<&sol;p>&NewLine;<p class&equals;"MsoNormal"><strong>Author&rsquo&semi;s note&colon;<&sol;strong> NFL&rsquo&semi;s Roger Goodell really screwed up on this one&period; Now Republicans are on a mission to halt federal subsidies for new stadiums and this is just the beginning&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;

Exit mobile version