The House Republicans tax cut proposal will put a dent in the profits for NFL teams by phasing out tax-exempt financing for professional sports stadiums.
Under the plan, tax-exempt bonds could no longer be used to build the stadiums, a tactic sometimes used to woo sports teams to stay or come to a particular community.
“The plan … goes after some wasteful tax breaks, including those on the cost of moving, business entertainment expenses, and sports stadiums,” Quartz is reporting.
Terminating the tax break for stadiums will save an estimated $200 million over ten years.
You don’t have to stand for the flag and we don’t have to pay you to kneel. GOP introduces bill to defund NFL stadium tax breaks.
— Carmine Sabia (@CarmineSabia) November 2, 2017
Republican lawmakers had floated the idea of slashing tax breaks for sports teams in the wake of numerous NFL players kneeling and protesting the National Anthem.
“Some swamp creature of yesteryear cleverly defined sports leagues as ‘tax-exempt trade organizations,'” said Rep. Matt Gaetz (R-FL). “The public pays 70 percent of the cost of NFL stadiums. Tax-exempt sports leagues generate nearly $2 billion in revenue.”
if the end result of Kaepernick’s protest is an end to taxpayer funded stadiums this all will have been worth it https://t.co/wF1m5zoPiv
— Conn Carroll (@conncarroll) September 26, 2017
“In America, if you want to play sports you’re free to do so. If you want to protest, you’re free to do so,” Gaetz said. “But you should do so on your own time and on your own dime.”
According to a Daily Signal report in September, the NFL “raked in $14 billion in revenue in 2016” and “is heavily subsidized by local, state, and federal money based on dubious claims about stimulating the economy.”
The NFL Raked in $14 BILLION in 2016 From Taxpayers
Time for Congress to end ALL MILLIONAIRES’ Stadium Subsidieshttps://t.co/qljTrdBsO7— Deplorable Linda G. (@GartrellLinda) November 2, 2017
One watchdog group reported that NFL teams rang up $7 billion in taxpayer subsidies for their stadiums over the last two decades.
Ending a practice in which sports teams benefit from the local taxpayer would be a good thing.
Should the sports stadium tax exemptions come to an end? Tell us what you think below!
