Posted on 06-15-17, 03:49 am
Last post: 1151 days
Last view: 1140 days
U.S. Senators aiming to stop use of municipal funds for stadiums
Two United States Senators are introducing a bill targeted at the use of taxpayer money to fund stadium construction projects.
Cory Booker (D-N.J.) and James Lankford (R-Okla.) are co-sponsoring legislation that aims to prohibit pro sports teams and cities from federally tax-exempt municipal bonds to finance new stadiums.,According to ESPN's Darren Rovell
This news comes amid a flurry of NFL stadium development project,Brandon Williams Jersey, Chargers) and Las Vegas (Raiders) are planning to open stadiums for their newly acquired teams in the coming years.,Jared Goff Jersey, either recently completed or currently in the works. The Minnesota Vikings opened U.S. Bank Stadium in 2016; the Atlanta Falcons will open Mercedes-Benz Stadium this year. Los Angeles (Rams
Each of these projects has required some form of public funding. Even the Los Angeles stadium,Authentic Jarvis Landry Jersey, includes fine print that proves that the project is not 100 percent privately funded., which went easy on taxpayers compared to the record subsidy of $750 million Las Vegas landed
"Professional sports teams generate billions of dollars in revenue," Booker said in a statement, especially when wealthy teams end up reaping most of the benefits.",Authentic Brandon Williams Jersey,Authentic Jared Goff Jersey,Authentic Dan Marino Jersey, via ESPN. "There's no reason why we should give these multimillion-dollar businesses a federal tax break to build new stadiums. It's not fair to finance these expensive projects on the backs of taxpayers
Lankford said the country is no longer in a viable position to help fund these types of projects.
"Everyone likes free federal money to build their expensive stadiums,Dan Marino Jersey,Jarvis Landry Jersey, but with $20 trillion in federal debt, this is waste that needs to be eliminated, per ESPN.," he said
a similar bill was introduced into the House of Representatives last year.,According to the report