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Senators introduce bill to prevent use of municipal funds to finance sports arenas

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Update: Rovell’s report left out a crucial part of the bill. From Cory Booker’s website:

The bill would close a loophole in the tax code that allows professional sports teams to finance new stadiums with municipal bonds that are exempt from federal taxes.

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The bill would end federal subsidies for stadium financing, but would not prevent localities and states from bidding and offering economic incentives to teams. In eliminating this wasteful expenditure, the bill also unties the hands of local governments to finance their stadium subsidies with taxes on tickets and in-stadium purchases—in other words, allowing states to target taxes on the people who actually use and benefit from the subsidy. Current tax law does not allow local governments to finance federal stadium subsidies by levying taxes on stadium purchases.

(Cap-tip to Royalsretro in the comments)

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ESPN’s Darren Rovell reports that Senators Cory Booker (D-NJ) and James Lankford (R-OK) will introduce a bill that will prevent the use of municipal funds to finance sports arenas.

In a public statement, Booker said:

Professional sports teams generate billions of dollars in revenue,” Booker said in a statement. “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, especially when wealthy teams end up reaping most of the benefits.

Rovell notes that the Yankees ($431 million) and Mets ($185 million) have received the largest amounts of money in federal subsidies according to a report from the Brookings Institute published last September.

A study by the Federal Reserve Bank of St. Louis, published in 2001, concluded, “The weight of economic evidence, however, shows that taxpayers spend a lot of money and ultimately don’t get much back. And when this paltry return is compared with other potential uses of the funds, the investment, almost always, seems unwise.”

The public financing of sports arenas is essentially corporate welfare. The owners receive free money, making the hazy promise of helping to boost the local economy by creating permanent jobs. That is almost never true, as many stadium jobs are temporary and seasonal. In other words, the jobs created pay little and provide little, if any, benefits like health insurance. While the owners pocket profits created by the stadium and by criminally underpaying employees, those employees then become dependent on the government to survive. Walmart, for example, has been taking advantage of this for years. According to Forbes, Walmart’s low pay causes their employees to cost U.S. taxpayers an aggregate $6.2 billion in public assistance despite Walmart taking in $132 billion for the year ending April 30, 2016. Stadium owners create the same situation for their employees and for taxpayers.

Alex Dickerson to miss 2017 season after undergoing back surgery

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Padres’ outfielder Alex Dickerson won’t see PETCO Park anytime soon — at least, not as its starting left fielder. The 27-year-old was diagnosed with a bulging disc in his lower back prior to the start of the 2017 season, and hasn’t made any kind of substantial progress in the months since. According to Dennis Lin of the San Diego Union-Tribune, he suffered a setback in his recovery process last week and is set to undergo a season-ending discectomy next Wednesday.

Over 285 plate appearances, Dickerson batted .257/.333/.455 with 10 home runs and a .788 OPS for the Padres in 2016. He missed several days with a right hip contusion last July, but hasn’t experienced any substantial health problems since undergoing surgery in 2014 to repair a torn ligament in his left ankle.

The expected recovery period for lower back surgery is 3-4 months, according to Lin, which puts Dickerson’s estimated return just a few days before the end of the regular season. The Padres aren’t scraping the bottom of the NL West, but their 29-44 record doesn’t bode well for a postseason run this year. Assuming Dickerson rehabs his back in a timely manner, he should be in fine form to enter the competition for left field next spring.

Video: Hanley Ramirez’s No. 250 career home run barely left the field

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Hanley Ramirez played a pivotal role during the Red Sox’ 9-4 win over the Angels on Friday night, crushing a two-run homer off of Alex Meyer to bring the Sox up to a four-run lead in the fourth inning.

Well, crushed might be the wrong word. The ball cleared the right field fence with a mere 350 feet, landing just beyond Pesky’s Pole to bring Ramirez’s career home run total to an even 250.

According to the ESPN Home Run Tracker, Ramirez’s milestone blast wasn’t the shortest home run of the year — not by a long shot. That distinction currently belongs to Rays’ outfielder Corey Dickerson, who skimmed the left field fence at Rogers Centre with a 326-foot homer back in April.