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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.

We now have photographic proof that Tom Ricketts and Ted Cruz are different people

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A lot of people think they have a double walking around someplace on Earth. They may actually be right. We have an example of this in baseball and politics.

Cubs owner Tom Ricketts looks a lot like Texas senator Ted Cruz. Or, since Ricketts is older, I guess Cruz looks like Ricketts. Either way, they could play brothers if someone put on, like, the worst ever production of some play about brothers.

If you’re not familiar with one or both of those guys, take a gander at the photo that was taken of the two of them in Washington this morning as the Cubs made the rounds with their World Series trophy:

If they put those rings together, Tom can turn into any animal and Ted can turn into anything made out of water. True story.

 

Anthony Rizzo calls out Miguel Montero for calling out Jake Arreita

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The morning we posted about Miguel Montero calling out his pitcher, Jake Arrieta, for allowing the Nationals to steal seven bases last night. Our view, of course, was that (a) it wasn’t all Arrieta’s fault; and (b) even if it was, publicly calling out your teammates like that is probably not a great idea and certainly isn’t a good look.

When I saw Montero’s comments I assumed that they would not play well in the Cubs’ clubhouse. I was right about that. Anthony Rizzo appeared on ESPN 1000 in Chicago this morning and had this to say:

Referring to Willson Contreras, of course, who has allowed 31 stolen bases to opponents while behind the dish. Coincidentally, Montero has allowed 31 stolen bases when he has played as well. Contreras has played in 24 more games than Montero, by the way.

I predict that, by around 3pm when the clubhouses open, we’ll see a public apology by Montero.