Senators aim to stop use of municipal funds to finance stadiums

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Senators aim to stop use of municipal funds to finance stadiums
Darren Rovell; ESPN Senior Writer  8:48 AM ET

A group of politicians who are tired of taxpayer money being used to build sports stadiums on Tuesday will introduce a bill in the Senate to prohibit the practice.

Cory Booker, D-N.J., and James Lankford, R-Okla., are sponsoring a bill that would prohibit teams from using municipal bonds, whose interest is exempt from federal taxes, to help finance stadium construction.

"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."

A report in September by the Brookings Institution revealed that $3.2 billion in federal taxpayer money, through municipal bonds, has been used to fund 36 newly built or renovated sports stadiums since 2000. ...

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Excerpt.  Read more at http://www.espn.com/espn/story/_/id/19622965/senators-introduce-bill-prohibit-teams-using-municipal-bonds-fund-stadiums

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Huzzah!


Or perhaps just change this part...

municipal bonds, whose interest is exempt from federal taxes

[driftdiver]

Huzzah!


Or perhaps just change this part...

Yes all interest MUST be taxed.  Never mind these bonds are usually used for things like water system improvements.