Articles matching tag: Tax Rates
- Column: Republican Tax Bill Targets SportsNovember 9, 2017
The long-awaited Republican tax plan unveiled last week contained proposals which would benefit some taxpayers and negatively impact others. The sports world is no exception. One provision specifically targets professional sports and another is aimed at college sports. A proposal to eliminate tax-exempt financing for sports facilities takes direct aim at the professional ranks. Even if it’s adopted, governmental entities could still pay for new sports facilities but they’re likely to cost more. Cities may be forced to seek alternative sources of revenue or reduce the size of facilities. Major League sports, considering their substantial resources, will be less affected than Minor League sports.
- Column: Bill To Eliminate Stadium Tax Benefits DOAJuly 6, 2017
Sound the trumpets, Congress has introduced yet another bill to eliminate the federal tax benefit of using municipal bonds to finance the construction of sports stadiums. Senators Cory Booker, D-N.J., and James Lankford, R-OK. are sponsoring a bill that would prohibit teams from using municipal bonds to help finance stadium construction. In a statement accompanying the introduction of their bill, Booker said, "Professional sports teams generate billions of dollars in revenue. 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…"
- Column: Do Taxes Affect Winning In Professional Sports?May 18, 2017
“There are three kinds of lies: lies, damned lies and statistics.” Attributed to many. The phrase quoted above is often used to describe the persuasive power of numbers, particularly the use of statistics to bolster a weak argument. Which brings us to Erik Hembre, Assistant Professor of Economics at the University of Illinois at Chicago. Dr. Hembre grew up in the great state of Minnesota rooting for his favorite team, the NBA’s Timberwolves. The ‘Wolves entered the NBA in 1989 and since their inaugural season they have the worst record in the entire league. The ‘Wolves aren’t the only professional sports franchise in Minnesota without a championship. Neither the NHL Wild – or their predecessors, the Stars – nor the NFL Vikings have ever won their league title. The only exception is MLB’s Twins who won World Series titles in 1987 and 1991.