Are you enjoying that sparkling new professional sports arena in your city? And are you enjoying paying for it? I didn’t think so. Now two U.S. senators have introduced a bill that would save taxpayers from themselves — prohibiting teams from building new stadiums through public tax revenue.
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.