When you find out how much money taxpayer spend on professional sports stadiums, you immediately begin rationalizing the price tag by telling yourself that these structures revitalize downtown areas. They don't -- the public money is just a way billionaire owners shakedown municipalities for free cash.
[Bloomberg] Tax exemptions on interest paid by muni bonds that were issued for sports structures cost the U.S. Treasury $146 million a year, based on data compiled by Bloomberg on 2,700 securities. Over the life of the $17 billion of exempt debt issued to build stadiums since 1986, the last of which matures in 2047, taxpayer subsidies to bondholders will total $4 billion, the data show.
Last night, John Oliver took on the hostage negotiations that pit a city against its beloved sports franchises, once again making us feel horrible about the stuff we care most about. Thanks, John.
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