Posted by oldtanker on December 03, 2019 at 19:54:13 from (66.228.255.203):
In Reply to: Another funny posted by rrman61 on December 03, 2019 at 06:08:54:
Thing of it is that the state is on the hook for 500 MILLION or so. The state will never over the life of the stadium collect 500 million off the money spent from sales taxes. So that whole line is a lie they, the politicians tell us to sell it. Heck with the MN stadium the original plan was "pull tab" (legal form of gambling) sales would pay the state's share. Pull tab sales tanked. So they raised tobacco taxes. Something like 3.75 a pack for cigarettes now. Some people quit. Other quit buying cigarettes in the state. That problem is so bad MN wanted neighboring states to refuse to sell cigarettes to MN residents. Under MN law you are allowed to import without taxes 200 cigarettes a year (one carton). Any more than that and you are supposed to inform the state and pay the required taxes. Kinda hard to enforce that. Most folks don't report it. Anyway they are not getting the taxes they thought they would get from tobacco. So eventually it will come out of the general fund. And no, I don't smoke. Quit a couple of years before they did all this nonsense.
Really want to see something sad go look at how much countries loose hosting the Olympic games. Some of the losses run into over a billion dollars.
Now I know people are going to think that companies get subsidized to build in a city. And yea, they do. But look at this. That vacant land isn't work much so the tax revenue isn't great. Most often they get about 5 years with no taxes. Now lets say they bring in 1000 jobs. Most likely 60% or so will be married. So you need 600 new homes or large family sized apartments. All taxable. Stores and restaurants will most likely have to expand generating even more tax base. There will be more sales taxes generated too. So in the end the city makes money. A sport stadium seldom if ever pays for itself if built partially or in whole by a city or state.
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