Representative Don Beyer (D-VA-08) is sponsoring legislation to eliminate the federal tax-exempt status of municipal bonds that are used to finance professional sports facilities. In an announcement, Beyer and cosponsors Representative Jackie Speier (D-CA-14) and Representative Earl Blumenauer (D-OR-03) explicitly identified the Washington Commanders, who are looking for a new stadium site in the greater Washington, D.C. area.
“Super-rich sports team owners like Dan Snyder do not need federal support to build their stadiums, and taxpayers should not be forced to fund them,” Beyer said in a February 22 press release. “Billionaire owners who need cash can borrow from the market like any other business. Arguments that stadiums boost job creation have been repeatedly discredited. In a time when there is a debate over whether the country can ‘afford’ investments in health care, child care, education, or fighting climate change, it is ridiculous to even contemplate such a radical misuse of publicly subsidized bonds.”Read More