Bucks’ Arena Deal Shows NBA Blackmail Works
Nass: State taxpayers gifting $80 million to billionaire owners.
Senator Steve Nass (R-Whitewater) will vote against a bill to commit over $400 million in taxpayer subsidized principal and interest payments for a new arena in downtown Milwaukee. The State of Wisconsin will give away $80 million toward the project.
“When someone says give us $400 million or we will take our basketball and $6.5 million in annual income tax revenues to Vegas, you can’t call that a negotiation. It is nothing short of a capitulation by the state,” Nass said.
Nass noted that in the current fiscal year the State of Wisconsin will collect $8.2 billion in individual income taxes. The Bucks’ will contribute about $6.5 million or 0.0008% of the total income tax collections by the state annually.
“To say the Milwaukee Bucks have this massive impact on Wisconsin is a political deception. That $80 million in state funding could be used to save businesses that have a far greater income tax benefit or even better, taking some of those dollars and investing in our youth sports facilities around Wisconsin,” Nass said.
The travel industry reported in 2014 that youth sports tourism was the fastest growing sector of travel accounting for $7 billion in expenditures in the United States. Study after study shows the significant economic impact of youth sporting events on communities. However, Wisconsin has not kept up with our neighboring states in maintaining or developing quality facilities for youth sporting tournaments and events.