Congress has proposed legislation that would prevent taxpayer subsidies from being used for the construction of sports stadiums.
Wisconsin Republican Congressman Glenn Grothman, a co-sponsor of the H.R. 2343, said he believes that if passed the bill would by signed by President Donald Trump.
According to ABC2, over the past 25 years, 43 professional sports teams have been financed with tax-exempt municipal bonds for an estimated $4.3 billion in lost federal revenue.
One of those facility's was the Milwaukee Brewers' American Family Field.
“There’s few people wealthier than people who own our sports franchises and right now they’re able to pay for their new stadiums by having them paid for with bonds that are issued by local municipalities,” Grothman said.
Under current law, stadiums can be paid for with tax-exempt municipal bonds, a provision originally inteded to help local governments fund essential public infrastructure.
The bill has bipartisan support, as it was co-authored by Democrat Congressman Don Beyer of Virginia.
“In a time when there is a debate over whether the country can ‘afford’ investments in healthcare, childcare, education, or fight climate change, it is ridiculous to even contemplate such a radical misuse of publicly subsidized bonds,” Beyer said in a statement.
If the legislation becomes law, billionaire owners would have to borrow cash from the marketplace like everyone else.
Grothman hopes fellow legislators don't bow to the prossional sports leagues.
“You know, everybody likes the local owner of the NBA team, the local owner of the Major League Baseball team and sometimes politicians maybe give these people a little more than they should give them,” Grothman said.
