Bucks co-owner Wes Edens open to idea of ‘jock tax’ to help build arena
Wes Edens, a co-owner of the Milwaukee Bucks, says the idea of a jock tax to help finance the construction of a new, multipurpose arena in downtown Milwaukee is a good starting point for coming up with a workable plan.
“I think that how we actually pay for it and what the form of the financing is and kind of all the technical nuances at some point will be very important,” Edens said in an interview with the Journal Sentinel. “To me it’s less important today than just the notion that, let’s just agree what’s on the table with the benefit of the team being in town. Once we have done that, we’ve got a really useful place to start the dialogue.”
Okay, so let’s take a closer look at what we’ve learned here. First off, the co-owner of the Bucks would be “open” to the idea of having the state of Wisconsin take all the income taxes that his employees pay and sending them directly to him. This is truly remarkable, as most billionaires when offered $150 million decline, saying, “No, no, I have plenty of money already.”
Second, Edens didn’t even actually say much specific about the jock tax, beyond generally endorsing the argument behind the Bucks getting to collect all of their employees’ state income taxes while lobbing an oblique move threat (“If the Milwaukee Bucks are forced to leave town because they don’t have an arena, those taxes are leaving with them”). His statement above makes clear that he’s not going to endorse any particular method of giving him $150 million, just that he thinks he deserves it, because of all the revenue that his team generates for the state. And as for those studies by economists showing that income tax receipts don’t change one bit whether teams are playing in town or not, hey, how many jobs have they created?