July 06, 2004
More hidden subsidies for Jets?
The New York Jets are looking into using tax-exempt bonds to finance their $800 million share of a stadium on Manhattan's West Side, a mechanism that would reduce their costs substantially while reducing the government's tax revenues. "If tax-exempt financing is used, clearly someone is grossly exaggerating that there is an $800 million private contribution on the table," Fiscal Policy Institute economist James Parrott told Newsday. There's also the small matter that paying off tax-exempt bonds with private stadium revenues would be illegal.
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