Post#25 » by midranger » Wed Dec 1, 2010 4:45 pm
Lets say a new stadium costs 600 million (not everyone needs to spend a billion like Jerry Jones), and that the Vikings ask the public funds to cover half of that (300 million). Lets also say that a new stadium will last 25 years.
The Vikings have a ~100 million dollar pay roll for players only this year. Minnesota state income tax is 8% at the highest level. That is 8 million per year in recuperated money just by taxing the players' income.
Additionally, state sales tax is is approaching 7%. Say half of their income is taxed away, a quarter is saved, and a quarter is spent. Of that money spent, say half is spent in Minnesota ($12.5 million which is probably conservative). The sales tax comes to $875,000.
Now lets say that 30 of the players buy a house in Minnesota. Lets say they buy somewhat modest (relatively) homes and are taxed $5,000 annually. That is $150,000.
So, using conservative estimates for taxes on the players alone, the state would recuperate over 9 million dollars per year. 9 million x 25 years = $225,000 million. This is assuming no increase in either taxes or payroll over a 25 year period.
This does not include all the front office personell, concessions, parking/security contractors, mechandise sales, increased property values and new businesses surrounding the stadium, private goods and services that all the people connected to the team use, etc, etc, etc...
It's unbelievable that they'd be so short sighted. But alas.
Please reconsider your animal consumption.