Squanto wrote:
New York State takes in about $20M in direct tax revenue from the Buffalo Bills every year between income taxes on player salary,and ticket sales/concessions at the Ralph. This will increase in the next couple years, because the Bills will be required to spend more on player salary, bumping that number up. This doesn't account for the indirect tax revenues of merchandise sales, and other local commerce that directly stems from Bills games.
Over a 15 year lease, that's $300M in tax revenues in return for a $100M investment.
These are the kind of deals the state SHOULD be making. I'm not a fan of publicly financed stadiums in general, but if you're going to do it, almost guaranteed profit is the way to go.
backthatSASSup wrote:
I was kinda thinking about this today, and the reason I think Ralph is telling his kids to wait until after he dies to sell the team is because if he were to sell the team today, he would have to pay a shitload in capital gains taxes and then in addition to that, he would have to pay a lot of estate tax when he transfers the money to his kids. If he holds onto the team until he dies, the family would receive the benefit of the team stepping up to fair market value, thus when they sell the team, they wouldn't have to pay a huge gains tax and only the estate tax. I think he only had to pay a franchise fee to start the team and now the team is worth millions. Could be significant tax savings.
"I got information--new shit has come to light..." - The Dude
You guys are wicked smart on this topic. Now that I'm privy to all the new shit, I'll have to ruminate on it.