As the Houston Astros enjoy their World Series victory, taxpayers across the country have a reason of their own to celebrate this week.
Buried in the tax reform bill is a provision that fixes an egregious loophole that sends billions in tax preferences to private sports stadium construction.
The current tax code allows billion-dollar sports franchises—such as the (soon-to-be) Las Vegas Raiders—to use tax-exempt municipal bonds to build their stadiums.
Whereas interest generated by corporate bonds is taxable by the federal government, municipal bond interest is tax-exempt, allowing municipal bonds to command comparatively lower interest rates.
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