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You Always Pay And They Always Get Richer. That's How It Works
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Never, ever, EVERY trust a pro sports franchise in matters involving stadium finances. Santa Clara, CA is learning that the hard way after pouring $1.3 million into Levi's Stadium, only to have the 49ers go to the tax assessor's appeals board and win a 50% property tax deduction that will lose public agencies at least $6 million a year in tax revenues plus require them to come up with $36 million in tax refunds by the end of the year, $15 million of which will come from the school district, which means kids will be penalized to benefit billionaires. Taxpayers will be on the hook for this. But, you know, a pro sports franchise is such a benefit to the community. (San Jose Mercury News)
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