Austin loses state funding for Formula One race

[Pkripper]

same people cheering for little idiot Abbott are mad at AOC for the same thing....irony.

My thought exactly.

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[Snowflake Killa]

Sounds like someone is pulling numbers out of there azz

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[More Liberty]

My thought exactly.

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LOL...it's not the same thing. With the COTA deal Texas actually handed money over to COTA. The Amazon deal was tax subsidies for a decade. NY said they'd waive the tax burden for a decade; in exchange 25,000 jobs - most average around $105k per year would come to the NYC area. NY didn't promise to give Amazon a check. There is a difference. That AOC ommunist is so dumb she later claimed that the tax subside "money" can now be given to working families for (insert communist redistribution policy). She actually thought that New York was giving Amazon money. But here is the thing - there was no money to give.

Let me break it down.

New York Amazon Deal:
You have a ranch. Texas says that you won't have to pay property taxes for a year if you bring the ranch to Texas.

Texas/COTA Deal:

Texas wants you to bring your ranch to the state. They hand you a check
that comes out of the state coffers every year. Money that came from other taxpayers.

[RR 314]

I'd like to see real proof of those numbers listed as well. $53.2 million state tax surplus. How? We don't have a state sales tax.

Whaaat? Perhaps they don't collect it in your neck of the woods, but there most certainly is a 6.25% state sales tax.

[WCB]

If it's actually producing that much money, then why do they need a measly $25 million to make it happen? Either it makes money, or it doesn't and should be allowed to fall on its face. It is not the government's roll to prop up private business. I truly hope that they are extremely successful and make millions upon millions. I just don't want tax dollars to be the source. I understand what you are saying. I just fundamentally disagree with the premise.

The monies a sporting event brings into the state has nothing to do with how much the particular sport makes for itself. If Texas paid them $27 million and made more back for the state/city then it's a win-win. Hotels, food, cabs, other events they may visit, other items they may buy, etc... all go towards more people working. More income tax and more sales tax. Win-win

[-HIC-]

The numbers do not add up. This event has been ongoing for years. If the state was making that much more than they are paying out why would they suddenly have an issue? There has to be more to the story.

[Take Dead Aim]

same people cheering for little idiot Abbott are mad at AOC for the same thing....irony.

I didnt want to call them out but yes it is very ironic. I find the extremes on both sides are actually really close together.

[Take Dead Aim]

LOL...it's not the same thing. With the COTA deal Texas actually handed money over to COTA. The Amazon deal was tax subsidies for a decade. NY said they'd waive the tax burden for a decade; in exchange 25,000 jobs - most average around $105k per year would come to the NYC area. NY didn't promise to give Amazon a check. There is a difference. That AOC ommunist is so dumb she later claimed that the tax subside "money" can now be given to working families for (insert communist redistribution policy). She actually thought that New York was giving Amazon money. But here is the thing - there was no money to give.

Let me break it down.

New York Amazon Deal:
You have a ranch. Texas says that you won't have to pay property taxes for a year if you bring the ranch to Texas.

Texas/COTA Deal:

Texas wants you to bring your ranch to the state. They hand you a check
that comes out of the state coffers every year. Money that came from other taxpayers.

You do realize it's the same coffers? You would be better to compare it to a discount vs rebate. One happens at the register and the other sent to you later via mail.

[RiverRat1]

Yep. $20M is definitely worth it. That’s a heck of a return on investment. While I’m not an F1 fan, the race is good PR for Texas and USA motor sports. I hope there’s a way COTA can work things out with the state.


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I'd wager taxpayers paid in a ton more than 20 million.

[SCREAMINREELS]

What exactly does the states money pay them for?

The city/state pays for most events. Part of my wife's job was dealing with this. Pro fishing tournaments, even the firefighters games the city drops cash to get them out there, covers hotel, food etc

[AntlerCollector]

Whaaat? Perhaps they don't collect it in your neck of the woods, but there most certainly is a 6.25% state sales tax.

I have no idea why I posted that. Rough night of not much sleep I guess.

[bossbowman]

Appears Mexico just pulled state funding for their F1 race too, some shady stuff going on behind the scenes probably, https://www.autosport.com/f1/news/14...1-race-funding

[bossbowman]

Modern era F1 has been tried in Phoenix, Dallas, Detroit, Long Beach, Indianapolis, Las Vegas, and Watkins Glen.

Most were money losers for the venue and the local promoters. That's why they didn't continue.

F1 itself, and Bernie Eccelstone in particular, made billions.

1000%!, Bernie long knew he was the smartest person in the room and took advantage of it, dude was an evil genius.

[Snowflake Killa]

I have no idea why I posted that. Rough night of not much sleep I guess.

Probably because you didn't eat for 70 something hours.[emoji23]

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[eaglegolfj]

Austin used to be pretty nice area. My grandparents lived in Logovista for years. My mother and I use to go up there about 2-3 times a year. I can not believe how democratic that area has become. My wife and I went to Bastrop last year to go camping. I could not believe all the beto signs we seen.