Austin loses state funding for Formula One race

[Pushbutton2]

Me either. And, I don't like it. If a sport can't survive on it's own merits and the crowd/fans it draws, then why the hell are we spending one dime of taxpayer money on it?

My thoughts as well

[Bowdark]

Gotcha. Not surprising I suppose, but it never crossed my kind that major sporting events would be hooker meccas.

Its been going on since the original olympic games.

[Landrover]

My thoughts as well

They pay to have those venues in the community to draw more revenues. I dont get anything for my small businesses , thus I dont agree.....but I understand the game.[emoji848]

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[Landrover]

Its been going on since the original olympic games.

Duh....exactly!!!

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[Take Dead Aim]

Some of you are not understanding the simplicity of how it works. The business in this case F1 may not make money but that doesn't mean the city and state dont benefit greatly.

Let use Dell Computers for example. They wanted to set up shop in Austin proper but wanted a tax break for doing so. Austin said no. Round Rock said yes and have them a tax break for 20 years. Dell still paid sales tax, the city just gave them a break. If you dont think the city of Round Rock, surrounding areas and all small businesses didn't win on that deal in the long run you are mistaking.

These deals are not always winners. My guess on the F1 knowing how much money comes to town is the city and state come out ahead.

[bossbowman]

With all that money flowing why do they need tax payer money to keep afloat? With the the price of tickets and what everything cost at those events perhaps it's not being run properly. I can see some tax incentives and such to get things kicked off but that track has been around a long time now. Hope they can make it but shutting down tax payer funding is prudent.

Because the F1 sanctioning fee is very very very expensive, way more than any north american motorsports series.

[bossbowman]

Same here. In is totally incredible. Outside of austin we have Monaco and Toronto on the list for race weekends.

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F1 don't run Toronto, Indy does

[Landrover]

F1 don't run Toronto, Indy does

Yep....my bad, who the heck would want to geaux to Toronto for a global event......I have the recent Raptors win on the brain. [emoji459] Montreal is so much nicer![emoji1270]

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[lovemylegacy]

People still watch that stuff?

[Jspradley]

With all that money flowing why do they need tax payer money to keep afloat? With the the price of tickets and what everything cost at those events perhaps it's not being run properly. I can see some tax incentives and such to get things kicked off but that track has been around a long time now. Hope they can make it but shutting down tax payer funding is prudent.

They don't need it but why should they not take it? It's "free" money...

If all cities stopped bribing them with our tax money they would be forced to make their money just like everyone else

[TN_boy]

City of Austin should foot the bill and reclaim funds via a property tax increase on houses appraised at $1mil+.

[trophy8]

City of Austin should foot the bill and reclaim funds via a property tax increase on houses appraised at $1mil+.

That’s the dumbest **** I’ve ever heard. Tax rates are bad enough as it is and being penalized for being successful is insanity. But they do it. Don’t hate that someone has more than you. Work harder and maybe you’ll be able to have it someday too

[RiverRat1]

With all that money flowing why do they need tax payer money to keep afloat? With the the price of tickets and what everything cost at those events perhaps it's not being run properly. I can see some tax incentives and such to get things kicked off but that track has been around a long time now. Hope they can make it but shutting down tax payer funding is prudent.

I agree. The whole thing is a scam on tax payers.

Helicopters from all over the world land here, every three minutes, several days before the race begins

So why do taxpayers fund this event?

[RiverRat1]

Some of you are not understanding the simplicity of how it works. The business in this case F1 may not make money but that doesn't mean the city and state dont benefit greatly.

Let use Dell Computers for example. They wanted to set up shop in Austin proper but wanted a tax break for doing so. Austin said no. Round Rock said yes and have them a tax break for 20 years. Dell still paid sales tax, the city just gave them a break. If you dont think the city of Round Rock, surrounding areas and all small businesses didn't win on that deal in the long run you are mistaking.

These deals are not always winners. My guess on the F1 knowing how much money comes to town is the city and state come out ahead.

I understand how it supposedly works. I just don't believe a word the city says. And we all know there were many bribes involved to get it here.

That and as you even admit it's a gamble. Sure RR won the bet with Dell but what other deals did they lose on? I'd gamble also with YOUR money LOL

They don't need it but why should they not take it? It's "free" money...

If all cities stopped bribing them with our tax money they would be forced to make their money just like everyone else

This. The game has gotten really big and deep. Big companies have too much leverage now. The left complains non-stop about big companies not paying their fair share (which I disagree with) but they overlook things like this which would be a fair complaint IMO.

Again I understand the game. I just think it's BS. And I'd be ticked if I owned a small business and were getting raped in taxes while these huge rich companies get 20 year breaks.

[Arrowslinger1]

Sounds like they polled the right people this time. Liberals were probably saying "whats Formula 1?" and Rednecks were saying "who gives a shart!"