Ron DeSantis pitched it as a bill to help Florida families.
But Jim @Defede reports how last year's "tax cut" bill put tens of millons in the pockets of the politically-connected owners of the Daytona 500 & Daytona International Speedway... 🧵👇
But Jim @Defede reports how last year's "tax cut" bill put tens of millons in the pockets of the politically-connected owners of the Daytona 500 & Daytona International Speedway... 🧵👇
https://twitter.com/CBSMiami/status/1626822075439583234
In June 2022, DeSantis said he fiercely opposes tax $$ for sports stadiums.
But then changed Fla law so NASCAR wouldn't have to collect tax on #Daytona500 tix.
"It's a multimillion $$ tax subsidy," Prof @VictorMatheson_ told @Defede. "It's corporate welfare for billionaires..."
But then changed Fla law so NASCAR wouldn't have to collect tax on #Daytona500 tix.
"It's a multimillion $$ tax subsidy," Prof @VictorMatheson_ told @Defede. "It's corporate welfare for billionaires..."
3/ "How did the Daytona 500 exemption make it into the bill?"
"CBS Miami has obtained an email showing it was a lobbyist for NASCAR that wrote the amendment," @Defede writes.
cbsnews.com/miami/news/cbs…
"CBS Miami has obtained an email showing it was a lobbyist for NASCAR that wrote the amendment," @Defede writes.
cbsnews.com/miami/news/cbs…
4/ A spokeswoman for the Florida Senate told @Defede the tax package was a product of input from "dozens of ideas brought forward by Senators, constituents, businesses and advocacy groups."
5/ @Defede traced more than $120,000 from NASCAR & its related businesses to the Republican Party of Florida in recent years, per state election disclosures...
and more than $70,000 from those interests to DeSantis' campaign committees.
cbsnews.com/miami/news/cbs…
and more than $70,000 from those interests to DeSantis' campaign committees.
cbsnews.com/miami/news/cbs…
6/ "Every restaurant...every gift shop, every mom-and-pop grocery store, they all have to pay sales tax," @VictorMatheson_ told @Defede.
"But...when you're a multibillion-dollar corporation [with lobbyists] & the ear of state legislators or the governor...I guess you don't."
"But...when you're a multibillion-dollar corporation [with lobbyists] & the ear of state legislators or the governor...I guess you don't."
@VictorMatheson_ @DeFede 7/ @Defede says there's no way to tell if the tax breaks helped Florida families at all.
The speedway says more than half their fans come from out of state.
NASCAR also raised the price of many #Daytona500 tickets this yr, absorbing much of the would-be tax savings.
The speedway says more than half their fans come from out of state.
NASCAR also raised the price of many #Daytona500 tickets this yr, absorbing much of the would-be tax savings.
8/ For historical perspective, I’ve covered the Daytona Int’l Speedway & NASCAR chase for state subsidies for ~10yrs or so…
They’ve prob spent $1M+ on political contributions & lobbying just in Florida.
But their new tax subsidy is worth tens of millions. ROI!
They’ve prob spent $1M+ on political contributions & lobbying just in Florida.
But their new tax subsidy is worth tens of millions. ROI!
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