Political Humor

Today, President Obama tapped former basketball great, Dennis Rodman to head a newly created committee,  as Czar of Federal Sports Oversight. This committee will fall under the Dept of Labor, but will be antonymous and only answerable to the President.  Rodman reportedly asked if the title Czar could be changed to Secretary. It is unknown at this time whether that request will be honored.

Obama, citing recent House hearings that showed the loss to the government of hundreds of millions of dollars each year due to the practice of allowing of states to issue tax-free bonds to large corporations, to build stadiums and other sports facilities, as the reason for this new Czar.

[The following are actual excerpts from House Of Representatives records]

Opening Statement
Of
Dennis J. Kucinich, Chairman
Domestic Policy Subcommittee
Oversight and Government Reform Committee
Thursday, September 18, 2008
2154 Rayburn HOB
10:00 a.m.
“Gaming the Tax Code: Public Subsidies, Private Profits, and Big League Sports in New York.”

This is the Domestic Policy Subcommittee’s third hearing in the last year and a half on the federal government’s subsidization of the construction of professional sports stadiums through the federal tax code.

The stadium project has already *benefitted from the issuance of over $940 million of tax-exempt bonds. The tax exemption on these bonds will save the Yankees well over $100 million in interest costs, a subsidy that will cost federal taxpayers almost $200 million in lost tax revenues…

*Les: see, it’s not just me, even Congress can’t spell.

This issue surfaced about ten years ago, but due to interference by Republican congressmen, little was ever done to solve this enormous leak in federal tax revenue. While the past eight years have seen a former, rich, baseball club owner in the White House.

The President said he would see that the government gets its fair share, since the banking bailouts went to institutions that have financial interest in these teams and facilities. These company’s  over-bloated, fat cat corporate, high roller executives -who’s salaries will be capped at $500,000- are just the first to feel cuts.

Rodman will be charged with ensuring that all owners of these teams and their players will be similarly capped at $500,000. The windfall profits gained by seizing the excess in salaries above the cap will benefit Climate Change research and trans-gender awareness programs.

Les James has more snide comments about the new admisnstration at Sideshow Mirrors.