Have you ever rented an automobile and found that you were charged a surprisingly high tax for the rental? This tax may have been used to fund a sport facility or other project. Lawmakers in Texas, for example, introduced House Bill 92 in 1997 in order to try to fund a group of economic development projects, including sport facilities and an expansion of the University of Texas, San Antonio, through sales and rental taxes (United States Sports Academy, 2008). Taxing the general public in order for select groups to be able to attend certain facilities has long been controversial. As a sport enthusiast, you may support a tax that raises revenue for a sport facility, but what if you are asked to pay a tax that raises money for an art museum or opera house you never expect to visit? Raising public funding and winning over the taxpayers is a complex process, but one that sport administrators must understand. When planning how to fund a sport facility, it is important to know how much taxation is needed and what sources would be the best to tap in order to not over- or under-tax the public. For this Assignment, you calculate a new tax rate to fund a university football stadium. Download the instructions and complete the steps to calculate a new tax rate to fund a university football stadium on the site your group analyzed in Week 4 Submit by Friday, 11:59 p.m. ET, a brief paper explaining how you would fund your groups facility by including the following:
The total cost of the facility and land for your site based on the data your group compiled in its PowerPoint presentation
Which tax base, from the five listed above, are you going to tax to pay for the new venue If the payout is to take place over 20 years, determine how much you will you need to
tax your selected tax base to pay for the venue. (Show all calculations.)
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