So yesterday the Michigan State Congress voted to approve an extension of a tax credit for the Michigan International Speedway. The rationale being that MIS brings in tourists which help local businesses and Michigan in general.
The Owner of MIS, International Speedway Corporation, reported a profit of $25.4 million for the first quarter of 2010. With coin like that I can tell you they aren't packing up shop and moving just because they don't get a tax break. The Michigan tax payer is asked to subsidies the profits of ISC.
If the Michigan Legislature had chosen instead to put let this tax break lapse then to keep their profits high ISC would have had to pass the burden of these costs along to the viewing public. So if you, like me, loathe race car driving "sports" you are now paying for keep ticket prices down for those that watch these events.
Keep in mind this is the same Legislature that is allowing massive per pupil cuts to Michigan schools because there isn't enough money to sustain current levels. Chalk up another win for big business. The Republican lead legislature has again chosen the profits of big business over the common good of its citizens.
I hope these legislators at least got some free add time during this weekends broadcast. After all they earned it.
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