Comment of the Day: No Money For Schools, But Plenty For Formula 1 Racing

•  I think that's spelled "morans"

•  The reality is, to make money you must spend it. This is an excellent opportunity for the state of Texas (not just Austin), to bring revenue to the state coffers that will exceed what is invested. Educating our children is the most important investment our society can make, but Formula 1 will have a net economic gain on our return that will exceed any other investment vehicle we are likely to come across in the short term. This return is funneled back to the people of Texas which provides an additional revenue stream for our tax-ecosystem and greater opportunities for our children. The people that will see the money from this investment are our state's hard workers which will provide services and goods for this project from across the state of Texas. Think about this: would you say Florida benefits with having the Daytona 500 or Indiana from the Indianapolis 500? Those events are "chump change" compared to the spectacle that is Formula 1. Yes, it is a racetrack and yes, it is in Austin. But the result will be more opportunities for the economy of Texas and the people of Texas.

• Is the "special event fund" funded from our taxes?

• But it's from the states special events fund which is money set aside to attract special events like the Super Bowl or Formula 1 to Texas.  The resulting increase in tax collections should more than cover the original outlay.  If the money doesn't go to Formula 1, it just stays in the fund.  To say that teachers will be fired to pay for a race is pure demagoguery. 

•  It is 25 million a year, for TEN YEARS.

• I believe it is $25 million

TotalComments: 6