:crazy:
The truth comes out.
And there you have it.
Only on this board will you get Dolphins fans defending corporate subsidies for Russian bankers over corporate subsidies for the Miami Dolphins. Only on this board.
The banksters have won again.
also about intl banking
nternational banking is another growing segment of the economy. With total deposits of $74.3 billion in 2003, about 100 commercial banks, thrift institutions, foreign bank agencies, and Edge Act banks are located in downtown Miami, representing the largest concentration of domestic and international banks on the East Coast south of New York. Brazilian, British, Canadian, French, German, Israeli, Japanese, Spanish, and Venezuelan banks have offices in Miami-Dade County. Still, domestic banks dominate the market, led by Bank of America Corp., which has total deposits of over $7.8 billion in its 25 local offices.
part of article also
Proponents of the stadium legislation want to end the tax exemption, force banks to pay new taxes on these specific transactions and funnel any new revenue to the Dolphins for the stadium renovation.
This plan makes very little sense for a number of reasons.
Florida International Bankers Association (FIBA) analysis indicates that international banking and related activity contributes more than $1.8 billion in economic output to Florida’s economy yearly, supporting nearly $1.2 billion in Gross State Product, 13,600 employment positions paying $589 million in compensation to Florida workers. In addition to these impacts, international banking and related activity generated $89 million in revenues to state and local governments in the last year.
The numbers only tell part of the story.
A robust international banking community contributes to the overall economic growth of our region and our state. The Miami-Dade real estate market owes much its recent recovery to international buyers, who work closely with their international bankers. New construction on Brickell Avenue and in downtown Miami has been bolstered by the international market.
Condo units, sitting dormant throughout the county for years, were scooped up by international buyers who have transformed these non-performing assets into taxpaying, grocery buying, and entertainment consuming households.
A practical argument against the legislation also exists. International banks have a choice as to where to locate these operations and can easily choose to move the jobs associated with these transactions to another state. Many of these are well-paying, solid jobs being held by local employees who may not be relocated.
Further, if international banking jobs are moved to another state like New York, then the banking activities will be managed in New York — and not generate any revenue for the stadium. It turns out to be a lose-lose. And even worse, if the international banking tax benefit is taken away and the Dolphins referendum is defeated (a likely possibility) then everyone loses: the banks, Florida and the Dolphins.
International bankers are not alone in their opposition to this legislation. The Downtown Development Authority, the Greater Miami Chamber of Commerce, and the Florida Bankers Association all support FIBA and its efforts to defeat the anti-bank aspects of the legislation. The Florida Legislature needs to reassess its position on this bill. Stadium upgrades are a fine goal but not at the expense of hundreds of jobs that generate tremendous benefits for our community.
Read more here:
http://www.miamiherald.com/2013/04/29/3370759/lose-lose-aspect-of-stadium-deal.html#storylink=cpy
So in reality its not as simple as your favorite team versus corporate america because in actuality the dolphins and the NFL are corporate america.
One thing I never get is why doesnt the dolphins ask for funds like these
Business location incentives at the local level include Empowerment Zone and Enterprise Zone opportunities, each of which offers tax or wage credits to businesses based on the number of new jobs created. The Miami-Dade County Targeted Jobs Incentive Fund is available to companies that are on the list of industries identified by the county as desirable additions to the local economy