A New York City council member is waving the banner for an end to the huge tax break that Madison Square Garden gets from the city.According to the New York Daily News, Madison Square Garden has been receiving a multi-million dollar tax break for over a quarter-of-a-century. This deal has reportedly caused the city to lose out on approximately $300 million in tax revenue since 1982.
This deal is not surprising. Other wealthy New York sports teams have been allowed huge leeway when it comes to paying taxes. These deals are allegedly initiated to keep New York teams from moving to other cities. However, in the midst of the city crying broke, many feel that it is due time for these types of arrangements to cease.
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