Thread: What about the jobs!???

I know, this could probably go in another thread, but I havn't seen this brought up yet and was wondering, how many jobs does Minnesota lose if the Vikings leave?

So, the Vikes want 400 million, divided by a 30 year lease is approximately 13.333 million per year. That's a lot of money, but lets think about how much the state makes off of the Vikings now...


The high end of MN State Income tax is 7.85% So, guesstimating they spend 120 million/year in player salaries, gives the state 9.42 million dollars a year right there.


And that is just the players! There are also coaches, scouts, trainers, management, counselors etc employed by the Vikings and they all pay state income taxes.


Then there is the Metrodome...How many Minnesotans are employed as groundkeepers, janitors, concession sales, parking attendents, security, maintenance, etc, etc, etc? They pay taxes.


A new stadium will require an estimated 1000 construction workers and they'll pay taxes.


And then there is all the businesses around the Metrodome that benefit from people traveling to the area for gamedays. Hotels, bars, restaurants, taxis etc etc etc make more money on game day. The state of Minnesota collects sales taxes on all of this and their employees all pay state income taxes too.


And then there's the possibility of hosting a Superbowl, Final Four, big name concerts, highschool championships, etc etc etc.



Isn't it obvious that the team brings a boat load of money and jobs into the state...? How many jobs will leave the state with the Vikings when they go!?!???



Seriously,


Mountain Viking

+2

https://docs.google.com/viewer?a=v&q...M60GoVa2WoxEFA

Originally Posted by Purple Floyd

https://docs.google.com/viewer?a=v&q...M60GoVa2WoxEFA

One of my favorite docs.

Only thing I don't like about it is that there were no actual single year estimates done - it is all (I believe) an aggregation of money spent and generated since 1961.

From 1961 - 2009, the Vikings have generated a total of $170,229,401 in public money. In that same time period, there has been a total of $33,625,000 spent on the Vikings. That is a net gain of $136,604,401, or an ROI of over 400%. This is a positive public revenue trend that will continue.

The salary cap floor, meaning the minimum that teams must spend on player salaries, is 89% of the salary cap starting in 2013 (this year there is a slightly different formula, a left over from the lock out, but it is basically the same). That means every team must spend a minimum of $107.334 million on players salaries, and this floor cannot go down. That means that there is a MINIMUM of $8.43 million coming in from income tax every year. Mountain was right, most teams, including Minnesota spend closer to the salary cap, not the salary floor.

The cap goes up an average of $4.9 million each year, so let's project that over the next 30 years (requested lease length):


Year Cap Floor Max Income Tax Min Income Tax
2012 120.6 107.334 9.4671 8.425719
2013 125.5 111.695 9.85175 8.7680575
2014 130.4 116.056 10.2364 9.110396
2015 135.3 120.417 10.62105 9.4527345
2016 140.2 124.778 11.0057 9.795073
2017 145.1 129.139 11.39035 10.1374115
2018 150 133.5 11.775 10.47975
2019 154.9 137.861 12.15965 10.8220885
2020 159.8 142.222 12.5443 11.164427
2021 164.7 146.583 12.92895 11.5067655
2022 169.6 150.944 13.3136 11.849104
2023 174.5 155.305 13.69825 12.1914425
2024 179.4 159.666 14.0829 12.533781
2025 184.3 164.027 14.46755 12.8761195
2026 189.2 168.388 14.8522 13.218458
2027 194.1 172.749 15.23685 13.5607965
2028 199 177.11 15.6215 13.903135
2029 203.9 181.471 16.00615 14.2454735
2030 208.8 185.832 16.3908 14.587812
2031 213.7 190.193 16.77545 14.9301505
2032 218.6 194.554 17.1601 15.272489
2033 223.5 198.915 17.54475 15.6148275
2034 228.4 203.276 17.9294 15.957166
2035 233.3 207.637 18.31405 16.2995045
2036 238.2 211.998 18.6987 16.641843
2037 243.1 216.359 19.08335 16.9841815
2038 248 220.72 19.468 17.32652
2039 252.9 225.081 19.85265 17.6688585
2040 257.8 229.442 20.2373 18.011197
2041 262.7 233.803 20.62195 18.3535355
451.33575 401.6888175

So in the next 30 years, the Vikings will generate an estimated $401-451 million in income tax alone. Basically, the Vikings generate approximately the same amount of money that it will cost the state to build a new stadium. And because we are talking about funds that will not be available without the Vikings, there is no opportunity cost involved. This should be a no brainer.

Originally Posted by Purple Floyd

https://docs.google.com/viewer?a=v&q...M60GoVa2WoxEFA

I like the part where the Metrodome generated $319.3 mil in tax revenue alone after initial public investments of only 33.6 mil too.

Originally Posted by NodakPaul

One of my favorite docs.

Only thing I don't like about it is that there were no actual single year estimates done - it is all (I believe) an aggregation of money spent and generated since 1961.

From 1961 - 2009, the Vikings have generated a total of $170,229,401 in public money. In that same time period, there has been a total of $33,625,000 spent on the Vikings. That is a net gain of $136,604,401, or an ROI of over 400%. This is a positive public revenue trend that will continue.

The salary cap floor, meaning the minimum that teams must spend on player salaries, is 89% of the salary cap starting in 2013 (this year there is a slightly different formula, a left over from the lock out, but it is basically the same). That means every team must spend a minimum of $107.334 million on players salaries, and this floor cannot go down. That means that there is a MINIMUM of $8.43 million coming in from income tax every year. Mountain was right, most teams, including Minnesota spend closer to the salary cap, not the salary floor.

The cap goes up an average of $4.9 million each year, so let's project that over the next 30 years (requested lease length):


Year Cap Floor Max Income Tax Min Income Tax
2012 120.6 107.334 9.4671 8.425719
2013 125.5 111.695 9.85175 8.7680575
2014 130.4 116.056 10.2364 9.110396
2015 135.3 120.417 10.62105 9.4527345
2016 140.2 124.778 11.0057 9.795073
2017 145.1 129.139 11.39035 10.1374115
2018 150 133.5 11.775 10.47975
2019 154.9 137.861 12.15965 10.8220885
2020 159.8 142.222 12.5443 11.164427
2021 164.7 146.583 12.92895 11.5067655
2022 169.6 150.944 13.3136 11.849104
2023 174.5 155.305 13.69825 12.1914425
2024 179.4 159.666 14.0829 12.533781
2025 184.3 164.027 14.46755 12.8761195
2026 189.2 168.388 14.8522 13.218458
2027 194.1 172.749 15.23685 13.5607965
2028 199 177.11 15.6215 13.903135
2029 203.9 181.471 16.00615 14.2454735
2030 208.8 185.832 16.3908 14.587812
2031 213.7 190.193 16.77545 14.9301505
2032 218.6 194.554 17.1601 15.272489
2033 223.5 198.915 17.54475 15.6148275
2034 228.4 203.276 17.9294 15.957166
2035 233.3 207.637 18.31405 16.2995045
2036 238.2 211.998 18.6987 16.641843
2037 243.1 216.359 19.08335 16.9841815
2038 248 220.72 19.468 17.32652
2039 252.9 225.081 19.85265 17.6688585
2040 257.8 229.442 20.2373 18.011197
2041 262.7 233.803 20.62195 18.3535355
451.33575 401.6888175

So in the next 30 years, the Vikings will generate an estimated $401-451 million in income tax alone. Basically, the Vikings generate approximately the same amount of money that it will cost the state to build a new stadium. And because we are talking about funds that will not be available without the Vikings, there is no opportunity cost involved. This should be a no brainer.

WOW!!! Thanks for doing the math!!!

And that is before any other events and doesn't include all the other Minnesotans who have JOBS tied to the Vikings and/or their Dome-Home!!

Have any of you still living in MN sent this to your politicians!?!???

SKOL VIKINGS!!!!!

Unfortunately the stats that mean the most to legislators is what percentage of the people that voted for me are Viking fans and likely not to vote for me this year if I vote against this.

Originally Posted by RK.

Unfortunately the stats that mean the most to legislators is what percentage of the people that voted for me are Viking fans and likely not to vote for me this year if I vote against this.

AND, OMG, if I vote for this and someone from the Republican/Democrat (opposite party) votes for this people will say I worked with the enemy!?!?!!?

Quick question: What about Viking players/personnel who do NOT claim Minnesota as their state of residency?

As a Wisconsin resident, if I work in Illinois, Iowa, or Minnesota, I still pay Wisconsin state tax. I am not taxed by the state I WORK in, I am taxed by the state I LIVE in.

Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming

All of them have NO State income tax. Ever notice how many NFL players "LIVE" in Florida?

So, unless there's some caveat that allows Minnesota to tax out-of-state workers (And I don't think that there is), all of these salary tax projections are meaningless. Minnesota could only tax the Vikings Team itself, and any revenues or depreciable assets gained or possessed by them.

Caine

Originally Posted by Caine

Quick question: What about Viking players/personnel who do NOT claim Minnesota as their state of residency?

As a Wisconsin resident, if I work in Illinois, Iowa, or Minnesota, I still pay Wisconsin state tax. I am not taxed by the state I WORK in, I am taxed by the state I LIVE in.

Alaska
Florida
Nevada
South Dakota
Texas
Washington
Wyoming

All of them have NO State income tax. Ever notice how many NFL players "LIVE" in Florida?

So, unless there's some caveat that allows Minnesota to tax out-of-state workers (And I don't think that there is), all of these salary tax projections are meaningless. Minnesota could only tax the Vikings Team itself, and any revenues or depreciable assets gained or possessed by them.

Caine

Wisconsin residents working in Minnesota

Beginning January 1, 2010, Minnesota will tax your personal service income earned in Minnesota such as wages, salaries, tips, commissions, fees, or bonuses.

In most cases, Minnesota employers will withhold Minnesota tax from your pay. You can no longer file Form MWR, Reciprocity Exemption/Affidavit of Residency, to be exempt from having Minnesota tax withheld from your personal service income earned in Minnesota.

It's where you work that usually indicates your state income tax, not where you live. This is why many players from visiting teams pay taxes to the visiting state.

The jobs created add a lot more to the economy then just income tax.

You should also account for the spending the players/employees and workers associated with the stadium fork out in the Minneapolis area. Sales tax for the city, property tax for the state along with profits for the local businesses.

People having jobs is what makes a city tick. High income jobs are even that much better.