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Following up on Randy’s point about casinos spending millions on behalf of a proposition that will supposedly help schools, while educators do not, let’s look at the other half of the equation. Part of the argument is that Proposition A really isn’t in the casinos self-interest, since the proposition will increase taxes on casinos and prevent the further spread of casinos in Missouri. I’m somehow skeptical that casinos would spend $8 million for something not especially in their interest. Maybe I’m just too cynical.
and they would agree to a deal where they would get hurt on some issues in order to secure a hold over the market (this amendment limits the number of riverboats and freezes out places like Sugar Creek).
getting the loss limit law repealed becase they’re losing major business to other states on account of it:
Casinos are willing to pay more taxes (an increase from 20 percent to 21 percent) to staunch the hemorrhaging. So they’re pushing the case to get rid of loss limits, increase their revenue, and thus increase school revenues. I don’t believe that school revenues will increase. They didn’t last time the casinos made this promise, when gambling was legalized, and there’s no reason to think the same shell game won’t be used with school funds this time. That realization doesn’t mean I’ll vote against this proposition:
The casinos are allowing their taxes to be raised by one percent (from 20% to 21%). But the loss limits are being removed. I’m sure the finance wizards working for the casinos figured out that the expected revenue gain will far outstrip the extra taxes they pay.
Also, the other kicker is that the clear the field for no more competition. Making sure no more casinos can get built will allow them to make even more money from the existing casinos, by means such as making the slot machines “tighter” so they pay less. Without competition from casinos claiming “looser slots” (especially true in Boonville), they can set the machines so they can make as much money as they want.
Thirdly, this is really a bad way to pay for education. I really hate gimmicks like this that purport to give you wonderful new programs “without raising your taxes.”
I wonder if anybody remembers Robert Heinlein’s famous acronym TANSTAAFL – There Ain’t No Such Thing As A Free Lunch.