How Vick's contract helps us taxpayers

Posted: August 31, 2011

MICHAEL Vick's $100 million contract will make him a disgustingly rich man. But don't forget: A deal like this puts a few bucks in taxpayers' pockets, too.

In this special sports edition of "It's Our Money," behold how much the city could collect from its new $100 million man:

Wage taxes: Over the course of his six-year deal, Vick will pay the city nearly $3.9 million in wage taxes.

Sales taxes: Though Vick is in bankruptcy, we can only assume that some of his cash will end up going to city businesses. And if he spends a modest 5 percent of his income on goods and services in Philadelphia, the sales tax will generate about $80,000 for the city.

Local stimulus: Vick might hire Philly-based contractors! And a local PR team! And a South Philly chef! "The more he uses local businesses, the more that economic benefit radiates out," said Uri Monson, executive director of the Pennsylvania Intergovernmental Cooperation Authority.

Of course, Vick might not be making all this money in Philadelphia if city taxpayers hadn't forked over $96 million to erect Lincoln Financial Field in 2003, and acquired the land on which to build it.

Plus, every year, the city pays "operations and maintenance" costs at the stadium. In 2011, those will total $7.8 million - and the bill increases every few years. By 2013, the price tag will be $9 million. By 2023, it will be $11.9 million.

The point is, taxpayers should hope that Vick sells a lot of jerseys in Philly stores and that a lot of congratulatory rounds are purchased in Philly bars to get us a good return on investment. Of course, if Vick has enough success, taxpayers may have yet another cost to worry about: a parade.

- Holly Otterbein

Holly Otterbein reports for It's Our Money, a joint project of the Daily News and WHYY funded by the William Penn Foundation that works to shed light on where your tax dollars are going.

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