Posts tagged with "Bandhunta Izzy"

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THE ECONOMIC SUPER BOWL

In midst of a pandemic that devastated society, including sports, the total wealth of 64 billionaire sports barons shot up by $98.5 billion, or over 30 percent. Taxpayer subsidies for stadiums of 26 billionaire team owners have totaled $9 billion since 1990, with most in last decade.

We won’t know the winner of this year’s Super Bowl till Sunday, but we already know the big winners in our COVID-ravaged economy include dozens of billionaire sports barons.

On the eve of the big game, and after 10 plus months of the pandemic, 64 billionaire owners of major league sports franchises—including the AFC champion Kansas City Chiefs’ Hunt family and the NFC champion Tampa Bay Buccaneers’ Glazer family—have enjoyed a $98.5 billion rise in their collective net worth, a 30 percent increase, as millions of fans have fallen ill, lost jobs, neared eviction, gone hungry and died due to the coronavirus.

The 64 billionaires, who together own or co-own 68 professional sports franchises, had a combined wealth of $426 billion on January 29, 2021. This number is up from $326 billion on March 18, 2020, roughly since the start of the pandemic lockdowns, according to a new analysis by the Institute for Policy Studies (IPS) and Americans for Tax Fairness (ATF), and data analysis from Forbes and Wealth-X. (Note: The increase in total billionaire wealth from March to January was $100 billion, but has been adjusted to $98.5 billion because an additional billionaire reached that status in January 2021.)

The sports billionaires’ private gain in the midst of so much public pain is particularly galling since many of their franchises have been the beneficiaries of taxpayer handouts. Over the past several decades, according to data maintained by Field of Schemes, 28 pro sports teams owned by 26 billionaires have received $9 billion in taxpayer subsidies (see Table here) to help build or update stadiums and arenas and make other investments that billionaires could presumably afford on their own. These publicly subsidized team owners have seen their wealth increase $45 billion since mid-March.

For the full report go to Pandemic Super Bowl 2021: Billionaires Win, We Lose.

Over the past five years—when a lot of sweetheart tax deals were cut—the collective wealth of sports billionaires shot up $165 billion, or 67 percent. Their combined wealth of $247 billion in March 2016 had grown to $426 billion by January 29 of this year. (Nine billionaires on the list in 2021 were not billionaires in 2016, accounting for the $14 billion discrepancy.)

The $98.5 billion wealth gain by 64 sports franchise billionaires since March 2020 could pay for:

  • A stimulus check of $1,400 for over 70 million Americans—almost half of the 153 million people who likely will be eligible under the pandemic relief plan proposed by President Biden based on the 2020 stimulus payments.
  • More than one-third of the $290 billion cost of providing $400-a-week supplements to existing unemployment benefits through September, as proposed by President Biden in his COVID rescue plan.

March 18 is used as the unofficial beginning of the pandemic because by then most federal and state economic restrictions responding to the virus were in place. Moreover, March 18 was also the date on which Forbes estimated billionaire wealth for the 2020 version of its annual report. That report provided a detailed baseline that ATF and IPS have been comparing periodically with real-time data from the Forbes website. [See past reports here] This methodology has been favorably reviewed by PolitiFact.

Last March is when the nation’s emergency response to the deadly virus threw professional sports, along with the rest of society, into turmoil. Thousands of low-paid stadium and arena workers lost their jobs as sports seasons were cancelled and curtailed.

The long winning streak of America’s billionaire sports owners is just part of the dominance of a national dynasty of 661 U.S. billionaires whose wealth has grown by $1.2 trillion, or 40%, during the pandemic. The number has climbed from $2.9 trillion on March 18 to $4.13 trillion, as of January 29, 2021 (see link here for all data).

Though only one of their teams will lift the Lombardi Trophy as Super Bowl champs this year, both the Chiefs’ Hunt family—specifically, Ray Lee Hunt and W. Herbert Hunt—and the Bucs’ Glazer family will continue their long reigns among the nation’s biggest economic winners. The Hunts’ net worth is estimated by Forbes at $6.3 billion, up $482 million during the COVID crisis. The Chiefs received $250 million in taxpayer subsidies for stadium renovations in 2006.

The Buc’s Glazer family is worth an estimated $1.7 billion, according to Wealth-X. Taxpayers provided a total of $218 million in subsidies for construction and renovation of the Buccaneer stadium in 1998 and 2015.

Sixty U.S. billionaires—roughly one in ten of the country’s 661 total billionaires—own one or more major league professional sports teams in the National Football League (NFL), National Basketball Association (NBA), Major League Baseball (MBL), and National Hockey League (NHL). Four other billionaires—three from Canada and one from Germany—own four additional teams.

“These billionaire sports barons have seen their wealth rise as their fans lose their lives, livelihoods, health and wealth,” said Chuck Collins, director of the Institute for Policy Studies, Program on Inequality.  “As a country, we should be investigating pandemic profiteering and taxing windfall gains during these extraordinary times.”

“The Super Bowl brings the whole nation together, but we have not come together as a country to beat the pandemic,” said Americans for Tax Fairness executive director Frank Clemente. “Billionaire sports owners have continued their long winning streak of ever-growing fortunes while fans at home are losing their lives and livelihoods. Real team work would require billionaires to pay their fair share of taxes so we can get the whole U.S. back to its winning ways.”

“Every year, wealthy sports team owners rake in more than two billion dollars in taxpayer subsidies for new stadiums and arenas that, according to innumerable economic studies, provide zero measurable economic benefit to the public,” said Neil DeMause, co-author of Field of Schemes: How the Great Stadium Swindle Turns Public Money Into Private Profit, and editor of the stadium news site. “Letting billionaire owners socialize their costs and privatize their profits has allowed the rich to get richer, while starving local governments of revenue to pay for schools and other genuine public needs.”

Tax reform that ensures the wealthy pay their fair share—the principle President Biden’s tax plan is built on—would transform a good chunk of those huge billionaire gains into public revenue to help heal a hurting nation. But getting at that big boost in billionaire fortunes is not as simple as raising tax rates: tax rules let the rich delay, diminish and even ultimately avoid any tax on the growth in their wealth. What’s needed is structural change to how wealth is taxed.

The most direct approach is an annual wealth tax on the biggest fortunes, proposed by Senators Elizabeth Warren and Bernie Sanders, among others. Another option is the annual taxation of investment gains on stocks and other tradable assets, an idea advanced by the new Senate Finance Committee chair, Ron Wyden. Even under the current discounted tax rates for investment income, if Wyden’s plan had been in effect in 2020 America’s billionaire sports owners would be paying billions of dollars in extra taxes this spring thanks to their gargantuan pandemic profits last year. Another reform is needed to significantly strengthen the estate tax so that the riches accumulated by these ultra-wealthy sports franchise owners pay their fair share of taxes when these dynasties get passed onto their heirs.

SXSW 2018 – Artist Takeover

REPUBLIC RECORDS‘ ARTISTS TAKEOVER SXSW 2018

FULL SCHEDULES

DUCKWRTH

A multi-faceted creative, Duckwrth’s artistic outlets extend outside of music and into design, fashion and video. Along with creating unique artwork for his most ambitious body of work yet, an XTRA UUGLY Mixtape ,Duckwrth’s gender-fluid clothing designs have been featured everywhere from LA Weekly to Nylon. His music videos have earned placements from the likes of The Fader, NOWNESS, and Hypebeast, to name a few. Bringing a unique identity of masculinity and femininity to his music, Duckwrth’s vivacious and free-spirited approach has earned him comparisons to a millennial Prince or Jimi Hendrix.

SUNDAY, MARCH 11TH
TUMBLR // 9PM-12AM show time //Venue: Mohawk – 912 Red River Rd. Austin, TX 78701

MONDAY, MARCH 12th
CONSENSYS // Set time: TBD Event Time: 9:30 – 11:30 PM // Venue: Ethereal Lounge – 87 Rainey Street, Austin, TX 78701

TUESDAY, MARCH 13TH
PANDORA // Set Time: 5:20-6:00PM // Venue: Gatsby – 708 E. 6th St. Austin, TX 78701
VEVO // Set Time: 9:00PM // Venue: Pelons – 802 Red River St. Austin, TX 78701
TWITTER // Set Time: 10:45PM -Event Time: 9PM-12AM // Venue: Lustre Pearl – 4 Rainey St, Austin, TX 78701

WEDNESDAY, MARCH 14TH
SECRET SOUNDS // Set Time: 3:30PM // Venue: Sidewinder – 715 Red River St, Austin, TX 78701
REVOLT // Set Time: 7:20-7:35PM Event Time: 4PM-1AM – // Venue: Vulcan Gas Company – 418 E 6th St, Austin, TX 78701

THURSDAY, MARCH 15TH
TOMMY HILFIGER HOUSE // private // Venue: TBD

FRIDAY, MARCH 16TH
CLASH MAGAZINE // Set Time: 12:40-1:10AM //Venue: Empire Control Room – 606 E 7th St, Austin, TX 78701

SATURDAY, MARCH 16TH
C3 PRESENTS // Set Time: TBD – Event Time: 3 PM – 6 PM // Venue: Historic Scoot Inn – 1308 E 4th St., Austin, TX 78702

THUNDERPUSSY

If Thor’s Hammer of the Gods from “Immigrant Song” landed in the hands of four wise, willful, and wild women? Well, it would sound something like Thunderpussy. The quartet—Molly Sides [vocals], Whitney Petty [guitar], Leah Julius [bass], and Ruby Dunphy [drums]—do the most rock ‘n’ roll thing possible and quite literally fuck up every rock ‘n’ roll stereotype you know to be true, piercing the halls of Valhalla in the process. The Seattle-based group turned into a quiet phenomenon with the endorsement of Rolling Stone and Pearl Jam guitarist Mike McCready as well as a string of already legendary performances under their high-waisted belts.

Tuesday, March 13th
SXSW Official Showcase // Set Time: 1:00AM(Wednesday morning) // Venue: BD Rileys- 204 E. 6th St., Austin, TX

WEDNESDAY, MARCH 14TH
C3 Party // Set Time 1:45PM-2:30PM // Venue: Lambert’s 401 W 2nd St. Austin, TX 78701

FRIDAY, March 15th
Play Hooky At St. Elmo // Set Time: 3:45PM-4:30PM // Venue: St. Elmo Brewing- 440 E. St. Elmo Rd G-2, Austin TX 78745

BANDHUNTA IZZY

In 2017, Bandhunta Izzy blasted out of Baltimore, MD with the fieriest bars on the Mid-Atlantic. Songs like “BBB” [feat. Benjamin Blue Sleepy] amassed over 1.9 million YouTube views as his recent “Gummo Freestyle” (6IX9INE Remix) scored over 1.3 million views and earned widespread fan praise. His prolific output garnered the attention of Republic Records who signed him early last year.

THURSDAY, MARCH 15TH
FREE CULTURE // Set Time: within 5pm hour // Venue: TBD
WE THE PLUG // Set Time bet 6-8pm // Venue: Rainy Lounge 217 W 4th ST.
LEGALLY LOUD // Show Time 7pm-2am // Venue: Bat Bar 218 E 6th St

FRIDAY, MARCH 16TH
RAP CITY 2018 // Show Time: 7-8pm // Venue: 809 east 6th St (tentative)
DGB // SET TIME: 7:30-9pm (D1 block 30 minutes) // Venue: Texas Music Ranch 5220 FM973, Austin
WORLDSTAR // Show Time 8pm // Set Time TBD // Venue: Summit Rooftop 120 W 5th St

SATURDAY, MARCH 17TH
LVLUP MANSION PARTY // PRIVATE (Time: 9pm-3am) // Venue: TBD

WILLTHARAPPER

In 2013, WillThaRapper confidently stepped into the hip-hop ring sporting a controlled intensity matched only by his tireless quiet grind. The 20-year-old Southeast Washington, D.C. rapper carved out a burgeoning following with his breakout “Hang Wit Me” and a string of buzzing mixtapes: 17 N Savage and Beat Bully Vol. 1 in 2014 and 2015’s Street Runner, On Site, and Beat Bully Vol. 2. Glowing praise would come from XXL, Vibe,The Fader, and Noisey who dubbed him “one of [the DMV’s] newest rising stars.” 2017 saw him ink a major label deal with Republic Records as his fiery single “Pull Up Hop Out” racked up 5.4 million Spotify streams in under a month’s time.

THURSDAY, MARCH 15TH
WE THE PLUG // Set Time bet 6-8pm // Venue: Rainy Lounge 217 W 4th St

FRIDAY, MARCH 16TH
SKUMBAG SEASON // Set Time: TBD // Venue: Peckerheads on 6th – 402 E 6th St
DGB // SET TIME: 7:30-9pm (D1 block 30 minutes) // Venue: Texas Music Ranch 5220 FM973, Austin

D SAVAGE

D Savage quietly crawled from an underground phenomenon to the brink of mainstream disruption within the span of just two years, igniting a cult-like following in the process. Lighting Soundcloud up with no upload less than a million plays, his 2017 banger “I Know II” generated over 16 million streams in under six months, while his very first song “30 Round Clip” cracked 7.8 million and counting. Signed to Victor Victor Worldwide and Republic Records by industry leader Steven Victor, he undoubtedly will turn heads with every bar throughout 2018 and beyond.

FRIDAY, MARCH 16TH
THE FLEX FEST // 8PM – 2AM // Venue: 84 North Interstate 35 Frontage Road, Austin, TX, 78701

TWO FEET

Rising vocalist and multi-instrumentalist Two Feet is responsible for the viral track, “I Feel Like I’m Drowning.”Hailed by BAEBLE as “sultry,” and praised by Hillydilly as “one of his strongest tracks” watch and share the video here. The song follows the success of viral hit “Go Fuck Yourself,” streamed more than 80 million times to date. The video is Two Feet’s response to the organic spread of the track within the pole arts community, which has generated hundreds of videos sound tracked by the song—watch it here. After selling out all of his North American Tour Dates including Los Angeles’ El Rey and Brooklyn’s Music Hall of Williamsburg he is set to perform on numerous festival stages this summer including Bonnaroo, Austin City Limits, Lighting in a Bottle and makes his SXSW debut this year. Two Feet signed to Republic Records soon after and released First Steps, followed by another EP, Momentum, in June 2017.

WEDNESDAY, MARCH 14TH
StubHub // 11PM // Venue: Banger’s Sausage House & Beer Garden – 79 Rainey St, Austin, TX 78701

MARCO MCKINNIS

Marco first hit the scene when he released the single, “My Own” which premiered on Solange’s digital platform Saint Heron garnering wide tastemaker attention. As his buzz grew, he quit his day job and relocated from Virginia to Los Angeles where he began collaborating with various artists. He recently teamed up with Rex Orange County on the song “Nothing” off of his recent project “Apricot Princess” and with “Life of Pablo” producers DJDS on the track “Tree’s on Fire”. Marco is currently in the studio working on his highly anticipated debut EP.

THURSDAY, MARCH 15TH
FUTURE CLASSIC // Set Time: 12:00AM (Friday morning) – Event Time 7:00PM-1:30AM // Venue: Australia House @ SXSW- Lucille’s Patio Lounge- 77 Rainey St, Austin TX 78701

KAMILLION

KaMillion initially made her mark behind-the-scenes by co-writing Diddy Dirty Money’s “Your Love” [feat. Trey Songz & Rick Ross], Trey Songz “Already Taken”, Jordin Sparks’ “1000”, Rihanna’s “Watch N’ Learn”, and more. While working for FEMA in 2016, she quietly turned her attention towards solo music. In the midst of shaping her style, iconic Academy® Award-winning filmmaker Lee Daniels reached out to cast her in his series STAR. Meanwhile, she starred in the TV One movie When Love Kills: The Falicia Blakely Story. With her star rising across media, she inked a deal with Protect The Culture/LAVA personally signed by Philadelphia industry veteran Marc Byers and Jason Flom C.E.O. of LAVA. She’s just starting to show her true colors.

THURSDAY, MARCH 15TH
ICM Partners // 12:55 to 1:05 AM (Friday morning) // Venue; The Belmont – 305 W 6th St, Austin, TX 78701

ABOUT REPUBLIC RECORDS
A division of Universal Music Group, the world’s leading music company, Republic Records is home to an all-star roster of multi-platinum, award-winning legends and superstar artists such as Ariana Grande, Aminé, Black Sabbath, DNCE, Florence + the Machine, Gotye, Hailee Steinfeld, James Blake, James Bay, John Mellencamp, Jordan Smith, Julia Michaels, Keith Richards, Kid Cudi, Liam Payne, Marian Hill, Of Monsters and Men, Post Malone, Seth MacFarlane, Stevie Wonder, and more. Founded by brothers and chief executives Monte and Avery Lipman, it is also comprised of innovative business ventures, including American Recordings (The Avett Brothers, Towkio), Boominati Worldwide (Metro Boomin), Brushfire (Jack Johnson), Casablanca Records (Giorgio Moroder, KUNGS, Tïesto), Cash Money (Drake, Lil Wayne, Nicki Minaj), Hollywood Records (Sofia Carson, Zendaya), Lava Records (Greta Van Fleet, Jessie J, Lorde), Monkeywrench (Pearl Jam), XO (The Weeknd), Roc Nation (Belly, Justine Skye, The Dream), Tuff Gong (Damian Marley), Victor Victor Records (D Savage, Ski Mask The Slump God), among others. Republic also maintains a long-standing strategic alliance with country powerhouse Big Machine Records (Taylor Swift), and Universal Music Latin Entertainment (Luis Fonsi, J Balvin). In addition, Republic has expanded to release high-profile soundtracks for Universal Pictures (Fifty Shades of Grey, SING), Fox TV (Lee Daniels’ STAR), and NBC TV (The Voice), as well as other notable film and television franchises.