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Disney's Force Overcomes Anaheim's Mayor on Tax Break

This week, a new chapter was written in Anaheim, Calif., Mayor Tom Taite's 20+ year struggle against corporate welfare in general, and Disney (DIS) specifically. The entertainment and theme park company, the home of the original Disneyland, is the city's largest employer.

On Tuesday, Anaheim city council members voted 3-1 to approve a 20-year rebate for Disney -- key holding in the Trifecta Stocks portfolio -- that will absolve the company from paying about $267 million in taxes on a proposed four-diamond luxury hotel. Under the terms of the deal, the city of Anaheim will return 70% of the lodging tax revenue generated by the potential luxury hotel project.

Anaheim's economy is based on tourism, and Disneyland Resort contributes about $4.7 billion to Anaheim's economy annually while producing $255 million in taxes per year. Just over 27 million people visit Disney's parks annually...


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