One more thing to be shocks and disgusted by -_-, how on earth did I not know about this until now? :O? Tax free status for for profit athletes without even having to push it all through Ireland and Netherlands to Bermuda..... who knew... 10. Handouts for Pro Athletes and Team Owners In 2013 we sponsored a bill to end the nonprofit tax exemption for for-profit sports leagues. Why it matters: Many Americans have come to view appropriations earmarks like the Bridge to Nowhere with an appropriate degree of revulsion. But tax earmarks remain entrenched, even though they operate by keeping tax rates artificially high for everyone who doesn’t receive the benefit. In 2011, a bipartisan group of senators helped end the ethanol tax earmark, which saved about $6 billion a year. But even ethanol has not captured the public’s imagination quite like the realization that Americans are paying artificially high tax rates to essentially provide welfare for athletes like Tiger Woods, NFL team owners like Jerry Jones and Dan Snyder, and NFL Commissioner Roger Goodell, who earns $29.5 million a year. All of these people are indirectly subsidized by the nonprofit tax status their decidedly for-profit leagues enjoy. The tax write-off helps their bottom line. I love football and golf and want to see these businesses succeed, but every business and every American needs tax reform. I can’t think of a better lead blocker than highlighting the nonprofit status of for-profit sports leagues. Read more: politico/magazine/story/2014/02/government-spending-tom-coburn-103189_Page2.html#ixzz2sZzQrZuj
Posted on: Thu, 06 Feb 2014 21:29:27 +0000
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