Posted on 10/12/2017 11:12:59 AM PDT by Kid Shelleen
The tax code has been very, very good to sports team owners.
A little-known tweak to IRS rules in 2004 has allowed new owners to write off nearly all of the purchase price of their teams against profits over 15 years. ---SNIP--“Without a doubt, this is the tax break they benefit the most from,” tax expert Robert Willens told The Post.
Just how much?
Well, take the case of fracking billionaire Terry Pegula, who in 2014 paid $1.4 billion for the Buffalo Bills.
Pegula is able to deduct $93 million a year — one-fifteenth of the purchase price — against the team’s profits and his income for 15 years.
(Excerpt) Read more at nypost.com ...
And they get “free” stadiums from taxpayers. They also get a “free” minor league system from lots of state funded schools.
Kind of makes you sick, doesn’t it?
Once again: Trump was right.
STOP CRONY CAPITALISM
Disgusting.
Time to take down Big Sport.
Yes, but you are not seeing the big picture.
The NFL is the circus. To survive the masses must be pacified and one certain way is to provide a ritual war circus. The circus prevents real war.
The circus in necessary in a large society.
CUT OFF the NFL from government welfare.
*
>>And they get “free” stadiums from taxpayers. <<
Of course it is those taxpayers who voted for those taxes. So I don’t see a problem there.
like circus maximus
I am not out to take down ‘sport’. But wouldn’t it be great to get back to where people play for the love of the game, just like average folks who work in fields for the love of the work? I don’t get paid a lot considering the cost of living in my area. But I love what I do, so I have no regrets for the path I have taken. Professional sports players used to play for the love of the game and it used to be a humble existence. You could look up to athletes who excelled and could still relate to Joe America. The prima donna athletes today are hoods and gangsters and anti-Americans just milking the fans for their own self gratification.
Me neither, but I want sports back to the time when the common man could relate to the players.
Jerry : How is it a write off ?
Kramer : They just write it off .
Jerry : Write it off what ?
Kramer : Jerry all these big companies they write off everything
Jerry : You don't even know what a write off is .
Kramer : Do you ?
Jerry : No . I don't .
Kramer : But they do and they are the ones writing it off .
Jerry : I wish I just had the last twenty seconds of my life back .
lol :)
And colleges and universities as well. No more sports scholarships to publicly-funded schools.
Well, yeah, they’re job creators, after all.
[No more sports scholarships to publicly-funded schools.]
It’s time for the MILLENNIALS to get back to the basics to learn how to Make America Great Again. Nix SPORTS SCHOLARSHIPS and reward scholars.
“Of course it is those taxpayers who voted for those taxes.”
Not really. In the case of the Pittsburgh game shows, we had a 1% sales tax increase shoved down our throat by the county that was supposed to pay for all of that garbage. When the population of the county continued to decline, they needed an additional sales tax passed. That went to referendum was was resoundly beaten.
Later that fall, the mayor of Pittsburgh along with the county commissioners, and some government folk from Philadelphia went and worked out a scheme blessed by Gov. Tom Ridge (yes, that Tom Ridge) that gave the teams an “interest free loan”.
The scheme gave the teams the cash they needed to build the stadiums. Payment on the bonds is made via a ‘tax’ on game tickets. Taxpayers pay all of the interest on the loan.
Teams like the Pirates that are run by a complete deadbeat lag behind on stadium payments since attendance isn’t that high (they stink). It’s no skin off his scummy teeth though .... taxpayers pick up all of the interest. He loses nothing.
From what I gather, the Steelers have a similar sweetheart deal. Even with continuous sellouts, they still don’t pay down the loan at a rate that maximizes taxpayer savings.
Maybe your city or state had a taxpayer referendum that was passed by taxpayers. I seem to recall Cleveland passing a “sin tax” back in the early 1990s to build their various facilities. I know for a fact Pittsburgh & Philadelphia had it rammed down our throats.
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