New GOP Tax Bill Slashes Subsidies for NFL, Saves Taxpayers $200 Million!
The NFL is about to loose millions in taxpayers’ dollars and it can all be blamed on Colin Kaepernick. He started all of this mess.
The GOP tax plan unveiled Thursday by Republican members of the House reportedly contains a provision that would prevent professional sports teams, including the NFL, from taking advantage of tax-exempt municipal bonds, a government service usually reserved for local communities.
“Generally used for roads, hospitals and the like, a number of communities have extended them to help out sports teams, usually as a way of enticing a team to stay in a community,” The Washington Times reported. “Axing the break would save $200 million over the next decade, according to early estimates.”
As reported by Reuters, “(o)f the 16 NFL stadiums built or renovated from 2000 through 2014, 13 were financed in part by tax-exempt bonds with an average financing worth $360.2 million.” The total costs of these bonds was an estimated $3.7 billion.
The provision included in the GOP’s tax bill would affect all sports teams, including those in the MLB and the NHL. Similar resolutions could wind up being added to the tax bill as well later down the road.
Speaking in late October on “Fox and Friends,” Rep. Matt Gaetz shared his plan to add a provision to the tax reform bill that would eliminate tax loopholes for any NFL teams that protest the national anthem, according to Newsmax.
“I don’t think that the millionaires and billionaires associated with professional sports ought to get a special tax break that’s not available to the regular small businesses and regular folks in my district and across America,” the Florida Republican said.
“If there are players with concerns about racial inequality or the criminal justice system, rather than taking a knee, how about they take a stand and actually advocate for some proposals that they think might improve quality of life for people?” he added.
In a statement published in September, Gaetz added further details about the benefits enjoyed by the NFL.
“The NFL League Office has received a special tax carveout since 1966, when the tax code first listed ‘professional football leagues’ as trade organizations,” the statement read. “Though individual teams are not tax-exempt, the NFL League Office is.”
His remarks seem to go along with the sentiment of President Donald Trump, who has lashed out at the NFL over its ongoing national anthem protests by highlighting the “massive tax breaks” it receives.
PolitiFact, a fact-checking site believed by many to possess a liberal bias, has disputed some of this, though, claiming “the NFL decided to drop the not-for-profit status in 2015 and file regular taxes.”
It rated Trump’s tweet “Mostly True” anyway because of the tax-exempt municipal bonds that, incidentally, the GOP bill unveiled Thursday seeks to eliminate.
“Since 2015, the NFL hasn’t benefitted (sic) from a not-for-profit tax break enjoyed by many professional sports league offices,” PolitiFact concluded.
“However, it does enjoy tax exemptions on municipal bonds used to build stadiums. Other sports leagues also benefit from this tax code loophole, sometimes to a greater extent.”
Ratings are continuing to crash and the stands are more than half empty.
NBC Sports is off 21 percent from 2015, CBS Sports is down 14 percent compared to 2015, and ESPN’s Monday Night Football has sunk 17 percent over 2015.
Up until now, because teams have been lowering ticket prices, (49er’s tix went as low as the price of two pretzels), stadium attendance was not being visually affected. The unseen bottom dollar was because of declining prices.
But now teams are having a real hard time filling seats!
Professional football is no longer America’s favorite sport as the NFL loses popularity due to players’ continuing to protest during the National Anthem. After months of ongoing controversy, the devastating impact on the NFL is evident with emerging pictures on social media of stadiums with vacant seats throughout the league.
It is real simple. Protest on your own time. These lazy 3-minute antics have not been a real protest anyway. These morons don’t have the intestinal fortitude to go out and really protest. They are too busy living their high lifestyle on the millions of dollars they have received while living the American Dream.
There is a major Veterans’ weekend NFL Football Boycott Planned. Click here for details.
We will be not be watching or listening to NFL games on November 12th in solidarity with veterans around the country, as football players have continued to disrespect the national anthem, the American flag, and everything our nation stands for.