How Major League Sports Team Owners Exploit The Tax System To Their Advantage! pt 5

This video discusses how Major League franchise owners exploit the tax system to their advantage. When someone buys a business, such as a sports franchise, they can often deduct almost the entire sale price against their income during the ensuing years. This allows them to pay fewer taxes by offsetting capital gains tax rates when they sell. However, detractors note that a sports team's most valuable assets, such as TV deals and player contracts, are virtually guaranteed to regenerate because sports franchises are near-monopolies. Sports teams have also found another way to funnel tax dollars: sports stadiums. Billionaire franchise owners have taken $30 billion worth of taxpayer funds from state and local governments to build stadiums since 1990. Taxpayers often pay for operating expenses like utilities and security on game days. The Biden Administration has called for a minimum wealth tax on the wealthiest Americans, which could include sports franchise owners. Thanks for watching! Please Like, Comment, or Subscribe for more videos!
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