Page 1 of 4 123 ... LastLast
Results 1 to 10 of 36

Thread: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

  1. #1
    Gradualist

    Join Date
    Apr 2011
    Last Seen
    09-25-17 @ 12:48 PM
    Lean
    Socialist
    Posts
    34,949
    Blog Entries
    6

    N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Sen. Cory Booker (D-N.J.) has introduced legislation to strip several professional sports leagues, including the NFL, of their tax-exempt status.The bill, which is called the Securing Assistance for Victim Empowerment (SAVE) Act, seeks to raise $100 million over 10 years for domestic violence assistance programs.
    The NFL's handling of domestic violence has come under intense scrutiny in light of multiple high-profile cases involving players, including Ray Rice, Ray McDonaldand Greg Hardy.


    The NFL gained tax-exempt status as a nonprofit in 1944. A designation in the tax code -- 501(c)(6) -- enables the league to function like a trade organization. The league office is not required to pay taxes but individual teams are.
    Read more @: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    I always thought it was ridiculous that the NFL had tax exempt status. This is a bill I can stand behind. They should have to pay taxes just like the teams.


  2. #2
    Sage


    Join Date
    Feb 2013
    Location
    IL
    Last Seen
    Today @ 03:40 PM
    Gender
    Lean
    Moderate
    Posts
    36,837

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Sen. Booker is also working with Gov. Christie to block the NFL's attempt to stop sports-betting in New Jersey, an absolute necessity for the survival of the remaining NJ casinos--as NFL betting is 70% of Vegas take all year .
    Physics is Phun

  3. #3
    Global Moderator
    Moderator
    Helix's Avatar
    Join Date
    Jul 2011
    Last Seen
    Today @ 03:58 PM
    Gender
    Lean
    Independent
    Posts
    37,134

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status
    it won't happen, but good. the leagues should not be exempt.

  4. #4
    Kinky
    tres borrachos's Avatar
    Join Date
    Feb 2012
    Location
    New England
    Last Seen
    12-15-17 @ 03:53 PM
    Gender
    Lean
    Moderate
    Posts
    39,234

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    I always thought it was ridiculous that the NFL had tax exempt status. This is a bill I can stand behind. They should have to pay taxes just like the teams.
    I also think they shouldn't get tax exempt status, but I wish they would focus on more important issues in the Senate. That said, if this bill passes swiftly, it's fine by me.

  5. #5
    Sage
    Ikari's Avatar
    Join Date
    Dec 2006
    Location
    Colorado
    Last Seen
    12-08-17 @ 01:05 AM
    Gender
    Lean
    Libertarian - Left
    Posts
    54,124

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    I always thought it was ridiculous that the NFL had tax exempt status. This is a bill I can stand behind. They should have to pay taxes just like the teams.
    I love football....but how the hell are they tax exempt?
    You know the time is right to take control, we gotta take offense against the status quo

    Quote Originally Posted by A. de Tocqueville
    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

  6. #6
    Guru
    Hamster Buddha's Avatar
    Join Date
    Nov 2013
    Last Seen
    10-14-15 @ 06:10 PM
    Gender
    Lean
    Libertarian
    Posts
    3,675

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by TheDemSocialist View Post
    Read more @: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    I always thought it was ridiculous that the NFL had tax exempt status. This is a bill I can stand behind. They should have to pay taxes just like the teams.
    NFL Players are NOT tax exempt. I know this because back when the Superbowl happened, there was an article on Forbes talking about the exorbitant taxes that players had to pay for playing in NJ. I'll look it up later, but I know that Peyton Manning basically had to forfeit his entire check for playing in the SB because of the taxes there.

    New Jersey Taxes Could Eat Up All Of Peyton Manning's Super Bowl Earnings

    From the Article:

    Because the Broncos play at the Jets next season, Manning’s effective New Jersey tax rate will be more in line with the state’s tax table. He will pay roughly $60,414 if they win the Super Bowl and $60,229 if they lose based on allocable income of $682,065 or $679,995 (9/200 x total 2014 calendar-year pay). However, if the Super Bowl were held anywhere other than New Jersey, he would only be paying them $13,425 or $13,384 for his 2014 game against the Jets.
    Last edited by Hamster Buddha; 09-17-14 at 02:38 PM. Reason: Sourcing

  7. #7
    Guru
    Samhain's Avatar
    Join Date
    Sep 2011
    Location
    Northern Ohio
    Last Seen
    Yesterday @ 12:34 PM
    Lean
    Libertarian
    Posts
    3,888

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by Ikari View Post
    I love football....but how the hell are they tax exempt?
    They are, and they aren't. Each team isn't tax exempt, but the league office is, as it was established as a trade organization, just like the ABA and AMA.

    I don't think the actual league office makes money in any capacity to be taxed.

    In other words, Cory Booker is looking to score points.

  8. #8
    Sage
    Ikari's Avatar
    Join Date
    Dec 2006
    Location
    Colorado
    Last Seen
    12-08-17 @ 01:05 AM
    Gender
    Lean
    Libertarian - Left
    Posts
    54,124

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by Samhain View Post
    They are, and they aren't. Each team isn't tax exempt, but the league office is, as it was established as a trade organization, just like the ABA and AMA.

    I don't think the actual league office makes money in any capacity to be taxed.

    In other words, Cory Booker is looking to score points.
    Yeah and the NCAA doesn't make any money either.
    You know the time is right to take control, we gotta take offense against the status quo

    Quote Originally Posted by A. de Tocqueville
    "I should have loved freedom, I believe, at all times, but in the time in which we live I am ready to worship it."

  9. #9
    Gradualist

    Join Date
    Apr 2011
    Last Seen
    09-25-17 @ 12:48 PM
    Lean
    Socialist
    Posts
    34,949
    Blog Entries
    6

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by Hamster Buddha View Post
    NFL Players are NOT tax exempt. .
    The league is


  10. #10
    Guru
    Samhain's Avatar
    Join Date
    Sep 2011
    Location
    Northern Ohio
    Last Seen
    Yesterday @ 12:34 PM
    Lean
    Libertarian
    Posts
    3,888

    Re: N.J. senator Cory Booker aims to strip pro leagues of tax-exempt status

    Quote Originally Posted by Ikari View Post
    Yeah and the NCAA doesn't make any money either.
    According to the IRS filing for 2013
    Total Revenue
    $326,882,787

    Total Expenses
    $317,886,748


    They lost 52 million and 77 million in 2011 & 2012.

Page 1 of 4 123 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •