President Donald Trump has been quietly trying to eliminate a major tax break used by billionaire sports teams owners to save big bucks.
In what Axios has described as an “under-the-radar fight,” Trump has been pushing for the “Big, Beautiful Bill” to contain a provision that’d reduce a decades-old tax break for sports teams by at least half.
The tax break allows sports team owners to write off all “intangible assets” such as player contracts, media rights, and sponsorships for 15 years.
Under the president’s proposal, owners would only be able to write off half of their “intangible assets.” This would cost them all close to an estimated $1 billion minimum total over 10 years, according to The New York Times.
🏛️ Proposed Tax
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