A perverse loophole allows owners of profitable teams — and their heirs — to lower their tax bills by claiming huge paper losses.
Owners like Steve Ballmer can take the kinds of deductions on team assets — everything from media deals to player contracts — that industrialists take on factory equipment. That helps them pay lower tax rates than players and even stadium workers.
“America’s billionaires could pay for a major Covid relief bill and still not lose a dime of their pre-virus riches.”
The total collective wealth of American billionaires is "nearly double the $2.1 trillion in total wealth held by the bottom half of the population, or 165 million Americans."
“The difference is stark between profits for billionaires and the widespread economic misery in our nation."
“This is simply too much economic and political power in the hands of twelve people.”