you and i both hate hypocrisy and i think we want government to look for people and we are seeing obviously a lot of money come into the federal nearly, i grew up in illinois, a place that s covid in they haven t gotten their fair shake fair share in this you left behind. the problem is middle america and people who don t have good boys and good accountants are paying the most so what you see is people paying their fair share paid a lot. i would be for a flat tax so everybody pays the same% if they actually pay her taxes because the problem is, we see this with warren buffett pays less and his secretary because of the write-offs and tax breaks and loopholes that he s eligible for
you and i both hate hypocrisy and i think we want government to look for people and we are seeing obviously a lot of money come into the federal nearly, i grew up in illinois, a place that s covid in they haven t gotten their fair shake fair share in this you left behind. the problem is middle america and people who don t have good boys and good accountants are paying the most so what you see is people paying their fair share paid a lot. i would be for a flat tax so everybody pays the same% if they actually pay her taxes because the problem is, we see this with warren buffett pays less and his secretary because of the write-offs and tax breaks and loopholes that he s eligible for
to write them off and they re able to write off almost the entire purchase price of the team. they rise in value a lot. so how much money is the government losing by allowing these write-offs to exist? why on earth are they letting this happen? so take steve ballmer, for example. we found that during a recent five-year span he reported $700 million in losses from the clippers. what that means is that he was able to pay about $140 million less in taxes. that number is inevitably only going to grow and probably grow dramatically. what this tax treatment does for owners, essentially it allows them, if they re profitable, it allows them to tell the irs they re actually losing money. if they happen to actually be losing money, they can tell the irs they re losing vastly more money. and those losses cancel out
profits from other ventures and they don t have to pay taxes on them. okay, this is completely insane, because we re sitting here looking at an infrastructure deal and how we re going to pay for it and talking about taxing rich americans, families whose household makes $400 grand or more. these team owners blow their nose with 400 grand and they are not paying taxes legally. are there any lawmakers pushing to close these loopholes? if so, how do we do it? so one type of response we got from owners was, look, if you take away the amortization benefit, the entire american economy is going to break down. but in reality, not too long ago sports teams were not able to take these kinds of write-offs. the irs would insist that the assets that they were writing off actually had real life spans and were actually losing value.
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