In an alteration to the Tax Cuts and Jobs Act, GOP lawmakers have removed a provision allowing professional athletes to be classified financially as ‘like-kind property,’ which in turn would allow teams to avoid capital gains taxes on individual players’ value.
But in an article for FOX Business, Holy Cross economics and accounting professor Victor Matheson says this is “an unfair burden” to place on the teams. “If you’re thinking [teams] should have to pay capital gains on players, this will be a very tricky thing to do,” Matheson told FOX Business.
It is unclear whether the removal of the ‘like-kind property’ provision was intentional or if there are plans to modify it in the future.
To read the complete article, go to FOX Business.