NFL Teams Worth – Tax Code Needs Changing
The Dallas Cowboys Head The NFL’s Most Valuable Teams At $4.8 Billion
The NFL and its players are butting heads at seemingly every turn regarding player discipline on and off the field. TV ratings declined 8% last season and dropped again during the NFL’s opening weekend. The league’s image is taking a hit from the long-term health problems of players, and some fans are getting turned off by the gladiatorial nature of the sport. Yet for all the bad press surrounding the NFL, the league remains a financial juggernaut.
The average NFL franchise is worth $2.5 billion, up 8% by FORBES’ count over last year. The Dallas Cowboys were the only NFL team worth $2 billion five years ago. Now all but five of the NFL’s 32 teams are worth at least $2 billion (the Buffalo Bills bring up the rear at $1.6 billion).
Here’s Proof Our Tax Code is too Complicated
A client called the other day wondering if she could claim her daughter June as a dependent because she provided more than 50% of June’s support. However, June wants to file her own tax return and claim her son (the client’s grandson) Nathan as a dependent because although he worked part time, he was in college and June funded his tuition, books, and board from a college fund that she owned and controlled after the divorce. Consequently, June feels that she provided more than 50% of Nathan’s support.
Well, let’s sort through the 75,000 pages of tax code and see if we can figure this out.
Tax code too complicated, 10 times longer than Bible
At nearly 4 million words, the U.S. tax law is so thick and complicated that businesses and individuals spend more than 6 billion hours a year complying with filing requirements, according to a report Wednesday by an independent government watchdog.
Free Enterprise and the Role of Government in America
America’s Capitalist Market Through the Years
Americans often disagree about the appropriate role of government in the economy. This is demonstrated by the sometimes inconsistent approach to regulatory policy throughout American history.
But as Christoper Conte and Albert Karr point out in their volume, “Outline of the U.S. Economy,” the American commitment to free markets continually endured since the dawn of the 21-century, even as America’s capitalist economy remained a work in progress.
History of Large Government
The American belief in “free enterprise” does not and has not precluded a major role for government. Many times, Americans have depended on government to break up or regulate companies that appeared to be developing so much power that they could defy market forces. In general, government grew larger and intervened more aggressively in the economy from the 1930s until the 1970s.
Citizens rely on the government to address matters the private economy overlooks in sectors ranging from education to protecting the environment. And despite their advocacy of market principles, Americans have used government at times in history to nurture new industries or even to protect American companies from competition.Share on Facebook Tweet about this