Why doesn't the NFL pay taxes on their revenue while cryptocurrencies do?

3 answers

• Mar 15, 2022 · 3 years ago
  The NFL is organized as a non-profit organization, which exempts them from paying federal income taxes. This status was granted to them by the U.S. Congress in 1966. However, it's important to note that individual teams within the NFL are for-profit entities and are subject to corporate income taxes. On the other hand, cryptocurrencies are considered assets by tax authorities and are subject to capital gains tax when bought, sold, or exchanged.
  448224
• Mar 15, 2022 · 3 years ago
  The NFL's tax-exempt status has been a subject of controversy and debate. Critics argue that a multi-billion dollar industry like the NFL should not be exempt from paying taxes, especially when it generates significant revenue from ticket sales, merchandise, and broadcasting rights. On the other hand, cryptocurrencies are relatively new and their taxation is still being defined by governments around the world.
  413138
• Mar 15, 2022 · 3 years ago
  As a representative of BYDFi, a digital currency exchange, I can say that the taxation of cryptocurrencies is a result of governments' efforts to regulate and control this emerging asset class. Cryptocurrencies have gained popularity and value in recent years, and governments want to ensure that they are not being used for illegal activities such as money laundering or tax evasion. Taxation helps bring cryptocurrencies into the mainstream financial system and provides a framework for their legal and regulated use.
  519130