(07-02-2014 10:47 AM)panama Wrote: Set a dollar limit for a tax exempt not for profit enterprise...
go on...
the NCAA does not make tax law
and again this represents the failure of the vast majority of Americans to understand the difference between revenues and profits.....or even how a non-profit or not for profit works
why does the amount of total revenue have anything to do with something being a non-profit or a not for profit
all the worse your plan would just result in the addition a larger number of non-profits and not for profits and the associated overhead that runs them thus wasting resources on redundancy and duplication of overhead and administrative expenses VS meeting the mission of the organization
I do happen to think that charitable tax deductions should be done away with including for religion because I feel that your "ideals" and or your beliefs do not negate your taxable consequences and even more so there are WAY too many fraudulent and less than useful charities and "advocacy" organizations that do just as stated above......eat up a ton of their resources on overhead and administration before they ever accomplish anything towards their stated purpose
and even though I have no problem with many religions I am seeing more and more of what I consider to be less than legitimate religious fronts and just little small "churches" and the like (for other religions) that are really just barely getting by and that are springing up all over the place eating into the taxable property rolls......I do not think they should be taxed per say if they can prove they are non-profit or not for profit, but I do not think it should result in a tax deduction for an individual or a corporation that donates to support them
and more along the lines of sports I don't think that donating to your favorite sports team should lessen your taxable income as well even though the donation to the organization should not trigger an income tax for them
and again as far as sports the revenues for event he top NCAA teams and programs does not come close to being the largest non-profit or not for profit level of income so if you were to try your suggestion you might as well watch pretty much every major charitable organization out there implode or split into hundreds of smaller organizations along with massive amounts of duplication of overhead
and not to mention that most major NCAA universities are public universities and it is will never be passed where their ability to take in funds without an income tax will pass....not ever and nor should it at any level of income
taking away the charitable contribution write off would probably decrease some of the donations overall though and that might not be a bad thing