The NFL would lose its ability to claim tax breaks for stadiums, colleges and universities would have to start paying taxes on massive endowments, and house “flippers” could no longer shield their income from the taxman under House Republicans’ proposed tax bill, which takes aim at a number of quirks that have developed over the years.
Republicans also settled some scores with the bill, including freeing churches from rules that prevent them from taking a stand in political elections and halting illegal immigrants’ ability to claim several major tax credits.
The changes produce tens of billions of dollars in savings a year — money that Republicans poured back into the tax code to reduce rates for lower-income Americans and to cut business taxes.
Axed from the tax code are breaks for electric car owners and big-time college donors looking to score better seats at football games. Also gone is the ability of divorcees to deduct some alimony payments.
All told, budget-cutters said, it’s a major step toward the flattening that Republicans had promised.