Golden State Warriors minority owner Dominic Piccinini probably paid a lower tax rate than you did. Dominic Piccinini went viral in 2019 for drinking out of a golden chalice. Speaking to New York City-based nonprofit paper Pro Publica in 2017, Piccinini stated the following to a publication of tax practices on a phone call from a vacation in Mexico.
�It�s just the darndest thing. I�m a lucky son of a bitch, there�s no way around it.�Dominic Piccinini speaking to Pro Publica
In 2010, Bob Piccinini purchased a stake in the Golden State Warriors. Despite his death in 2015, his shares passed to his children, including his son Dominic. Accordingly, due to the process of amortization and loopholes in the United States tax code. Piccinini reported losses of $16 million between 2011 and 2014. Piccinini reportedly “lost” money despite 2011-2014 being the genesis of the “Splash Brothers” era. Dominic Piccinini and his siblings have continued to report losses following their father’s death. And therefore, they won’t need to pay taxes on said losses.
In addition to Piccinini, nearly every sports team owner in America benefits from said tax loopholes. For example, Los Angeles Clippers owner Steve Ballmer reportedly paid $68 million in taxes in 2017-2018. A rate of simply 11 percent, despite his status as one of America’s wealthiest men.
Other sports franchise owners, including All Elite Wrestling and Jacksonville Jaguars owner Shahid Khan, commented on the practices. In a statement to Pro Publica, Shahid Khan stated the following…
�We�re a nation of laws. U.S. Congress passes them. In the case of tax laws, the IRS applies and enforces the regulations, which are absolute. We simply and fully comply with those very IRS regulations.�Shahid Khan statement to Pro Publica
How owners pay so little tax
Due to the process of amortization and use of the tax code. Major professional sports team owners pay a lower tax rate than stadium workers making minimum wage. Said owners also pay less tax than the athletes on their teams. A video by Pro Publica explains the practices further.