Racing Doesn’t Need a Special Tax Break

I love racing as much as anyone, but that doesn’t mean it needs a special tax deduction that other businesses don’t get. That’s what my latest piece for the Washington Post is about:

The “month of May” refers to the weeks of preparation for the Indianapolis 500, which always takes place the Sunday before Memorial Day. Drivers combine to run thousands of practice laps throughout May and compete in a regular season race on the infield road course before multiple stages of qualifying, with a pole speed of around 230 mph.

Congress moves a lot slower than that, but the Indianapolis 500 has put tax policy on the minds of some lawmakers. The Indianapolis Star reported that Sen. Todd Young (R-Indiana) is pushing a bill with Sen. Mark R. Warner (D-Virginia) called the Motorsports Fairness and Permanency Act, which would provide a tax break for investments in motorsports facilities.

I’m the biggest fan there is when it comes to racing, but Congress should let this bill crash and burn.

Read the whole thing here.

And you can reread my ode to the Indianapolis 500 for NR from 2021 here.