Kara Sears
Steph Curry is a well-known basketball player for the Golden State Warriors and has been an outspoken critic of former US President Donald Trump. In 2017, he was the only person named in the House Republicans' tax plan, also known as the Tax Cuts and Jobs Act. The Act aimed to distinguish between the individual wage income of NBA All-Star Curry and the pass-through business income of an unknown entity called Steve's Bike Shop. This sparked confusion among the public and Curry himself, who took to Twitter to joke about the situation.
| Characteristics | Values |
|---|---|
| Name | Steph Curry |
| Profession | NBA player |
| Team | Golden State Warriors |
| Salary | $201,158,790 over 5 years |
| Mention in Tax Law | Named in the House Republicans' Tax Cuts and Jobs Act |
| Reason for Mention | Example for individual wage income |
| Response | "I wonder if Steve's Bike Shop is hiring" |
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What You'll Learn
Steph Curry's response to being named
When the Tax Cuts and Jobs Act was passed in 2017, one particular section of the legislation, Section 199A, included an interesting reference to basketball star Stephen Curry. The section included a provision known as the "Steph Curry Clause," which specifically mentioned him by name. The clause was part of the rules surrounding "qualified business income" and was designed to benefit owners of businesses organized as pass-through entities, such as partnerships or sole proprietorships. The inclusion of Curry's name raised a few eyebrows and sparked a lot of interest and, naturally, the media wanted to know his response to this unexpected fame in the world of tax law.
Curry also expressed his curiosity about the reason for the inclusion of his name, saying that he was interested in understanding the rationale behind it. He jokingly speculated that perhaps it had something to do with his reputation for taking and making difficult shots, suggesting that the tax law was similarly complex and challenging to navigate. The basketball star even went on to say that he was honored to be included in such an important piece of legislation, recognizing the impact tax laws can have on businesses and individuals across the nation.
While he took the honor in good humor, Curry also used the opportunity to draw attention to the broader implications of tax laws and the potential impact on small businesses. He emphasized the importance of understanding the tax code and advocated for transparency and simplicity in the system. Curry acknowledged that taxes are a necessary part of funding important government initiatives but also stressed the need for efficiency and fairness in how taxes are levied and collected. Overall, Curry's response to being named in the tax law was lighthearted and good-natured, taking the unexpected fame with humor and grace.
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Curry's invitation to the White House being withdrawn
In 2017, US President Donald Trump withdrew an invitation for NBA superstar Steph Curry and his team, the Golden State Warriors, to visit the White House to celebrate their NBA championship.
The decision came after Curry expressed his reluctance to attend the White House celebration. On Friday, 22 September 2017, Curry told reporters: "I don't want to go". The following day, Trump took to Twitter to announce that the invitation had been rescinded. In his tweet, Trump wrote: "Going to the White House is considered a great honor for a championship team. Stephen Curry is hesitating, therefore invitation is withdrawn!"
Curry had been an outspoken critic of Trump and his policies, and the Warriors had planned to use their visit to Washington to "celebrate equality, diversity and inclusion". The team released a statement expressing disappointment in Trump's decision.
Curry's name was also mentioned in the House Republicans' tax plan, which was released around the same time as the White House invitation controversy. Curry was confused as to why he had been name-checked in the tax plan, and joked on Twitter: "I wonder if Steve's Bike Shop is hiring".
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The GOP's reasoning for name-checking Curry
Steph Curry is an NBA superstar and the only person named in the GOP's 429-page tax plan. Curry, a multimillion-dollar star, was used as an example of individual wage income, with the tax plan stating that it would distinguish between his income and the pass-through business income of Steve's Bike Shop.
Curry responded with confusion, tweeting, "I wonder if Steve's Bike Shop is hiring." He also joked about it with reporters, saying, "There were a lot of people wondering why I was called out. Whatever the case may be, mama, I made it."
Curry's mention in the tax plan may be due to his previous criticisms of President Donald Trump and his refusal to visit the White House with his NBA Champion teammates. Championship teams have traditionally visited the president, but Curry and the Warriors were hesitant due to their disapproval of Trump.
A committee spokesman stated that the tax plan used well-known people to help explain the difference between wage income and small business income. However, it is unclear why Curry, in particular, was chosen as the example, especially since he had not been vocal about his political views in recent years.
Curry's inclusion in the GOP's tax plan was certainly unusual, and it led to a lot of confusion and speculation about the reasoning behind it. While the committee spokesman provided an explanation, the specific reasons for name-checking Curry remain a mystery.
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Curry's place in the GOP tax plan
Steph Curry, the NBA superstar, was mentioned in the GOP tax plan, despite not being named in the 429-page tax bill. Curry, a multimillion-dollar star, was confused as to why he was name-checked by the GOP when describing fiscal policy. The tax proposal stated that the plan included "specific safeguards to prevent tax avoidance and help ensure taxpayers of all income levels play by the rules under this new fairer, simpler tax system". It went on to say that the legislation would "ensure this much-needed tax relief goes to the local job creators it’s designed to help by distinguishing between the individual wage income of NBA All-Star Stephen Curry and the pass-through business income of Steve's Bike Shop".
Curry responded to the news with a tweet, joking: "I wonder if Steve's Bike Shop is hiring". After a game that night, he also joked with reporters, saying: "There were a lot of people wondering why I was called out. Whatever the case may be, mama, I made it".
Curry's mention in the GOP tax plan comes amidst a backdrop of political tension, as he had previously been an outspoken critic of President Donald Trump and had declined an invitation to the White House with his NBA Champion teammates. Trump responded by withdrawing the invitation, tweeting: "Going to the White House is considered a great honour for a championship team. Stephen Curry is hesitating, therefore invitation is withdrawn!".
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The tax plan's impact on Steve's Bike Shop
The GOP tax plan, also known as the "Tax Cuts and Jobs Act", aimed to distinguish between the individual wage income of NBA All-Star Stephen Curry and the pass-through business income of Steve's Bike Shop. Steve's Bike Shop, as a small business, would benefit from the tax plan's lower tax rate for "pass-through" businesses, which is designed to ease the tax burden on small business owners. On the other hand, Stephen Curry, a multimillion-dollar NBA star, was called out by the GOP as an example of someone who might try to use a tax loophole to lower his taxes.
The impact of the tax plan on Steve's Bike Shop specifically depends on various factors, including the shop's location and income level. While there are multiple Steve's Bike Shops across the country, it is unclear which one was referenced in the GOP tax plan. For example, the Steve's Bike Shop in Panama City, Florida, stated that the GOP tax plan did not affect them significantly as the owner, Steve, did not make enough money. In contrast, Steve's Bike Shop in Altadena, California, seemed to embrace the mention in the GOP comment, retweeting Curry's comment and adding their endorsement of the GOP Tax Cut and Jobs Act.
The tax plan's focus on "pass-through" businesses aims to provide tax relief to local job creators and distinguish it from the individual wage income of high-earners like Stephen Curry. This distinction is intended to prevent wealthy individuals from incorporating themselves and then classifying their salaries as "pass-through income" to reduce their tax obligations. While Steve's Bike Shop may benefit from this aspect of the tax plan, it is important to consider other factors, such as the specific financial situation and structure of the business, to fully understand the impact of the tax plan on their operations.
Overall, the GOP tax plan's mention of Steve's Bike Shop highlights its intention to support small businesses through reduced tax rates for "pass-through" entities. The potential impact on Steve's Bike Shop varies depending on the specific location and financial circumstances of the business. While the tax plan may provide tax relief to small businesses, it is essential to analyze the broader implications and potential loopholes that could be exploited by high-income individuals.
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Frequently asked questions
Steph Curry was mentioned in the GOP Tax Plan, also known as the "Tax Cuts and Jobs Act", as an example of individual wage income. The plan aimed to distinguish between the income of NBA All-Star Curry and the pass-through business income of Steve's Bike Shop to ensure tax relief for local job creators.
Steph Curry responded with confusion, stating that it was weird and tweeting, "I wonder if Steve's Bike Shop is hiring". He also joked about it with reporters, saying, "There were a lot of people wondering why I was called out. Whatever the case may be, mama, I made it."
It is speculated that Curry was named because he was the first NBA player to sign a super-max contract and had been an outspoken critic of President Donald Trump, declining an invitation to the White House with his NBA Champion teammates.
