A lot of people refuse to go to the gym for one reason or another. Whether it is difficult to cram into their packed schedule, or the prices are too high for them, there’s never been too difficult to find an excuse.
However, as the gym culture has expanded across the country, so too have the solutions to these supposed problems. Don’t have the time – try 24/7 gyms or short, power sessions. Too expensive – well, the government might be able to help you with that.
Experts at Fit Athletic discuss the new bill currently being considered in Congress. This bill is aimed towards solving the obesity problem in the US, and one of the most interesting aspects of it is that it might consider your gym membership as a tax break opportunity.
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Why You’re Running Out of Excuses Not to Join a Gym!
Depending on where you live, you may have noticed just how bulky people around you are. Simply put, some research has shown that two thirds of all American adults are either overweight or downright obese.
Not only is obesity unappealing and makes our lives more difficult, it is also a contributing factor in so many different diseases, including diabetes, heart and vascular problems, and even some forms of cancer.
The government has implemented a lot of different plans over the years in an attempt to curb this problem, and this is their latest attempt.
What Does This Bill Mean?
In a rare example of humor at the highest levels of government, the bill is named Personal Health Investment Today, with the acronym PHIT.
It was proposed by a Republican Congressman from Missouri. Without getting into too much detail, the bill proposes a tax deduction which can go as high as $1000 for married couples and half that for single people who have a membership and other related expenses in ‘qualified sports and fitness centers’.
Even though it sounds great on the surface, there might be a problem if the bill is passed as it currently is.
Namely, the definition of ‘qualified sports and fitness centers’ needs to be expanded on, and it seems like it will be, because there have already been some calls to exclude hunting, fishing, and even golfing from this list.
On the other hand, gyms, fitness centers, and buying various sports equipment seems to be included in the bill.
What It Means for Gyms?
Seeing how this tax bill is oriented towards the individuals, gyms and fitness centers will not see any direct effect of this bill.
That being said, it is estimated that a lot of people will be motivated to actually apply or renew their gym membership if the bill passes and they have a tax break of up to $1000.
The Effect of the 2017 Tax Bill
Even though a $1000 tax break sounds great on the surface level, there might be a problem with this proposal, especially when it comes after the GOP tax bill from 2017.
This bill actually increases the standardized deductions drastically, which may encourage a lot more people to apply for this option, instead of itemizing their deductibles. Not only is it simpler, but it may save them a lot more money, too.
Even though this potential tax break sounds great and might make an initial change in gym membership and visits, it is usually the motivation from within that really pushes people to continue going to the gym and reaching their fitness and health goals.
If you are on the edge about going to the gym, just consider all of the health benefits a fit body will give you, not to mention the self-confidence and a positive outlook.
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