Many people refuse to go to the gym for one reason or another. Whether it is difficult to squeeze into their packed schedules or the prices are too high for them, it has never been too difficult to find an excuse.
However, with the expansion of sports culture throughout the country, the solutions to these supposed problems have also expanded. You don’t have time? Try 24/7 gyms or short power sessions. Too expensive? Well, maybe the government can help you with that.
Experts from Fit Athletic are discussing the new bill, which is currently being debated in Congress. This bill aims to solve the problem of obesity in the U.S. and one of the most interesting aspects of this bill is that it might consider your gym membership as a tax break opportunity.
Why You’re Running Out of Excuses Not to Join a Gym!
Depending on where you live, you may have noticed how bulky the people around you are. Put simply, some research has shown that two-thirds of all American adults are either overweight or downright obese.
Not only is obesity unpleasant and makes life difficult, but it also contributes to so many different diseases, including diabetes, cardiovascular problems, and even some forms of cancer.
The government has implemented many different plans over the years to contain this problem, and this is its latest attempt.
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What Does This Bill Mean?
In a rare example of humor at the highest levels of government, the bill is called Personal Health Investment Today, with the acronym PHIT.
He was proposed by a Republican congressman from Missouri. Without going into too much detail, the bill proposes a tax deduction that can be as much as $1,000 for married couples and half that amount for singles who have a membership and other related expenses in “qualified sports and fitness centers.”
Although it sounds great on the surface, there could be a problem if the law is passed as it is at present.
Namely, the definition of “qualified sports and fitness centers” needs to be extended, and it seems that this will happen, as there have already been some calls to exclude hunting, fishing and even golf from this list.
On the other hand, gymnasiums, fitness centers, and the purchase of various sports equipment seem to be included in the bill.
What Does It Mean for Gyms?
When you see how this tax law is targeted at individuals, gyms and fitness centers will not see any direct effects of this law.
However, it is estimated that many people will be motivated to actually apply for or renew their gym membership when the law is passed and they receive a tax break of up to $1000.
The Effect of the 2017 Tax Bill
While a $1000 tax break may sound great on the surface, there could be a problem with this proposal, especially if it comes after the 2017 GOP Tax Act.
In fact, this bill dramatically increases the standardized deductions, which could encourage many more people to apply for this option instead of breaking down their deductibles. This is not only easier but can also save them a lot more money.
While this potential tax break sounds great and could bring about an initial change in membership and gym visits, it is usually the motivation from within that really drives people to keep going to the gym and achieving their fitness and health goals.
When you’re about to go to the gym, just think about all the health benefits that a fit body offers, not to mention the self-confidence and positive attitude.
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