Tax Bill Bringing Big Changes to College Athletics
https://www.google.com/amp/s/amp.usa.../amp/968741001
No more deductibility for the right to buy season tickets. 21% excise tax on salaries of $1 million or more. Unrelated income is going to take a hit too.
Coach O's salary will carry $630k excise tax. Saban's salary will cost over $1 mil. ULoL is already cash strapped and will have to come up with another $250k. Have to think this will affect coaches salaries, especially for the G5s and less affluent P5 schools.
Will be interesting to see how all this plays out.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
tenacious_dog
https://www.google.com/amp/s/amp.usatoday.com/amp/968741001
No more deductibility for the right to buy season tickets. 21% excise tax on salaries of $1 million or more. Unrelated income is going to take a hit too.
Coach O's salary will carry $630k excise tax. Saban's salary will cost over $1 mil. ULoL is already cash strapped and will have to come up with another $250k. Have to think this will affect coaches salaries, especially for the G5s and less affluent P5 schools.
Will be interesting to see how all this plays out.
Pretty sure this will not come into play on foundation payments to coaches, but only the direct payments from the universities.
W/out looking much, I dont' think deductibility for the right to buy season tickets won't hurt many, if any, G5s.
Re: Tax Bill Bringing Big Changes to College Athletics
Foundations are 501(c)3's too and their payments to coaches are intended to be compensation. Maybe you can run $999k through the university & $999k through a foundation. Really depends on how the law actually reads.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
tenacious_dog
Foundations are 501(c)3's too and their payments to coaches are intended to be compensation. Maybe you can run $999k through the university & $999k through a foundation. Really depends on how the law actually reads.
Okay, I just read some of the P5 ranting and some of them indicated they could fund from sources outside the university. I assumed they meant foundations.
Re: Tax Bill Bringing Big Changes to College Athletics
Good! maybe this will help level the playing field some for G5s.
Beyond that, we're supposed to care that some rich cats will take a hit on their taxes because they spend like drunken pirates on sports? But, I am confused, Nasty Nancy and little Chuckie-boy have been screaming this tax bill HELPS the rich and kills the middle-class. What....ya mean, Nancy and Chuckie have been telling fibs.
Re: Tax Bill Bringing Big Changes to College Athletics
I think it could help set a bar that will hold salaries down.
Re: Tax Bill Bringing Big Changes to College Athletics
Our foundation folks are going to have a lot of work to do with the adjusted death tax limits.
Need to be pro-active on that sort of thing. Not sure how many of our donors are needing our foundation’s help to alleviate their estate issue, but whatever that number, it just went down drastically.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
johnnylightnin
Our foundation folks are going to have a lot of work to do with the adjusted death tax limits.
Need to be pro-active on that sort of thing. Not sure how many of our donors are needing our foundation’s help to alleviate their estate issue, but whatever that number, it just went down drastically.
We've never taken full advantage of that in the past. I'm not sure what Hull did over the past two years, but it had to be more than what had been done before him.
The estate tax being adjusted was a good thing. Charities won't suffer because of it, they'll just change the method of funding.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
We've never taken full advantage of that in the past. I'm not sure what Hull did over the past two years, but it had to be more than what had been done before him.
The estate tax being adjusted was a good thing. Charities won't suffer because of it, they'll just change the method of funding.
https://www.google.com/amp/s/www.bro...le-giving/amp/
Why are you so sure the estate tax exemption won’t hurt charities? What informs this opinion?
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
To believe otherwise you have to assume the ONLY reason people give to charities is for the tax breaks. That may be true for some people and charities, but IMO that's not a good crowd to run in.
Who do you know who will punish their favorite charity because they don't get the same tax break they got before?
I know you don't believe like I do, but I don't believe gifts given out of greed will be honored by God. For example, it's always bothered me when churches feel the need to announce the last date to give in order to still receive the tax breaks for the current year.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
BTW, this particular article assumes money comes from estate cash only, not leveraged funds of the estates. It way over simplifies the forms of giving.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
To believe otherwise you have to assume the ONLY reason people give to charities is for the tax breaks. That may be true for some people and charities, but IMO that's not a good crowd to run in.
Who do you know who will punish their favorite charity because they don't get the same tax break they got before?
I know you don't believe like I do, but I don't believe gifts given out of greed will be honored by God. For example, it's always bothered me when churches feel the need to announce the last date to give in order to still receive the tax breaks for the current year.
Incorrect. It only assumes that some people give more because of tax breaks.
Do you disagree?
And even if you do factor in the tax break, what makes it a “gift of greed”? It is not like you make money from giving - it just costs less to give to the charity than to individuals.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
BTW, this particular article assumes money comes from estate cash only, not leveraged funds of the estates. It way over simplifies the forms of giving.
Yeah, that is an old article about the repeal of the estate tax and not the current tax bill estate tax components. I could find very little written about this part of the current bill.
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
Guisslapp
Incorrect. It only assumes that some people give more because of tax breaks.
Do you disagree?
And even if you do factor in the tax break, what makes it a “gift of greed”? It is not like you make money from giving - it just costs less to give to the charity than to individuals.
I won't try to convince you otherwise, but my beliefs on giving are sincere.
If a person gives ANYTHING expecting something in return it is not a gracious gift. Why give otherwise?
Re: Tax Bill Bringing Big Changes to College Athletics
Quote:
Originally Posted by
PawDawg
I won't try to convince you otherwise, but my beliefs on giving are sincere.
If a person gives ANYTHING expecting something in return it is not a gracious gift. Why give otherwise?
What is the dead person thinking they will get back when factoring in the estate tax implications of their gift?