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Seaton in the portal
- Thread starter Buffnik
- Start date
Billionaires “not paying taxes” is really short hand for billionaires typically pay a very low effective tax rate. Some pay more, like Bill Gates, with an 18% or so effective tax rate. Some pay next to nothing, like Jeff Bezos with a rumored 1% to 2% effective tax rate. Some billionaires are upfront about it, like Warren Buffett, who often remarked that his executive assistant paid a higher effective tax rate than he did.
Few people even bother to debate that the tax code is overwhelmingly favorable for billionaires anymore, instead favoring an argument based on supply side economic theory, which has now also been thoroughly debunked.
Few people even bother to debate that the tax code is overwhelmingly favorable for billionaires anymore, instead favoring an argument based on supply side economic theory, which has now also been thoroughly debunked.
NIL is not tax deductible. Is considered "benefit for specific athletes" and not used for charitable purposes, even if the NIL Collective has attained 501(C)(3) status.
It can be a business expense that reduces profits realized or, in the case of an LLC, can be used to reduce the amount of taxable pass through income.
I see no reason why NIL would not be taxed as ordinary income subject to self employment taxes and required quarterly payments.
I see a future where more than a few players run afoul of the IRS.
Of the few self aware people on this board, you are not one.
No, paying a player to play is not a business expense, no matter how the business entity is setup (LLC etc).
My business went down this road and it's been well publicized that the IRS has made it quite clear that NLI donations are not tax deductible.
To achieve what you are stating, you have to have (instead) a contract with a specific player and that player must provide services such as promoting your product in media (advertising etc).
I haven't seen any Michigan players promoting Oracle products for instance.
It is for licensing of their name, image and likeness for marketing purposes, not money to play for your favorite college football team.
I'm aware of my views, thanks though
While I agree that if Seaton does commercials for "raising cane" and how tasty their chicken tenders are, and playing for LSU, that would be a legit business expense. But.... Would they run that nationwide? Would they truly benefit from that commercial outside of LSU territory?
That would be a contract between Seaton and Raising Cane and is not between the team and the player.
That would be a contract between Seaton and Raising Cane and is not between the team and the player.
Mahomes, Andy Reid, Deion, Trav Hunter, even T Chambliss all in national ad campaigns.
Apparently the people who liked this consider themselves as part of the “few self aware people”. Or maybe they liked it because they are blissfully unaware. Or is the fact that I am wondering if I’m self aware or not evidence that I am self aware?
Anyway, 95% chance Seaton is a Duck by tomorrow.
Yes. All legit business expenses for the company paying for that expense.
Most NIL donations are coming from individuals and these individuals are most certainly not looking for a tax donation any longer since the IRS has made it clear that collectives are generally not charities.
Larry Ellison, not Oracle Corp or Michael Wirth, not Chevron Corp.
Some, not all. And NIL is not just done via collectives. For example, Taco Bell and Raising Cain's almost certainly did not pay Seaton through donations to a collective but through an endorsement deal directly with his agent.
Me too, and it has nothing to do with JS
correct
But the vast majority of what we are commonly referring to as NIL in this thread is pay for play, with money coming from billionaires (who evidently don't pay taxes and donate using loans)!
There's like 3 self aware people on the board.
The rest either have the self awareness of a salad fork or they are internet personas that provide mutual entertainment for the folks behind them.
Or both!
Hahahahhaha. That is just funny
Or they just don’t like the guy to whom the comment was directed…
I'm slow... What is funny?
Corey has been good in my book ever since that time he destroyed Gary on Sean Lewis.
Gary Indiana
Well-Known Member
What are you on about? I don’t remember discussing that with Corey.
Face it, you’re in the minority believing that Lewis is somehow a bad coach. If that’s your take, have at it.
Sorry, I don't speak dumbf*ck.
https://allbuffs.com/threads/primes-coaching-staff-barzil-edition.152952/post-3891782