\GoBillsInDallas/ Posted June 28, 2015 Share Posted June 28, 2015 Includes quotes from Bills TE Matthew Mulligan: http://www.pressherald.com/2015/06/28/pro-athletes-pay-a-big-price-for-their-success-in-taxes/ Link to comment Share on other sites More sharing options...
KD in CA Posted June 28, 2015 Share Posted June 28, 2015 They can afford to pay just a little bit more. Link to comment Share on other sites More sharing options...
billsfan89 Posted June 29, 2015 Share Posted June 29, 2015 Jocks are easy targets for cities looking to generate tax revenue. For better or worse it's hard to gain sympathy for athletes on huge contracts. It's a popular thing to go after these guys since they play a game for a very good living doesn't gain them much sympathy. I do think these taxes are excessive an unfairly targeting a soft target, esp when you think about the lower level coaches and trainers and players who aren't getting paid much or minor league players. Link to comment Share on other sites More sharing options...
Augie Posted June 29, 2015 Share Posted June 29, 2015 It's absolutely critical for these guys to have good advisors, but they have very little experience or context to make those decisions. BofA used to have a dept. geared exclusively to that end, but not sure if that survived. You can give the best advice, but they have to be smart enough to listen. Obviously, many don't. And many others get lousy advice and/or get ripped off. Link to comment Share on other sites More sharing options...
Bangarang Posted June 29, 2015 Share Posted June 29, 2015 It's absolutely critical for these guys to have good advisors, but they have very little experience or context to make those decisions. BofA used to have a dept. geared exclusively to that end, but not sure if that survived. You can give the best advice, but they have to be smart enough to listen. Obviously, many don't. And many others get lousy advice and/or get ripped off. A lot of these players come from low income households so when they do get their hands on some money they have no idea how to preserve it. Add to that the cliques and entourages that a lot of them roll with who they feel obligated to provide for and spend big when they all go out. Link to comment Share on other sites More sharing options...
Augie Posted June 29, 2015 Share Posted June 29, 2015 A lot of these players come from low income households so when they do get their hands on some money they have no idea how to preserve it. Add to that the cliques and entourages that a lot of them roll with who they feel obligated to provide for and spend big when they all go out. "MAKE IT RAIN!" Link to comment Share on other sites More sharing options...
NoSaint Posted June 29, 2015 Share Posted June 29, 2015 A lot of these players come from low income households so when they do get their hands on some money they have no idea how to preserve it. Add to that the cliques and entourages that a lot of them roll with who they feel obligated to provide for and spend big when they all go out. And even beyond those loaded phrases, you get mom, dad, siblings, grandparents, and many have kids and accompanying mother to that child before being out of college. Family is rough on a lot of guys before you even get to entourages Link to comment Share on other sites More sharing options...
Augie Posted June 29, 2015 Share Posted June 29, 2015 Travis. Henry. He's a punchline, but the "friends and family" anchor is real. Link to comment Share on other sites More sharing options...
boyst Posted June 29, 2015 Share Posted June 29, 2015 an acquaintance of mine just had their brother drafted in the MLB; a pitcher. He is already dealing with the tax issue. Luckily, he is from a well to do family and will be just fine. Link to comment Share on other sites More sharing options...
Augie Posted June 29, 2015 Share Posted June 29, 2015 an acquaintance of mine just had their brother drafted in the MLB; a pitcher. He is already dealing with the tax issue. Luckily, he is from a well to do family and will be just fine. I was never a huge Bill Lambeer fan, but I remember an interview with him saying basically "I'm pretty sure I'm the only guy in the NBA who doesn't make more than his father". Link to comment Share on other sites More sharing options...
YoloinOhio Posted June 29, 2015 Share Posted June 29, 2015 Gronk is smart (sometimes). Claims he lives entirely off his endorsement money. @TedNesi: Gronk: "I still haven't touched one dime of my signing bonus or NFL contract money." http://t.co/BCLLgWJOWB Link to comment Share on other sites More sharing options...
Augie Posted June 29, 2015 Share Posted June 29, 2015 Gronk is smart (sometimes). Claims he lives entirely off his endorsement money. @TedNesi: Gronk: "I still haven't touched one dime of my signing bonus or NFL contract money." http://t.co/BCLLgWJOWB I really hope it's true, and he remembers where he put it. Link to comment Share on other sites More sharing options...
YoloinOhio Posted June 29, 2015 Share Posted June 29, 2015 I really hope it's true, and he remembers where he put it.hahaha Link to comment Share on other sites More sharing options...
Mr. WEO Posted June 29, 2015 Share Posted June 29, 2015 Jocks are easy targets for cities looking to generate tax revenue. For better or worse it's hard to gain sympathy for athletes on huge contracts. It's a popular thing to go after these guys since they play a game for a very good living doesn't gain them much sympathy. I do think these taxes are excessive an unfairly targeting a soft target, esp when you think about the lower level coaches and trainers and players who aren't getting paid much or minor league players. No they are not. This article is misleading people to believe that an athlete with a salary of 10 million a year is paying more in state taxes than you or I would if we had the same salary, unless they reside and work in a not state tax state. Actually, a pro player from a state like California, New York, NJ, Minn., and Wisconsin will actually pay less in overall state tax under the "jock tax rules" than they would if they payed all of their state taxes to their home states because they play a signficant number of games in low or no tax states. Any "jock tax" (minus any "city tax, such is paid by all income earners in placees like NYC and Pittsburgh) paid is credited to any state tax liability owed in the players home state. So, other than for the extra hassle of signing your name to several extra state income tax forms, many jocks will actually save money with the jock tax. As a resident of NYS, I would love to pay the state taxes of TX/FL (none) or PA, IN, KS, etc for a few months per year. As for the quote from our new FA TE MUlligan: “But you don’t even get half of it by the time the states, cities, the state you reside in, the agencies, (and) the union dues are figured in. All those things, you don’t take home as much.” Well, yeah Bro, that's how it works for the rest of us too. Link to comment Share on other sites More sharing options...
SouthernMan Posted June 29, 2015 Share Posted June 29, 2015 (edited) The tax codes are insane. A $40 million dollar athlete contract makes for good headlines, but the reality is athletes see a much reduced number in their bank accounts after taxes, insurance, agent fees, lawyers, accountants, and all the other places their wages go. Even if they're only left with 25%, it's still more than most of us will earn in our lifetimes. But, if the contract is more in the 5 million range, still a decent pay day for a young guy after expenditures, but hardly considered wealthy in today's economy. I'll never understand the people who think the wealthier "rich" citizens should "pay their share" - i.e. - pay a larger percentage. IMO it should be an equal percentage for everyone. Some form of a flat tax. Eliminate the frigging IRS! Is sales tax at the pumps or at retail outlets based on your income? Hell no. If you make $20,000, you should pay x%. If you earn $2,000,000,000, you should pay the same x%. What could be more equitable? The vast majority of anything the federal government has it's hands in is a bureaucratic nightmare - the tax code is a prime example. NOBODY understands it completely, including the people who run it. If we had a flat tax for the last hundred years and suddenly a government agent proposed the current system we now endure, they'd be thrown into a padded room making such a ridiculous suggestion. Edited June 29, 2015 by SouthernMan Link to comment Share on other sites More sharing options...
chris heff Posted June 29, 2015 Share Posted June 29, 2015 When does training camp open? Link to comment Share on other sites More sharing options...
thebandit27 Posted June 29, 2015 Share Posted June 29, 2015 I would love for colleges and universities (and in a perfect world, the NCAA) to step in and help out here. I think they could aid these young athletes quite a bit by instituting a "Professional Athletics" major. Make it a two-year degree to coincide with the minimum amount of time kids need to spend post-HS in order to go pro (they'll have to change the 1-year rule in basketball and hockey), and include curricula such as personal finances, media relations, public speaking, contract document comprehension, basic psychology, etc.--stuff that will actually benefit these kids. It would be a two-way street. The kids that are only in school to bide their time before going pro get the benefit of the program, while the school gets the benefit of soon-to-be pro athletes not taking up valuable spots in other majors that they aren't taking seriously anyway (obviously that won't apply to all athletes). Link to comment Share on other sites More sharing options...
Mr. WEO Posted June 29, 2015 Share Posted June 29, 2015 I would love for colleges and universities (and in a perfect world, the NCAA) to step in and help out here. I think they could aid these young athletes quite a bit by instituting a "Professional Athletics" major. Make it a two-year degree to coincide with the minimum amount of time kids need to spend post-HS in order to go pro (they'll have to change the 1-year rule in basketball and hockey), and include curricula such as personal finances, media relations, public speaking, contract document comprehension, basic psychology, etc.--stuff that will actually benefit these kids. It would be a two-way street. The kids that are only in school to bide their time before going pro get the benefit of the program, while the school gets the benefit of soon-to-be pro athletes not taking up valuable spots in other majors that they aren't taking seriously anyway (obviously that won't apply to all athletes). These guys are no more likely to go to these classes than they are to their remidial reading/writing/'rithmatic classes. Just more gut courses to not show up for. You can't ingrain common sense. Guys who blow through their earnings and go broke will have done so no matter what. Link to comment Share on other sites More sharing options...
thebandit27 Posted June 29, 2015 Share Posted June 29, 2015 These guys are no more likely to go to these classes than they are to their remidial reading/writing/'rithmatic classes. Just more gut courses to not show up for. You can't ingrain common sense. Guys who blow through their earnings and go broke will have done so no matter what. I agree that a person that is bound and determined to flake out in their studies will inevitably do so. I'm not convinced that's the case for all, or even most, of these guys. It's my opinion that the biggest reason they slack on their studies is that they don't see any practical application for what they're learning. I fully realize that it won't change the situation for everyone, but I do think that you'd see a higher percentage of athletes engage in the curriculum if it applied to their professional lives. Link to comment Share on other sites More sharing options...
Malazan Posted June 29, 2015 Share Posted June 29, 2015 (edited) The tax codes are insane. Politics is better left for other areas of the forum. I think the NCAA should have a degree geared towards athletes. One that prepares them for the reality of becoming a pro and dealing with a sudden influx of cash. How to invest, pick someone to manage your money, etc as well as other things that accept the reality that they are there to play a sport and build a curriculum around that. Edited June 29, 2015 by jeremy2020 Link to comment Share on other sites More sharing options...
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