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Article about athletes and income taxes


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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.

i dont disagree that folks going into entertainment fields should have some classes on supporting the business side. but its tough to center a 4 year degree on "picking a financial advisor." a lot of the schools have sports management or related fields. beyond the specialized types, if hes unable to make it through a basic business degree, theres trouble. if he gets through a business degree and learns NOTHING about managing his finances, you werent going to reach him anyway.

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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.

 

More bogus college majors are not what is needed for these guys (they have many they chose from already).

 

The best thing these schools can do for them while theu are there is to teach them how to read and write. And basic math skills will help them budget/manage bank accounts, etc.

 

Even at well regarded schools like UNC-Chapel Hill, 60% were found to be reading at 4-8th grade level. 10% were below 3rd grade level.

 

New majors are not needed.

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Hey, look, it's flat tax guy. Lordy, the season can't get here fast enough.

I presume you were referring to my eariler post. I don't want to debate the topic - this isn't the place for it. Seems all I ever get are wise-guy remarks when I ask, "why should higher wage earners pay higher PERCENTAGES than lower wage earners?" How is equal percentages of earned income for all not fair? Should the guy driving the Jaguar across the Peace Bridge pay a higher toll than the guy with the 1972 Maverick? Makes about as much sense to me.

I don't claim to have the answer. All I want to hear is a rational explanation that makes some sense. And by rational, I don't meana crybaby "because they're rich, they can afford it - and we hate them because we're not rich !!!"

Anyone?

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When all is said and done, professional athletes have no different burden than anyone else when it comes to taxes. Particularly here when we're talking about state taxes, it can be complicated. When you exceed a certain number of hours or a certain percentage of earnings being made in another state, you trigger state income taxes. That's just the way it is. I've had to file taxes in as many as 5 states and a U.S. Territory. It's not rocket science and quite frankly most junior accountants can figure it out. The ones that are out of line are the states/cities that attempt to level a "special" tax just because it's a professional athlete. That's just not right.

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I presume you were referring to my eariler post. I don't want to debate the topic - this isn't the place for it. Seems all I ever get are wise-guy remarks when I ask, "why should higher wage earners pay higher PERCENTAGES than lower wage earners?" How is equal percentages of earned income for all not fair? Should the guy driving the Jaguar across the Peace Bridge pay a higher toll than the guy with the 1972 Maverick? Makes about as much sense to me.

I don't claim to have the answer. All I want to hear is a rational explanation that makes some sense. And by rational, I don't meana crybaby "because they're rich, they can afford it - and we hate them because we're not rich !!!"

Anyone?

Your comments are extremely reasonable and full of good sense. However, I don't believe there has been a '72 Maverick on either side of the Peace Bridge since about 1980. Those were the greatest of rust queens. Nevertheless, your point on the flat tax was a beauty.

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