NFL refused to allow Caleb Williams tax moves

[DrDawkinstein]

20 minutes ago, MJS said:

I never said they should. The comment said anyone not paying taxes shouldn't get to use any kind of infrastructure or anything funded by taxes. Well, that's about half the population. More, actually.

 

It is 45% of households. We're not talking about children. Also, it would be household income of about $65k and less.

 

Fair point, although I hope thats not what @Don Otreply meant.

[Jauronimo]

18 minutes ago, MJS said:

I never said they should. The comment said anyone not paying taxes shouldn't get to use any kind of infrastructure or anything funded by taxes. Well, that's about half the population. More, actually.

 

It is 45% of households. We're not talking about children. Also, it would be household income of about $65k and less.

I know you didn't suggest the poor should pay more.  It was a joke.

 

From what little I know of tax receipts, this never ending income tax debate seems like a distraction as corporate tax collections as a percentage of total tax collection continues to decline.  Since the great financial crisis of 2008, lower corporate tax has primarily funded share repurchase programs rather than capital expansion.  Its a win-win for the wealthy who have most of their net worth in equity markets.  Doesn't do much for the average joe 18 pack.

 

While no one likes paying taxes, it remains true that the very wealthy have way more opportunities to exploit tax shelters than us regular folk.  That not poor to not rich zone of wage and salary workers pays every cent owed.  

[buffaloboyinATL]

2 hours ago, SoCal Deek said:

Is that true? Are you sure? I know it didn’t work that way when I traveled for business. 

I believe that is accurate.

[MJS]

9 minutes ago, Jauronimo said:

I know you didn't suggest the poor should pay more.  It was a joke.

 

From what little I know of tax receipts, this never ending income tax debate seems like a distraction as corporate tax collections as a percentage of total tax collection continues to decline.  Since the great financial crisis of 2008, lower corporate tax has primarily funded share repurchase programs rather than capital expansion.  Its a win-win for the wealthy who have most of their net worth in equity markets.  Doesn't do much for the average joe 18 pack.

 

While no one likes paying taxes, it remains true that the very wealthy have way more opportunities to exploit tax shelters than us regular folk.  That not poor to not rich zone of wage and salary workers pays every cent owed.  

Yes, and the middle class continues to be the primary targets of the IRS. The federal government significantly increased IRS funding and are hiring thousands of more employees to squeeze every cent out of us they can. Hurray for us!

2 hours ago, SoCal Deek said:

Is that true? Are you sure? I know it didn’t work that way when I traveled for business. 

It is true. The game checks they get are taxed according to laws in the state that they play that week. I don't know if it MUST work that way. But that's the way it happens.

[TheyCallMeAndy]

Taxes are a middle class thing, why should he pay? NFL sure as heck doesn’t. 

[DrDawkinstein]

26 minutes ago, MJS said:

Yes, and the middle class continues to be the primary targets of the IRS. The federal government significantly increased IRS funding and are hiring thousands of more employees to squeeze every cent out of us they can. Hurray for us!

 

 

That's not true. They've successfully gone after the people we are talking about in this thread that we all agree should start paying their fair share.

 

https://www.cnn.com/2024/07/11/politics/irs-back-taxes-millionaires/index.html

IRS collected $1 billion in back taxes from millionaires in less than a year

 

GD, this thread is destined for PPP aint it?

[JP51]

1 hour ago, Matt_In_NH said:

FIFA...yep the Jets are in Jersey...oooooooooooh what a big deal

Yes that was my veiled shot at the Jersey Jets for sure  

[DaggersEOD]

4 hours ago, Don Otreply said:

IMO, if you aren’t paying taxes your shouldn’t be allowed to use any infrastructure in this country,

 

roads, airports, access to clean water,  police, firefighters, schools, etc etc, pay your share or hit the road,

So like…59.9% of the US population can’t use the infrastructure? Mostly businesses and the wealthy? Kind of rough of the poor don’t ya think? Cold bro. 
 

Police / teachers would be expected to provide services but not be able to receive them? 

Edited July 18 by DaggersEOD
Deleted personal attack.

[MJS]

17 minutes ago, DrDawkinstein said:

 

That's not true. They've successfully gone after the people we are talking about in this thread that we all agree should start paying their fair share.

 

https://www.cnn.com/2024/07/11/politics/irs-back-taxes-millionaires/index.html

IRS collected $1 billion in back taxes from millionaires in less than a year

 

GD, this thread is destined for PPP aint it?

That's nothing. They collect $4.7 trillion in taxes per year. Not to mention they have a budget of over $12 billion per year, which we pay for with our taxes. It is a bloated, corrupt system that needs to be completely thrown out and redesigned from the ground up.

Edited July 18 by MJS

[hikerprof2]

4 hours ago, Don Otreply said:

IMO, if you aren’t paying taxes your shouldn’t be allowed to use any infrastructure in this country,

 

roads, airports, access to clean water,  police, firefighters, schools, etc etc, pay your share or hit the road,

And when a stadium is built for a multi billionaire on the public dime, where does that money come from? Taxes. So I don't weep for these guys paying taxes.

[peterpan]

4 hours ago, aristocrat said:

He should have established Florida or Texas residency so his signing bonus wasn’t taxed by the state. Game checks would be taxed though 

I remeber an instance with Willis mcGahee where Ralph refused to sign his contract in FL.  Insisting it be signed in Buffalo.  I think kit had something to do with the signing bonus being taxed by the state.   If the contract was signed in FL he avoid NYS taxes on the signing bonus.  
 

At least that’s what I remember.  Anyone know different?

[Don Otreply]

13 minutes ago, DaggersEOD said:

So like…59.9% of the US population can’t use the infrastructure? Mostly businesses and the wealthy? Kind of rough of the poor don’t ya think? Cold bro. 
 

Police / teachers would be expected to provide services but not be able to receive them? 

I think you know what I mean, we are talking about people with money, I hope you feel better now, 😁

[Don Otreply]

7 minutes ago, hikerprof2 said:

And when a stadium is built for a multi billionaire on the public dime, where does that money come from? Taxes. So I don't weep for these guys paying taxes.

Nor do I, they are all annually making top three percent income in this country, and top one percent worldwide, zero pity for their tax burden. 

[BigAl2526]

I assume that like most people who come into wealth suddenly, Williams probably hired a financial advisor.  Not to do so would be foolish.  That would mean any strategy to structure his contract for tax advantages would have been run through the advisor, who would presumably have some tax expertise.  I don't blame him for trying.  I'm guessing nobody here voluntarily pays more taxes than he/she has to.  If anything, I'm guessing he just got some bad advice.

[BullBuchanan]

16 hours ago, DaggersEOD said:

Good on the kid for trying. Sounds like he had some viable ideas and the NFL just slammed the door shut. 
 

Probably afraid it would work and be copied by others. Wouldn’t be surprised if access to player income tax revenue is a part of the negotiations with state/local government. 
 

But I’m just some random with no special tax knowledge. 🤷‍♂️

Good on him for trying to cheat his neighbors and his country?

22 minutes ago, MJS said:

That's nothing. They collect $4.7 trillion in taxes per year. Not to mention they have a budget of over $12 billion per year, which we pay for with our taxes. It is a bloated, corrupt system that needs to be completely thrown out and redesigned from the ground up.

So, they effectively reduced their own operational cost by 8.3% this year through collecting money from rich tax cheats. Sounds pretty good to me.

Edited July 18 by BullBuchanan

[bigK14094]

10 hours ago, MJS said:

He sure thinks he is special. Let's see if his play on the field actually justifies it.

RG3 like in his world view.   Didn't work out to well for him.  EJ Manual had some of that as well.

[DrDawkinstein]

8 minutes ago, BigAl2526 said:

I assume that like most people who come into wealth suddenly, Williams probably hired a financial advisor.  Not to do so would be foolish.  That would mean any strategy to structure his contract for tax advantages would have been run through the advisor, who would presumably have some tax expertise.  I don't blame him for trying.  I'm guessing nobody here voluntarily pays more taxes than he/she has to.  If anything, I'm guessing he just got some bad advice.

 

A competent, non fraudulent CPA would not have suggested these ideas because they are settled issues. This absolutely reeks of Tik Tok tax advice. Or his dad regularly practices tax fraud and figured he could do similar things with his son.

[HOUSE]

And this would be cheating on his taxes AND NOBODY DOES THAT.

 

[Utah John]

I've been suggesting that the salary cap for all teams should be adjusted upward to compensate for state income taxes, where they apply.  This would allow all the teams the same actual dollars available to pay players.  Players and agents know that playing in a state with, say, a 5% state income tax, means their paycheck is 5% lower right off the bat than they could get in a no-tax state. Why should a sports team in a state with income taxes be at a disadvantage?  The whole idea of parity is that all the teams have the same resources to compete, and that's not the case now.

 

If this was sone as I suggested, the total amount of the salary cap would be greater than it is now.  And the poor miserly NFL (/s) and the actually poor NHL would have to come up with more money overall.  So the solution is to figure out what the total would be with the sales tax plus-up, then proportionally reduce the amount going to across the board so the total remains the same.

[DaggersEOD]

22 minutes ago, Don Otreply said:

I think you know what I mean, we are talking about people with money, I hope you feel better now, 😁

Nope not sure at all what you mean. Who exactly are you railing against here?

 

93% of taxes are paid by businesses and of the remaining 7%, 76% is paid by the top 10%. 
 

That last 1.6% is spread over the remaining 30% outside the top 10% who pay taxes. So who are the bad guys here?
 

Or are you one of those flat tax people saying everyone should pay the same? Or maybe that everyone should contribute (even the poor), so everyone has skin in the game?

 

Not getting it man.

16 minutes ago, BullBuchanan said:

Good on him for trying to cheat his neighbors and his country?

So, they effectively reduced their own operational cost by 8.3% this year through collecting money from rich tax cheats. Sounds pretty good to me.

If it’s legal, it’s not cheating. If it’s in the tax code, then there’s nothing to complain about. 
 

Seems like you're advocating for a simplified tax code with less carve outs and loopholes. 
 

I'm down for that.