NFL refused to allow Caleb Williams tax moves

[DrDawkinstein]

1 minute ago, DaggersEOD said:

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.

 

Source?

 

 

 

And Don was obviously talking about rich people who dont pay their fair share of taxes. Which is a LOT of them.

[DaggersEOD]

11 minutes ago, Utah John said:

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.

 
Hey if some communities are SO DEDICATED to earning a competitive advantage by foregoing income tax revenue to gain a salary cap advantage, they should be rewarded 🤣🤣🤣

 

I guess some states just don’t want to win that badly haha

7 minutes ago, DrDawkinstein said:

 

Source?

 

 

 

And Don was obviously talking about rich people who dont pay their fair share of taxes. Which is a LOT of them.

But the tax code determines what’s fair or not. If you want to simplify the tax code, I’m for it. Complaining that others use it, is just kind of weak. If it wasn’t legal, they’d be in jail. 
 

The sad fact is that those carve outs were made by politicians who received personal support/donations/campaign funds to make them. If anyone, they stole that potential tax revenue and pocketed it, to the detriment of our community and neighbors. 
 

Think the saying goes, don’t hate the player. 

5 minutes ago, DaggersEOD said:

 
Hey if some communities are SO DEDICATED to earning a competitive advantage by foregoing income tax revenue to gain a salary cap advantage, they should be rewarded 🤣🤣🤣

 

I guess some states just don’t want to win that badly haha

But the tax code determines what’s fair or not. If you want to simplify the tax code, I’m for it. Complaining that others use it, is just kind of weak. If it wasn’t legal, they’d be in jail. 
 

The sad fact is that those carve outs were made by politicians who received personal support/donations/campaign funds. If anyone, they stole that potential tax revenue and pocketed it, to the detriment of our community and neighbors. 
 

Think the saying goes, don’t hate the player. 

And my source was a simple google search. 

Edited July 18 by DaggersEOD

[Utah John]

1 hour 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!

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.

That's correct, that game checks are taxed according to the tax rates where the work is performed. I have never questioned that before, but now that you've brought it up, I wonder why this doesn't apply to everyone who travels for their job.  If I live in a no-tax state and my company is based there, but I spend half my time on the road in other states that do have state taxes, why am I not taxed for those days according to the local laws?  Or vice versa, of course.  Or if I work remotely from my company, and I live in a no-tax state but my company is in a state with taxes, do I avoid all state taxes even if I travel to the company HQ a week out of every month?

 

I'm just asking here, not advocating any changes.  But it does seem that sports are taxed differently than other businesses.

[BullBuchanan]

1 minute ago, Utah John said:

That's correct, that game checks are taxed according to the tax rates where the work is performed. I have never questioned that before, but now that you've brought it up, I wonder why this doesn't apply to everyone who travels for their job.  If I live in a no-tax state and my company is based there, but I spend half my time on the road in other states that do have state taxes, why am I not taxed for those days according to the local laws?  Or vice versa, of course.  Or if I work remotely from my company, and I live in a no-tax state but my company is in a state with taxes, do I avoid all state taxes even if I travel to the company HQ a week out of every month?

 

I'm just asking here, not advocating any changes.  But it does seem that sports are taxed differently than other businesses.

It does apply to you. The difference is your company handles it on your behalf. If you file your own taxes, you're required to report earnings where they are earned.

[Jauronimo]

49 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.

I am so conflicted on this issue.  On one hand, our tax code has largely been shaped by lobbyists for the interests of corporations and the rich and powerful.  On the other hand, my career is accounting adjacent and I need financial reporting standards and tax code to be as dense and silly as possible.  But then I looked at how much I am paying in taxes this year...

[aristocrat]

54 minutes ago, peterpan said:

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?

where you sign it has no bearing it’s whatever your resident state is. You don’t become a resident of the state singing a deal there. Probably just an optics thing 

[Jauronimo]

5 minutes ago, Utah John said:

That's correct, that game checks are taxed according to the tax rates where the work is performed. I have never questioned that before, but now that you've brought it up, I wonder why this doesn't apply to everyone who travels for their job.  If I live in a no-tax state and my company is based there, but I spend half my time on the road in other states that do have state taxes, why am I not taxed for those days according to the local laws?  Or vice versa, of course.  Or if I work remotely from my company, and I live in a no-tax state but my company is in a state with taxes, do I avoid all state taxes even if I travel to the company HQ a week out of every month?

 

I'm just asking here, not advocating any changes.  But it does seem that sports are taxed differently than other businesses.

In my line of work, our time sheets for client billing include a field for where the work is performed and taxes are adjusted accordingly.  Not an issue for me since I don't travel much and when I do I lie about it and say I'm in Texas, but for others in the consulting field its a real factor.

[MJS]

5 minutes ago, Jauronimo said:

I am so conflicted on this issue.  On one hand, our tax code has largely been shaped by lobbyists for the interests of corporations and the rich and powerful.  On the other hand, my career is accounting adjacent and I need financial reporting standards and tax code to be as dense and silly as possible.  But then I looked at how much I am paying in taxes this year...

Yeah, it would really disrupt a lot. If things were simple and clear cut, most tax professionals would be out of a job. But, perhaps they'd be able to pivot into other work.

[DaggersEOD]

5 minutes ago, Jauronimo said:

I am so conflicted on this issue.  On one hand, our tax code has largely been shaped by lobbyists for the interests of corporations and the rich and powerful.  On the other hand, my career is accounting adjacent and I need financial reporting standards and tax code to be as dense and silly as possible.  But then I looked at how much I am paying in taxes this year...

Wow yes you are directly conflicted my friend. 🤣

 

Thats a tough spot!

4 minutes ago, Jauronimo said:

In my line of work, our time sheets for client billing include a field for where the work is performed and taxes are adjusted accordingly.  Not an issue for me since I don't travel much and when I do I lie about it and say I'm in Texas, but for others in the consulting field its a real factor.

It’s the same for charities. If you raise funds in a state, you must be registered as a charity there and file all the annual paperwork. 

[Jauronimo]

1 minute ago, MJS said:

Yeah, it would really disrupt a lot. If things were simple and clear cut, most tax professionals would be out of a job. But, perhaps they'd be able to pivot into other work.

I've met these people and most of them would be great organ donors.  

[FireChans]

20 minutes ago, Jauronimo said:

In my line of work, our time sheets for client billing include a field for where the work is performed and taxes are adjusted accordingly.  Not an issue for me since I don't travel much and when I do I lie about it and say I'm in Texas, but for others in the consulting field its a real factor.

Jail this man!

30 minutes ago, Utah John said:

That's correct, that game checks are taxed according to the tax rates where the work is performed. I have never questioned that before, but now that you've brought it up, I wonder why this doesn't apply to everyone who travels for their job.  If I live in a no-tax state and my company is based there, but I spend half my time on the road in other states that do have state taxes, why am I not taxed for those days according to the local laws?  Or vice versa, of course.  Or if I work remotely from my company, and I live in a no-tax state but my company is in a state with taxes, do I avoid all state taxes even if I travel to the company HQ a week out of every month?

 

I'm just asking here, not advocating any changes.  But it does seem that sports are taxed differently than other businesses.

Delete this post before the IRS finds it.

[Capco]

2 hours 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.

That comment might have been worded better, but considering the context (i.e., a thread about a rich person attempting to avoid paying taxes) the comment was clearly in reference to people who should be paying taxes (and have plenty of money to do so and live comfortably) but go through loopholes that other rich people lobbied into the tax code.   

It was not a reference to those who are not required to pay taxes because they are exempt from doing so.

[MJS]

1 hour ago, DrDawkinstein said:

And Don was obviously talking about rich people who dont pay their fair share of taxes. Which is a LOT of them.

Do you have a source for this? Why do you believe that a lot of rich people don't pay their fair share? The numbers I saw was that of the 45% who don't pay income taxes, only 0.1% of them made $200k or more per year.

 

Virtually ALL rich people pay taxes, and pay a lot. There are strategies they use to lower how much they pay, but they still pay a boat load of taxes no matter what they do, unless they are breaking the law. Well, those who break the law, rich or poor, need to be held accountable. For sure.

[Augie]

4 hours ago, DrDawkinstein said:

 

Source?

 

 

 

And Don was obviously talking about rich people who dont pay their fair share of taxes. Which is a LOT of them.

 

“Fair share” as defined how? It’s not a morality thing. There are tax brackets, and exemptions and write-offs and loopholes and all kinds of crazy stuff. It’s like contract law, what does it say in black and white? Play within the rules, and if you find a way to pay less, I can’t blame you. If it’s broken, you need to fix the rules (and that is about as likely to happen as term limits.) 

 

Personally, we owed more than expected when our taxes were done this year. I considered that a sign of good fortune. I hope we have to pay more in taxes next year. That would be awesome! But I don’t want to pay any more than I have to, within the rules.

 

 

. 

Edited July 18 by Augie

[f0neguy]

I didn’t back read this entire topic but I saw elsewhere that a sticking point in his contract negotiations was that he wanted a clause that prohibited the “franchise tag” being applied to him.  Don’t know if that made it into the contract or not.

[Capco]

5 minutes ago, MJS said:

Virtually ALL rich people pay taxes, and pay a lot. There are strategies they use to lower how much they pay, but they still pay a boat load of taxes no matter what they do, unless they are breaking the law. Well, those who break the law, rich or poor, need to be held accountable. For sure.

Businesses and the wealthy used to pay a lot more of their earnings in taxes before the 1980s, and a greater percentage of the populace was in the middle class.  Then, new tax incentives for businesses shifted their excess capital from traditional reinvestment into new technology or workforce efficiency/productivity gains, and instead put that money towards financial instruments.  

EnRon started out in 1985 as a merger of two natural gas companies that actually provided a tangible commodity/service, but by the time of its demise the vast majority of EnRon's genuine earnings came from its traders.  Moving money around from one place to another (e.g., trading) can be an easy way to make more money, but moving money around doesn't actually "create" anything tangible of consumable value, like natural gas.  

I'm all for a simpler tax code, but it must be more progressive than our current tax system.  Fewer loopholes, tax incentives for traditional capital reinvestment into non-financial industries, higher top marginal rates, a 28% capital gains tax, and a concerted effort to get the working poor into the middle class itself... that's what we need to focus on, imo.

[\GoBillsInDallas/]

3 hours ago, DrDawkinstein said:

 

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.

 

But...I saw it on the internet.

 

Therefore, it must be true.

[SoCal Deek]

As I’ve mentioned many times in the past, I was an Owner of a pretty significant sized corporation. At the end of our fiscal year we had very few options of what we could do with profits. One, we could pay taxes on them and retain any remaining funds to save for use, if needed, in the following year.  Two, we could reduce the corporate tax burden by distributing those profits to our owners and employees…who would then pay regular income tax on the amount they received. There is no option where taxes are not paid! Thinking that corporations are somehow getting away with something is utter nonsense. 
 

I don’t offer this as some sort of political talking point. It’s just that most people don’t own a corporation so they have virtually no personal experience on this topic other than what they’re being told by talking heads who should (and most definitely do) know better. 

Edited July 18 by SoCal Deek

[Augie]

4 hours ago, DrDawkinstein said:

 

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.

 

It certainly has a whiff of incompetence to it. Do they think they are the first smart people to go down this road? Plenty of smart people went before them, and now they look clownish. 

[Royale with Cheese]

20 hours ago, DaggersEOD said:

And it has to last them the rest of their lives. 

 

Does it really?  Once you retire from football and if you need money, you can't get a job?