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Post by spudbeaver on Jun 11, 2023 7:28:50 GMT -8
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Post by seastape on Jun 11, 2023 9:00:54 GMT -8
I'm not sure that they shouldn't in this case. NIL collectives money is going to athletes strictly for profit to the athlete. Most of the athletes that are going to collect from NIL collective money are already on scholarship and the NIL money is pure profit. Sounds like taxable income to me.
I suppose a case could be made to exempt contributions for NIL collective money that is paid to athletes who are not on scholarship or who are only on partial scholarship, but would that essentially be providing athletic scholarships to more athletes than are allowed to receive scholarship money?
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Post by Henry Skrimshander on Jun 11, 2023 9:22:02 GMT -8
Income is income. People getting paid is people getting paid, whether or not they are waiters, bartenders, janitors, office workers, construction workers, college athletes, whatever.
Why should some guy tending bar have to pay taxes on his income (and tips), but some football player getting money not pay taxes on his income? The Georgia tight end making $720,000 in NIL money should have to pay taxes on it? It's income. It's taxable.
A scholarship is not considered taxable income. So to the IRS, there is no difference between a scholarship athlete and a walk-on.
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Post by drunkandstoopidbeav on Jun 11, 2023 10:46:33 GMT -8
As I read it the ruling isn't so much about athletes paying taxes, it's about donors getting tax exemptions for their NIL donations. Apparently there were some ways available to allow donors to get a tax break and this is meant to shut it down.
Tax it all.
It is income for the players, so it should be taxed.
In my opinion it's not tangible long term donation to the universities involving facilities or scholarships . It's more like giving a free car to player, or paying a player to perform a nominal servive to you for money and should not be a tax write off for the donor.
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Post by seastape on Jun 11, 2023 10:56:09 GMT -8
As I read it the ruling isn't so much about athletes paying taxes, it's about donors getting tax exemptions for their NIL donations. Apparently there were some ways available to allow donors to get a tax break and this is meant to shut it down. Tax it all. It is income for the players, so it should be taxed. In my opinion it's not tangible long term donation to the universities involving facilities or scholarships . It's more like giving a free car to player, or paying a player to perform a nominal servive to you for money and should not be a tax write off for the donor. Agreed. The key is that the boosters are not giving money to a non-profit so they should get no exemption/write-off. |
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