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And Now A Closet Full of Shoes Will Drop

wspcane said:
I get what you are saying, but its not totally accurate. Everything is taxable unless specifically excluded. If I relieve a debt of yours, that is taxable income. If I get a car in a raffle, the FMV of that car is taxable income. If I barter with someone and they do services in exchange for services, that is taxable income.

Scholarships are generally excluded. However, if the scholarship is in exchange for services, it is included. I am not sure how or why it is excluded now, maybe under the guise of "amateur athletics", but I am sure they could bring that back in as taxable income if they determine the scholarship is in exchange for athletic services. Technically, room and board and living expenses as part of a scholarship are taxable income too.

The point is, this stuff is not black and white and a lot of it would depend on how things are written and structured in the financial aid/scholarship agreement.
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I know the laws are tricky but the whole reason they can't pay taxes is the same as why they can't get a job. They're not making actual money and are full time students, as well as full time athletes. It wouldn't be possible for them to pay taxes, unless they do some type of deferment plan. Like I said, whatever they make on the side, obviously is fair game but I don't see it on the scholarship; at least not while they're in school.
However, the crooked politicians are mad because now someone can make a few bucks and they want a piece. Nothing would surprise me in Washington.
 
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Empirical Cane said:
In light of CAs NCAA legislation amd the Board of Governors [NCAA] essentially voting to fully surrender rather than fight in court...

Several states, NC first among them, are now introducing legislation...

...you accept likeness money, we also tax the value of your full scholarship as income...

get ready for the accountants and W2s...

what could possibly go wrong?
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I personally don't see any states actually passing legislation taxing the value of a scholarship. I get why some people are saying that, a scholarship is worth a LOT, and it feels like people are denigrating the value of a college education. But, I don't see that as being a popular position that will garner enough support to actually pass such legislation.
 
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g8rh8rMD said:
I personally don't see any states actually passing legislation taxing the value of a scholarship. I get why some people are saying that, a scholarship is worth a LOT, and it feels like people are denigrating the value of a college education. But, I don't see that as being a popular position that will garner enough support to actually pass such legislation.
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I agree, It will be fought vehemently. I could see NAACP and similar groups getting in the fight, especially if the athletes unionize. It could get ugly.
 
S.CarolinaCane said:
He's just ****ed because it actually evens the playing field for a lot of teams. I know that the argument has went back and forth over and over again....but it really does even the playing field.

I even saw someone post the whole "bigger schools have more to offer than smaller schools, because of enrollment" or some **** like that, but thats ancient way of thinking, its about marketability at the end of the day period, and trust me the Miami brand has WAY more to offer than even Clemson does. I mean could you picture billboards and ads all over South Florida with Miami football players all over the place?

This is a really crazy series of events, but I can tell you its far from over.
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This.
That slide doesn’t seem so cool when you can live in a condo at the gables and valet your Bavarian automobile.

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duke4heisman said:
This probably won't pass and if it does, I believe it will be challenged in court. The athletes do not get income from the scholarship, therefore they can't pay tax. The money from their image, etc yeah I can see that.
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That's a bad argument. People are forced to pay tax all the time on things that they don't get "income" from. Default on a loan? You get taxed on the forgiven debt. Inherit your childhood home or the family farm when mom and dad pass away? You better be prepared to pay the tax man for the value of that inheritance.

As I mentioned in a previous post. I don't think any states will actually pass such laws taxing the value of the scholarship, but it's because those laws will not be popular, not because you can't tax it. The government can do whatever the fvck it wants, it has all the guns and all the jails. That's why democracy is the least bad form of government, because at least a democracy is, in theory, accountable to the will of the people.
 
g8rh8rMD said:
That's a bad argument. People are forced to pay tax all the time on things that they don't get "income" from. Default on a loan? You get taxed on the forgiven debt. Inherit your childhood home or the family farm when mom and dad pass away? You better be prepared to pay the tax man for the value of that inheritance.

As I mentioned in a previous post. I don't think any states will actually pass such laws taxing the value of the scholarship, but it's because those laws will not be popular, not because you can't tax it. The government can do whatever the fvck it wants, it has all the guns and all the jails. That's why democracy is the least bad form of government, because at least a democracy is, in theory, accountable to the will of the people.
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Oh I agree but like in my previous post above, it's just not possible unless they do some type of deferment plan like student loans. Also my main argument is that it won't be popular as well and I believe there would be extreme push back
 
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MISTER OWL said:
I noticed that the NCAA does not actually have a plan, yet they say whatever their plan will be, it will go in to effect January 1, 2021.

The CA legislation was aimed at going in to effect some time in 2022.

The NCAA, by announcing that 1.1.2021 date, might have quieted the state legislatures for awhile. Literally nothing the states can do because the NCAA has provided zero details of their plans.

Advantage: NCAA
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i respectfully disagree.

we are seeing NCAA in full panic mode.

like Rome is burning...
 
Pretty soon, some really rich person/people is/are going to realize that he/she/they could make a lot of money by starting up a new league patterned after the major junior hockey leagues in Canada.
 
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You know the old saying. Two things for sure death and taxes. If I make money I pay taxes. Now who does it hurt more tax a full ride to Miami or a full ride to a state school. Big difference in cost I bet.
 
duke4heisman said:
Oh I agree but like in my previous post above, it's just not possible unless they do some type of deferment plan like student loans. Also my main argument is that it won't be popular as well and I believe there would be extreme push back
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Possible ain't got nothing to do with anything. Uncle Sam doesn't give a fvck if you don't have the money set aside to pay the taxes on the family farm when mom and dad die. They'll happily take all of your families property and then garnish your wages until the day you die if they decide you owe them something.

People should maybe consider that sometimes politicians are just trying to make a point. Until proven otherwise, I don't really get why people get all up in arms over some guy saying something that will never be passed into law. Especially when the dude has a point. If you are earning an income by playing a sport for a state university, then why should the taxpayers of that state be subsidizing your education? I'm not saying I agree with the man, but he's got a valid point that merits at least consideration and discussion. But what he's proposing won't happen because no state will pass such a law.
 
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If this comes to fruition, one has to guess that private universities like UM would be hit the hardest as they're the most expensive.
 
moshated305 said:
Then should they tax regular students who receive scholarships as well? Seems pretty at best and I don't see any way they get that bill passed.
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Straw man. The difference here is that a student-athlete earning an income by way of their participation on a football team at a state university doesn't necessarily need the taxpayer subsidy that a need-based scholarship recipient does, or even a non-revenue sport athlete.

Again, not saying I agree with the idea, but let's not pretend this is about something it's not.
 
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