State Income Tax

[cocanes]

South Carolina
Alabama
Ohio
Louisiana
California

all have state income tax. We have a competitive advantage for kids trying to maximize NIL money

 

[canesmh18]

if it isn't already happening...

I'm sure plenty of boosters will be setting up anonymous wallets and transferring BTC or ETH into kids accounts.

 

[RozayCane]

Crypto is going to make all of this even more crazy. #GetThatMoney

 

[OriginalCanesCanesCanes]

Georgia

 

[Ziggy]

18 year old kids aren't making school decisions due to states having income tax or not.

 

[Rellyrell]

Lol

 

[OriginalCanesCanesCanes]

18 year old kids aren't making school decisions due to states having income tax or not.

They’re not, but it’s another bullet point in our favor

 

[DTP]

Professional athletes with agents signing muli million dollar deals seem to ignore state income tax.

 

[Tad Footeball]

Unless these deals realllllly explode I don't think the state income tax issue is going to play a major role or any role at all, unfortunately. We're not exactly talking similar money to NBA max contracts here.

 

[Timmy T-Bags $$$]

South Carolina
Alabama
Ohio
Louisiana
California

all have state income tax. We have a competitive advantage for kids trying to maximize NIL money

Hmmmmmm that’s interesting I can’t believe that hasn’t crossed my mind. Hopefully that is part of the recruiting pitch with NIL now in effect

 

[GOCANES05]

The State of Florida is one of the fiscally healthiest in the USA

 

[Walsh5]

South Carolina
Alabama
Ohio
Louisiana
California

all have state income tax. We have a competitive advantage for kids trying to maximize NIL money

It sure helps. I'm not so sure how big it will be. I see it mostly as a leveling of an already tilted playing field. Maybe a tax guy could better answer this.

Are these guys getting paid W-2 as employees by sponsors? If they're using their NIL then they'll most likely be setting up LLCs of some kind around their likeness where they can deduct everything from the lease payments on their cars to meals out as business expenses etc. I could be totally wrong though.

I think at the end of the day it' the teams with the boosters who have the deepest pockets who will benefit most. However, that doesn't translate into wins ie: UT Austin... all the money in the world (far more than Alabama and a better recruiting base) hasn't meant much in regards to wins for the past decade plus.

 

[Insanecane]

18 year old kids aren't making school decisions due to states having income tax or not.

You are absolutely correct. It is up to us to sell the fact that they will get to keep more of their money by playing ball here.

 

[90scane]

Professional athletes with agents signing muli million dollar deals seem to ignore state income tax.

First, around 50% of their salary income is taxed by other states (where they play/earn).
Second, they don't have to live in the team's state in the off-season giving them residence in any state they pick for endorsement deal income. Pretty sure bonuses also would fall into the state of residence but I'm not a tax lawyer.

These kids are 100% stuck living in the college's state unless near a border thus they will be paying that state's income tax.

 

[423Hurricane]

VA. Used to work in that state. State income tax is deductible if you itemize.

 

[rustywalkedaway]

Professional athletes with agents signing muli million dollar deals seem to ignore state income tax.

Location, tax rates can have big impact on contract's value

Different tax rates in different states can have major impact on decisions made by free agents

www.usatoday.com

 

[atlCanesFan]

18 year old kids aren't making school decisions due to states having income tax or not.

At least not now. A couple of years down the road ?

 

[CANEMC]

Add this to the list of why Miami talent should stay in the 305.

 

[DTP]

Location, tax rates can have big impact on contract's value

Different tax rates in different states can have major impact on decisions made by free agents

www.usatoday.com

The article sums it up pretty well. Guys will sign in states with higher taxes and end up making less money

 

[RightSaidFred]

if it isn't already happening...

I'm sure plenty of boosters will be setting up anonymous wallets and transferring BTC or ETH into kids accounts.

LOL you want to live in Tuscaloosa and get paid under the table in bitcoins like a **** crack dealer, or you want to live on South Beach and get paid in beautiful, crisp dollars like a baller.

Tough decision lol.