State Income Tax

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Like I said, EVERYONE is getting in on the NIL, schools be damned.



Kudos to this young man. Might see more of this from star players - like a QB giving to the big uglies that protect his back side. See some of it in the pros.
 
I met a dude, literally, last week. We converse & all that, and I ask where bro was from. He said Tampa. So of course I asked who’s his college team, in which he said he doesn’t really follow sports, but since he’s an alum from USF, he follows them.

Aight, ffwd; of course, I rep my Canes & share stories on how I became a Canes fan & trips to Florida when I was younger through my college yrs. Dude allows me to live in nostalgia a bit, then goes, verbatim, “Yeah, I lived in Miami for 3 yrs; didn’t like it. Too divided. It’s not all what it’s cracked up to be…it’s South Beach which is phony af, and poverty. That’s it, no in between.”

Basically bro was saying the limelight that’s advertised w/ the fancy cars & beach front homes is more fantasy than everyday life for the common guy.
I grew up in Margate and have spent the last twenty years out in Texas. Last week I went back to S Florida with my family to visit my Dad, go to the beach, and see UM. One impression I had is just how much more crowded Dade County has become. Even Coral Gables, with some huge buildings going up. I-95 was in parts decrepit, and some of the drivers were seemingly living out GTA fantasies. I can see why some would not necessarily flock to the area. I love S Florida, but there are some downsides.
 
And UT is going to clean up for exactly that reason.
It in theory would give UT an advantage, but Tom Herman recruited quite well and couldn’t get over the top. UM has more wins in the last decade than Texas. As another poster said, financial incentives will only go so far - and will potentially inspire the wrong type of player to join. Coaching and schemes are still needed, and if UT fails then they’ll struggle to attract talent. Living out here Ive seen it, much to the chagrin of my friends.
 
South Carolina
Alabama
Ohio
Louisiana
California

all have state income tax. We have a competitive advantage for kids trying to maximize NIL money
Not if the reported income falls below taxable income thresholds*.

NOW, what happens when a booster goes hog wild in hidden payments to an athlete or they mischaracterize sponsorship values? 1:1,000,000 but maybe one day we see tax evasion type of issues....

*payroll taxes of course as applicable

Do we have any actual tax experts on here?
 
Not if the reported income falls below taxable income thresholds*.

NOW, what happens when a booster goes hog wild in hidden payments to an athlete or they mischaracterize sponsorship values? 1:1,000,000 but maybe one day we see tax evasion type of issues....

*payroll taxes of course as applicable

Do we have any actual tax experts on here?
I think I know of 2. I’ll go with @wspcane for this one.
 
I think I know of 2. I’ll go with @wspcane for this one.
@Empirical Cane is pretty much right, but those thresholds vary state to state. I’ll use Georgia as an example. State taxes are about 6% starting at $7k for singles. But as mentioned, this is contingent on income being reported. I’d guess a lot of these guys will be 1099 independent contractors so it’s going to largely be on them, though what they report will have to link to the companies filings.

I hope these schools have good procedures and systems in place to make sure kids are withholding or saving for taxes or they can wind up getting themselves in trouble. These sponsorships are going to be pretty **** public and are going to somewhat pull the curtain back on the under the table payments not being reported. I’ve said this before and I’ll say it again - this is going to be a MESS.

This reminds me of an old Miami story. Years back the maitre d at Joe’s was getting absurd amounts from people for their preferred table, waiter, skip the line, etc. in handshakes when people would put their names down. He wasn’t reporting any of it. The IRS wound up sending in agents to put their names down and wait, and come up with an estimate for the amount he was getting in gladhands, then assessed him taxes going years back.
 
TX also has no state tax, just a FYI; and, they also have 2 of the top 7 biggest media markets (Miami is outside the top 10). It’s cheaper to live there while they boast the 4th highest concentrated billionaires in the nation (right behind Florida).

UT has a huge donor base, uber business opportunities, etc etc etc. Why wouldn’t they be the most attractive to a recruit based upon this logic?

Some of ya’ll r overthinking this. Kids r going to go where they are going to go. They r still going to go where they can ball & make the league. The NIL is another recruiting pitch, but I can almost guarantee u this put a little dent in the recruiting landscapes b/c everyone is going to get paid. It’s still all about winning & getting guys drafted. If we're relying on the NIL to level the playing field, God bless u all. Just win baby. That’s all we gotta do.
Great post.

Unfortunately, we have been saying “just win” for so many years and it doesn’t happen.
 
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@Empirical Cane is pretty much right, but those thresholds vary state to state. I’ll use Georgia as an example. State taxes are about 6% starting at $7k for singles. But as mentioned, this is contingent on income being reported. I’d guess a lot of these guys will be 1099 independent contractors so it’s going to largely be on them, though what they report will have to link to the companies filings.

I hope these schools have good procedures and systems in place to make sure kids are withholding or saving for taxes or they can wind up getting themselves in trouble. These sponsorships are going to be pretty **** public and are going to somewhat pull the curtain back on the under the table payments not being reported. I’ve said this before and I’ll say it again - this is going to be a MESS.

This reminds me of an old Miami story. Years back the maitre d at Joe’s was getting absurd amounts from people for their preferred table, waiter, skip the line, etc. in handshakes when people would put their names down. He wasn’t reporting any of it. The IRS wound up sending in agents to put their names down and wait, and come up with an estimate for the amount he was getting in gladhands, then assessed him taxes going years back.
The owners were friends of my grandparents going back to the 40’s on the Beach. That maitre d (can’t remember his name) made $100’s of thousands per year from what a relative once told me.
 
The owners were friends of my grandparents going back to the 40’s on the Beach. That maitre d (can’t remember his name) made $100’s of thousands per year from what a relative once told me.
Oh yeah. And they ultimately dinged him for it. I mean imagine the gladhanding and handshakes he used to get during the 70s and 80s down there. Insane.
 
Oh yeah. And they ultimately dinged him for it. I mean imagine the gladhanding and handshakes he used to get during the 70s and 80s down there. Insane.
We never waited but we mostly used to go for lunch. I remember when I wanted to go myself with a college buddy who was visiting- for dinner when I was younger - and It was set up for me in advance but if I recall, I shmeared him on the way out. He wouldn’t take it on the way in. It was probably 30 years ago so I’m hazy about it.
 
We never waited but we mostly used to go for lunch. I remember when I wanted to go myself with a college but who was visiting- for dinner when I was younger - and It was set up for me in advance but if I recall, I shmeared him on the way out. He wouldn’t take it on the way in. It was probably 30 years ago so I’m hazy about it.
These days, just give me the fried chicken, creamed spinach, hashed potatoes, and key lime pie from the to-go area and save me the aggravation on the rest. But, Miami is also a much better food city than it was even 10 years ago.
 
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Years ago the pga ran a story on how much money Phil paid in taxes compared to Tiger. Just being in California compared to Florida. The numbers were crazy. NHL guys demand more to play in Canada too. This will have a minor effect on 17 year olds but it is something to try and use to our advantage.
 
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