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Started By
Message
Tax changes could cost LSU athletics up to $50 million
Posted on 11/12/17 at 8:10 pm
Posted on 11/12/17 at 8:10 pm
LINK
quote:
While Congress sets its focus on overhauling the nation's tax code, one provision of plans introduced in both the U.S. House and Senate could have unexpected and far-reaching implications for LSU fans.
LSU officials say that potentially as much as $50 million for the university's heralded athletic programs could be lost if Congress eliminates a little-known tax deduction that helps bring in millions to pay for its highly-ranked football, baseball, basketball and gymnastics programs, among others.
"It could be disastrous — for not just us, but every athletic department in the country," LSU athletic director Joe Alleva said.
20
Posted on 11/12/17 at 8:16 pm to Jim Rockford
quote:That's fine with me. As long as it affects everyone equally.
"It could be disastrous — for not just us, but every athletic department in the country,"
Posted on 11/12/17 at 8:16 pm to Jim Rockford
With the doubling of the standard deduction most would not be able to use the deduction anyways.
Posted on 11/12/17 at 8:17 pm to Jim Rockford
This is what you wanted.
Posted on 11/12/17 at 8:18 pm to Jim Rockford
That's a bs number. People aren't giving up their season tickets because of losing this deduction.
Posted on 11/12/17 at 8:21 pm to Jim Rockford
quote:
Tax changes could cost LSU athletics up to $50 million
Fear mongering and that $50 million is highly doubtful. I’m pretty sure LSU athletics will be perfectly fine.
Besides, is way too “corporate” as it is now.
Posted on 11/12/17 at 8:22 pm to Laman1978
quote:
That's fine with me. As long as it affects everyone equally.
Same, good elimination to close the deficit
Posted on 11/12/17 at 8:23 pm to Jim Rockford
If they still require the donations for tickets, they'll still happen.
Posted on 11/12/17 at 8:26 pm to Jim Rockford
quote:
disastrous
quote:
Joe Alleva
Posted on 11/12/17 at 8:27 pm to Jim Rockford
quote:
LSU officials say that potentially as much as $50 million
Same feckless, limp wristed, soft palmed admins who fricked up Miles departure, declare exigenciy prematurely, and threaten to cancel football are making this allegation. frick these money- grubbing parasites. They are alarmists who blow things out of proportion to further their agenda.
Posted on 11/12/17 at 8:28 pm to 31TIGERS
quote:
Fear mongering and that $50 million is highly doubtful. I’m pretty sure LSU athletics will be perfectly fine. Besides, is way too “corporate” as it is now.
Absolutely and I totally agree. It was like our governor saying we'd have to close down LSU and shut down the football program. Totally baseless.
Will some folks not renew season tickets because they are losing a tax deduction? Hell, I guess maybe, maybe.... a few. But the asinine conclusion that it would cost anywhere near $50 million is ludicrous.
Posted on 11/12/17 at 8:37 pm to Catman88
quote:
With the doubling of the standard deduction most would not be able to use the deduction anyways.
of course you don't mention eliminating the personal exemption of $4000+ per person (family of four loses over $16000 per year) nor the elimination of the deductions for property taxes and state income taxes nor the elimination of medical or catastrophic expenses.
there are a lot of these "details" that will come out after the fact that will cause many people to realize the truth. when a politician (of either party) utters the words "tax reform" somebody is gonna get fricked. and that someone is never the damn politicians or their wealthy buddies. I've been around a long time and this always is the case.
this "taxes on a postcard" is specifically designed to appeal to dumb shits and it is working.
Posted on 11/12/17 at 8:38 pm to Jim Rockford
That's ridiculous, people are making those donations for tickets. Not tax deductions
Posted on 11/12/17 at 8:43 pm to Sterling Archer
quote:
to close the deficit
Not a chance! The various proposals will only increase it.
Posted on 11/12/17 at 8:50 pm to yellowfin
quote:
That's ridiculous, people are making those donations for tickets. Not tax deductions
80% can be claimed as a deduction, which saves 28 cents on the dollar for someone in the 35% federal bracket. Someone donating $5k to LSU so they can get tickets won't stop because they'll pay $1,400 more in taxes.
Posted on 11/12/17 at 8:56 pm to Jim Rockford
"Could...might...may....possibly"
Meh.
Meh.
Posted on 11/12/17 at 8:57 pm to Jim Rockford
No fan of the tax plan in general, but I never did like the season ticket loophole deduction.
The fact that wealthy business owners get a deduction for buying season tickets for "marketing" purposes is lunacy.
The entire 501(c) donation tax expense just opens up too much opportunity for abuse of its intended purpose.
The fact that wealthy business owners get a deduction for buying season tickets for "marketing" purposes is lunacy.
The entire 501(c) donation tax expense just opens up too much opportunity for abuse of its intended purpose.
Posted on 11/12/17 at 9:09 pm to Sterling Archer
quote:
Same, good elimination to close the deficit
Nope. It's gonna make the deficit much worse.
Posted on 11/12/17 at 9:13 pm to victoire sécurisé
quote:
The entire 501(c) donation tax expense just opens up too much opportunity for abuse of its intended purpose.
I agree 100% that the "charity" deduction has gone to far. the foundation deductions are even worse and border on criminal.
Posted on 11/12/17 at 9:18 pm to Jim Rockford
quote:
LSU officials say that potentially as much as $50 million for the university's heralded athletic programs could be lost if Congress eliminates a little-known tax deduction that helps bring in millions to pay for its highly-ranked football, baseball, basketball and gymnastics programs, among others.
LSU and their lib bitch femme leadership can frick off with their fear mongering.
And they were gonna shut down LSU football because of the budget huh?
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