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Sen Burr to introduce bill that will treat all athletes’ scholarship $ as taxable income
Posted on 10/29/19 at 2:53 pm
Posted on 10/29/19 at 2:53 pm
In response to the NCAA’s announcement that athletes will be permitted to be compensated for their names, images and likenesses, Senator Burr tweeted the following
quote:
Richard Burr
@SenatorBurr
If college athletes are going to make money off their likenesses while in school, their scholarships should be treated like income. I’ll be introducing legislation that subjects scholarships given to athletes who choose to “cash in” to income taxes.
38
Posted on 10/29/19 at 2:53 pm to volfan30
Its only fair
Posted on 10/29/19 at 2:55 pm to volfan30
Logically, this makes some sense
Possible repercussion #1 people didn’t talk about already in play
ThErE WOnt Be ANy UNintEnDed ConsEQueNCes!!
Possible repercussion #1 people didn’t talk about already in play
ThErE WOnt Be ANy UNintEnDed ConsEQueNCes!!
Posted on 10/29/19 at 2:56 pm to volfan30
Alabama will just change it to academic scholarships.
Posted on 10/29/19 at 2:56 pm to volfan30
Doesn't take Uncle Sam long to come for their share.
Posted on 10/29/19 at 2:57 pm to Roll Tide Ravens
quote:
Doesn't take Uncle Sam long to come for their share
Yep. It’s not like this income from likenesses isn’t taxable already. A stupid take from Burr.
ETA: I know he’s talking about athletic scholarships.
Burr is mad that the athletes are going to make money and so wants to hit them where it hurts. On the “free” money. And my point is, the income they’ll receive from likenesses is already taxable anyway so it’s not like it’ll be “free money”.
This post was edited on 10/29/19 at 3:08 pm
Posted on 10/29/19 at 2:58 pm to Roll Tide Ravens
So basically, if this were to pass, it would mean some/a decent amount of athletes would have to refuse athletic scholarships as they couldn’t afford the associated taxes with said scholarship
Posted on 10/29/19 at 2:58 pm to volfan30
This is probably irrelevant for 99% of athletes given tax brackets.
Posted on 10/29/19 at 2:58 pm to volfan30
That won't end well when someone asks, "Well, why aren't we taxing academic scolarships?"
Posted on 10/29/19 at 2:59 pm to RedRifle
quote:Wow.
Yep. It’s not like this income from likenesses isn’t taxable already. A stupid take from Burr.
We are talking about the SCHOLARSHIPS becoming taxable
Posted on 10/29/19 at 2:59 pm to RedRifle
He's talking about scholarships.
Posted on 10/29/19 at 2:59 pm to Lou Pai
quote:Wow
This is probably irrelevant for 99% of athletes given tax brackets.
If this were to pass, athletes would have 60k worth of income in scholarships
That puts them is a solid tax bracket right there
This post was edited on 10/29/19 at 3:00 pm
Posted on 10/29/19 at 2:59 pm to Lou Pai
quote:
He's talking about scholarships.
And that's where he lost me. This makes no sense.
Posted on 10/29/19 at 2:59 pm to lsupride87
quote:Agreed.
Logically, this makes some sense
It will essentially be viewed as an income at this point.
Posted on 10/29/19 at 3:01 pm to lsupride87
quote:
So basically, if this were to pass, it would mean some/a decent amount of athletes would have to refuse athletic scholarships as they couldn’t afford the associated taxes with said scholarship
I read it as if they chose to start cashing in, it would then trigger a change to taxable status?
This post was edited on 10/29/19 at 3:02 pm
Posted on 10/29/19 at 3:01 pm to lsupride87
Right, so the de minimis amount in federal taxes is likely offset by the benefits of those who have "cashed in." And your example is really only plausible for private schools.
This post was edited on 10/29/19 at 3:02 pm
Posted on 10/29/19 at 3:02 pm to lsupride87
quote:I'm reading this as this applying to those who actually make money off their likeness, not every single athlete in the NCAA
, it would mean some/a decent amount of athletes would have to refuse athletic scholarships as they couldn’t afford the associated taxes with said scholarship
Posted on 10/29/19 at 3:03 pm to volfan30
Doesn't stand a prayer of passing but he'll get the attention he's seeking out of this.
Posted on 10/29/19 at 3:03 pm to volfan30
quote:
Richard Burr
@SenatorBurr
Need to reform fed govt to run more efficiently, not raise taxes on already struggling American families. We need to do more with less.
Posted on 10/29/19 at 3:04 pm to bbap
currently, scholarships are tax free as long as they are for tuition and books only. taxable portions of the scholarship include things like food and living
The way the OP sounded to me is that the student athletes will have a choice of whether or not they want to cash in on their likeness. If they choose to do so, they will have their entire scholarship taxed as income. This means that the student athlete must be confident that they will make more off their name and likeness than what their tax liability would be. Those who choose not to make money off their likeness, will have their scholarships remain the same as they are now
The way the OP sounded to me is that the student athletes will have a choice of whether or not they want to cash in on their likeness. If they choose to do so, they will have their entire scholarship taxed as income. This means that the student athlete must be confident that they will make more off their name and likeness than what their tax liability would be. Those who choose not to make money off their likeness, will have their scholarships remain the same as they are now
This post was edited on 10/29/19 at 3:05 pm
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