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Your College Football Team is Very Worried about GOP Tax Reform
Posted on 11/17/17 at 9:13 am
Posted on 11/17/17 at 9:13 am
LINK
Bloomberg article that actually revolves mostly around LSU as a good example.
Oh noz! My favorite 20 year old semi-pro athletes don't get flat screen tvs on their locker this year! We can't afford to pay an amateur football coach on par with the median of Fortune 500 CEOs!
Maybe I'll have to start actually donating to build a new library instead!
I was not happy at all about capitulating on trying to get Jimbo/Herman, but it's true college football has gotten out of hand in a lot of ways. More reason to support the bill IMO.
Bloomberg article that actually revolves mostly around LSU as a good example.
quote:
For more than 30 years, colleges and universities have leaned on an obscure tax rule that allows sports boosters to make tax-deductible contributions to their teams. Athletic fundraisers around the country say that’s an advantage that generates millions in annual revenue – and one that’s threatened by Republican tax legislation.
The issue revolves around donations that confer the right to buy top-tier football and basketball tickets. Modeled after seat licenses in pro sports, these “contributions” have historically been 80 percent tax deductible and have become one of the three main revenue streams in college sports. Ticket sales and money earned from media rights are the other two.
quote:
“On the surface it may look like, ‘Oh, a bunch of rich people don’t get a tax deduction,’ but what it’s really going to do is hurt athletes,” Munson said.
Oh noz! My favorite 20 year old semi-pro athletes don't get flat screen tvs on their locker this year! We can't afford to pay an amateur football coach on par with the median of Fortune 500 CEOs!
Maybe I'll have to start actually donating to build a new library instead!
I was not happy at all about capitulating on trying to get Jimbo/Herman, but it's true college football has gotten out of hand in a lot of ways. More reason to support the bill IMO.
This post was edited on 11/17/17 at 9:16 am
6
Posted on 11/17/17 at 9:16 am to Lou Pai
it's one of those things that since it's going to impact everyone i don't really have a huge problem with it. How many boosters are donating only for the deduction anyway?
Posted on 11/17/17 at 9:19 am to Draconian Sanctions
quote:It's a factor for sure. But with the lowering of corporate taxes it would balance out somewhat (I think).
How many boosters are donating only for the deduction anyway?
Posted on 11/17/17 at 9:23 am to The Mick
not saying it wont have any impact at all but i dont think it would be as drastic as some as predicting
Posted on 11/17/17 at 9:26 am to Draconian Sanctions
Yeah they kind of talk about that in the article as well. I'm very much far-right fiscally, but it is pretty silly to be able to claim a deduction so you can get your suite and the players can get updated/pristine facilities every few years. I don't know the exact mechanics in terms of how funding is allocated, but it's crazy it's like that while Middleton is a total dump.
Posted on 11/17/17 at 9:26 am to Draconian Sanctions
Good. I'm tired of phony deductions everywhere. They need to be cut down drastically unless the "non profit" is a charity or contributes directly to charitable causes.
Posted on 11/17/17 at 10:25 am to Lou Pai
The standard deduction is doubling with the new plan, so it should have little to no impact IMO.
Posted on 11/17/17 at 10:30 am to Lou Pai
Meh. Teams are just going to offer corporate sponsors more. They will also raise student ticket prices and activities fees around campus to offset any potential shortfall
Posted on 11/17/17 at 10:31 am to Lou Pai
quote:
Maybe I'll have to start actually donating to build a new library instead!
we aint come here to pay for class
Posted on 11/17/17 at 10:56 am to Lou Pai
It doesn't effect just the super wealthy OT-Ballers. If you itemize and have LSU season tickets it will hurt you. It's nice being able to deduct 80% of the donation at tax time. Takes some of the sting out of the woefully overpriced tickets.
Posted on 11/17/17 at 11:10 am to Lou Pai
Reading the recruiting board for about 30 minutes is all you need to know that CFB is out of hand.
Posted on 11/17/17 at 12:25 pm to Lou Pai
Maybe this will lead to LSU grads donating to the endowment instead of TAF. LSU's endowment is embarrassing. I don't get the sense that LSU fans care about education as much as football, though, so it probably won't change anything.
Posted on 11/17/17 at 1:12 pm to Solo
quote:
LSU fans
quote:
care about education
Posted on 11/17/17 at 1:17 pm to Solo
quote:
I don't get the sense that LSU fans care about education as much as football
Posted on 11/17/17 at 3:05 pm to Draconian Sanctions
That this is an issue is exactly why I wish we would scrap the income tax in favor of a consumption tax. The deductions are just cronyism at its worst.
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