Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
pslholder96
Excellent post. Thanks for educating.
All beter now? :)
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
HoustonRaven
All beter now? :)
All is well:thumbup:
Re: NFL doesn't pay taxes??
The fact that Goodell makes $30M per year to screw up the game is the scary part.
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
Ravcolt
The fact that Goodell makes $30M per year to screw up the game is the scary part.
Done far more good than bad, IMO.
Well deserved.
Re: NFL doesn't pay taxes??
The NFL is simply a trade association. The only money the NFL makes are membership dues from the 32 teams, income from it's investments and fines. I don't have current numbers, but in 2010 this amounted to:
Membership dues: $183,789,138
Investment income: $270,439
Fines: $ 240,000
BTW...the NFL lost $42mil in 2009 and $52mil in 2010.
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
Loyola
When you are talking about SALARY you are talking about ORDINARY INCOME. Other than giving it away to charity there is not really an easy way to shelter a SALARY of $30M.
If he had a $100 Million mortgage at 6% interest he could deduct $6M from the $30M. Even if he could SHELTER 90% of his SALARY he would still be in the 40% Federal Income tax bracket.
So yes I do believe that he is paying the top bracket rate (about 40%) on his adjusted gross income.
:thumbup:
The fact that we know about it means the IRS knows about it. Not so easy to hide income that sitting out in the open
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
Money227
I don't have current numbers, but in 2010 this amounted to:
Membership dues: $183,789,138
Investment income: $270,439
Fines: $ 240,000
Only $240k in fines? I think a decimal point's been moved. Or is that just team fines, not player fines?
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
moose10101
Only $240k in fines? I think a decimal point's been moved. Or is that just team fines, not player fines?
I actually just looked up their 2011 return (which is actually through March 31, 2012 which is their year end) and it's listed as "coach/club fines" (which were $584,500).
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
Money227
The NFL is simply a trade association. The only money the NFL makes are membership dues from the 32 teams, income from it's investments and fines. I don't have current numbers, but in 2010 this amounted to:
Membership dues: $183,789,138
Investment income: $270,439
Fines: $ 240,000
BTW...the NFL lost $42mil in 2009 and $52mil in 2010.
They get TV revenue.
They do NOT invest. That would violate their 501(c)(6) tax exempt status.
Fines are donated to charity and not considered income.
Re: NFL doesn't pay taxes??
No criticism aimed at the OP or anyone else here, but this is an example of being gullible to media slanted pot-stirring and ignorance by many Americans of our (onerous) system of taxation. Of the $9 billion annual revenue which funds the NFL (league offices, teams, players salaries combined) I would be surprised if half or more is already confiscated by the taxman - Federal, State, local. Tax the league offices as well? Guess what: the taxes on the league offices would, in turn, be passed on to the teams who would, in turn, raise ticket prices again.
Also: fact-twisting by the media about Exxon's taxes. The owners of Exxon (likely you and me, your parents, grandparents and/or friends own its stock directly or via investment portfolios) are subject to double taxation: Exxon's corporate taxes, and your personal income taxes on Exxon dividends.
The author of the petition should be sent back to junior high school social studies classes.
Re: NFL doesn't pay taxes??
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Originally Posted by
HoustonRaven
They get TV revenue.
They do NOT invest. That would violate their 501(c)(6) tax exempt status.
Fines are donated to charity and not considered income.
1. No, they don't get TV revenue.
2. Their "investment" revenue is mostly interest. 501(c)(6) organizations can absolutely place their money in investments. They just need to be primarily supported by membership dues and other revenue related to its exempt purpose (which the NFL obviously is).
3. Player fines are donated to charity. Coach/club fines are reported as revenue.
Re: NFL doesn't pay taxes??
Quote:
Originally Posted by
Mista T
No criticism aimed at the OP or anyone else here, but this is an example of being gullible to media slanted pot-stirring and ignorance by many Americans of our (onerous) system of taxation. Of the $9 billion annual revenue which funds the NFL (league offices, teams, players salaries combined) I would be surprised if half or more is already confiscated by the taxman - Federal, State, local. Tax the league offices as well? Guess what: the taxes on the league offices would, in turn, be passed on to the teams who would, in turn, raise ticket prices again.
Also: fact-twisting by the media about Exxon's taxes. The owners of Exxon (likely you and me, your parents, grandparents and/or friends own its stock directly or via investment portfolios) are subject to double taxation: Exxon's corporate taxes, and your personal income taxes on Exxon dividends.
The author of the petition should be sent back to junior high school social studies classes.
:word