Quote from
Railroader on December 4, 2023, 8:49 pm
The other thing, do these athletes understand the tax implications? Professional athletes have to pay taxes to every state/municipalities they play in throughout the season. Is this the case with NIL's too? From what I have picked up from other comments is that this is the Wild Wild West. No regulations or rules, other than declaring it as income and pay taxes. Sell yourself to the highest bidder.
This is why we need the NCAA to step up and set iron clad rules. Ha-ha, fat chance of that happening. Or, Congress doing the dirty deed. Since we are talking about tax dollar that they love to spend this option could actually happen, about 1% chance.
The other thing, do these athletes understand the tax implications? Professional athletes have to pay taxes to every state/municipalities they play in throughout the season. Is this the case with NIL's too? From what I have picked up from other comments is that this is the Wild Wild West. No regulations or rules, other than declaring it as income and pay taxes. Sell yourself to the highest bidder.
This is why we need the NCAA to step up and set iron clad rules. Ha-ha, fat chance of that happening. Or, Congress doing the dirty deed. Since we are talking about tax dollar that they love to spend this option could actually happen, about 1% chance.
ColterRey, UtahBronco and Larry Shaw have reacted to this post.
ColterReyUtahBroncoLarry Shaw