Quote:
Originally Posted by HPF Bob
People who gain sudden wealth often start a foundation because the donations to a non-profit foundation are tax deductible. The player can chair or co-chair the foundation so they are directing where the money goes while turning around and telling the government that the money was "given to charity".
Frankly, anyone who makes a lot more money than they could possibly need (all those commercials and endorsements can add up to more money than their player contract) is smart to set up a foundation. True, you don't keep the money but you get to portray yourself as a philanthropist or humanitarian, reduce your tax hit and it's money you really won't miss.
|
I don't understand your point. He could keep the money he receives and pay income tax on it at the standard rate. He could then do whatever he wanted with it, you know, buy as many Lamborghinis as you can fit in a Pearland garage, busloads of hookers, all the H.E.B. beef he can store in his chest freezer...
Instead he gives what appears to be a significant chunk of it to junior high school football teams. For no reason other than he fking feels like it. Sure, he gets a deduction. But it's not like he comes out ahead financially.
Again, he could take his endorsement money, give the 35% or 40% or whatever it is to the feds, buy cars, girls, bling, the Sopranos box set in HD, who knows what. But he doesn't. I have no idea why people want to bitch about him or marginalize his charitable activity.
Honestly, the vibe I get from a lot of the haters, especially the Arian haters, is simple envy.