Senate passes a sweeping Tax Reform Bill.

[CHenry]

Everyone I have talked to about this, I have asked them what they will do with the extra money in their check. They all said they will put it in their retirement saving/investment. I plan to do the same.
That doesnt stimulate the economy much. Of course there are those that will use it to help make ends meet.

 

[Hobbes]

Here's something I haven't heard mentioned....



The new tax plan passed this week by Congress figures to dent big-time college athletics on multiple fronts.

The bill includes a 20 percent excise tax on salaries of $1 million paid by non-profits, of which universities and their athletic departments are included. Schools also are expected to be affected by the elimination of a tax deduction for the donations affiliated with some ticket purchases. Donors have been able to deduct 80 percent of such donations that many schools require for tickets.

OU has been preemptive, according to ESPN, asking season-ticket buyers to purchase their tickets three years in advance to avoid the ramifications of the new bill.

ESPN reported that SMU, Florida and OU are among the schools that have reached out to fans, alerting them that donations made before Jan. 1 would not be subject to the new law.

“These are not easy suggestions to make,” OU athletic director Joe Castiglione told ESPN in a story you can read here. “Because you can't just paint everyone with a broad brush. You have to know who these people are and their capacity to do what you are suggesting, because they're all at different income levels." Castiglione said the likely hit to schools would be “significant."

The financial hit for million-dollar salaries is significant, too.

OSU gave Mike Gundy a raise to $5 million. That means OSU is on the hook for a $1 million tax per year. Basketball coach Mike Boynton will make $1 million this season. That means a $200,000 tax on OSU.

OU’s taxable salaries are even more staggering. Lincoln Riley is making $3.1 million this season but figures to get a substantial raise. At $3.1 million, OU would be taxed $620,000. Men’s basketball coach Lon Kruger is making $2.75 million per season. That’s a tax of $550,000. Women’s basketball coach Sherri Coale makes $1.1 million per year. That’s a tax of $220,000. Softball coach Patty Gasso was raised last summer to $1 million per year. That’s $200,000. That’s almost $1.6 million per year in taxes on coaches salary, and Castiglione himself makes at least $1 million per year, so the tax bill grows even more.

http://m.newsok.com/new-tax-bill-to-cost-athletic-departments-big-money/article/5576843

 

[SlugSlinger]

Everyone I have talked to about this, I have asked them what they will do with the extra money in their check. They all said they will put it in their retirement saving/investment. I plan to do the same.
That doesnt stimulate the economy much. Of course there are those that will use it to help make ends meet.

Investing probably stimulates the economy exponentially and a lot more than one might think. Depending on the investment, an investor is indirectly loaning money to fund business by loans or stock purchase, personal loans to buy stuff or mortgages, etc. Even if you just put the money in a bank account it just doesn't sit there and rot. Investing is a big driver of economic transactions and activity.

 

[Biggsly]

Everyone I have talked to about this, I have asked them what they will do with the extra money in their check. They all said they will put it in their retirement saving/investment. I plan to do the same.
That doesnt stimulate the economy much. Of course there are those that will use it to help make ends meet.

I would bet that more people spend it, then save it.

 

[Riley]

Per Hobbs comments above, the problem funding OK elementary and high schools appears readily evident. The 13.95 million in salary for those 6 equals the pay for 348 classroom teachers at the average of 40K. Priorities I guess.....

 

[Shadowrider]

Per Hobbs comments above, the problem funding OK elementary and high schools appears readily evident. The 13.95 million in salary for those 6 equals the pay for 348 classroom teachers at the average of 40K. Priorities I guess.....

I could be wrong, but I'm thinking that no state money goes to fund university athletic programs.

And I have no sympathy for Joe C's comments. OU and OSU are more than capable of funding their athletics. I have serious doubts that the Gaylords and Pickens of the world will cease their donations over this. But fund raising is Joe's primary responsibility so I guess it would be expected for him to comment like he has.

 

[JD8]

It's like Hobbes can't handle that the legislation is passing so he's trying to find anything nitpicky he can. All of a sudden he's worried about our athletic depts. and how much more money they'll have to cough up? LOL.

Riley- You might want to do some homework on where athletic depts. get their funding and none of this legislature has anything to do with Oklahoma teachers, except giving them a tax break.

 

[Hobbes]

It's like Hobbes can't handle that the legislation is passing so he's trying to find anything nitpicky he can. All of a sudden he's worried about our athletic depts. and how much more money they'll have to cough up? LOL.

Riley- You might want to do some homework on where athletic depts. get their funding and none of this legislature has anything to do with Oklahoma teachers, except giving them a tax break.

What is your problem?

I saw the article on the front page of newsok and posted it because I hadnt heard heard anything about it.

Why do you continue to attack me personally from thread to thread?
It's like having my own stalker.

 

[Riley]

[QUOTE="Riley- You might want to do some homework on where athletic depts. get their funding and none of this legislature has anything to do with Oklahoma teachers, except giving them a tax break.[/QUOTE]

You say this as though I may actually care. My comment was more as an "opportunity cost" of the articles focus on an athletic department.

 

[ignerntbend]

What is your problem?

I saw the article on the front page of newsok and posted it because I hadnt heard heard anything about it.

Why do you continue to attack me personally from thread to thread?
It's like having my own stalker.

It's an alternative history type thing. People do it with World War II all the time. If the Japanese hadn't bombed Pearl Harbor we'd all be speaking German. Don't tell me it's the first time you've heard of that kind of stuff. It's endlessly relevant.