Scase wrote:mihaic wrote:Mr Funk wrote:And for reducing taxes on their income, they take advantage of business tax write-offs, tax-sheltered investments, purchasing permanent life insurance and donating to charities.
Koloko isn't wealthy yet professional athletes at his level are compensated quite generously and their income taxes are not severe.
Their income taxes for income received from basketball are probably in the highest bracket if (My guess) they are employed directly. Even as contractors, what could they write off? They probably already have travel and most meals on the road paid by the team, right? Not sure how much they can deduct without CRA or IRS bring on their case.
Perhaps Harden could write off the strip clubs in entertainment expenses
This is what I meant by people have a low understanding of how exactly wealthy people get away with this stuff. Wealthy people typically have very little to no actual income. NBA players as you stated are no different than your normal employee at a company, they just make more money.
People think rich = never pay any taxes. And while I maintain the sentiment of eat the rich, I make a very healthy living, but I still need to work every day. The wealthy don't.
Exactly.