Effect of tax bill on Husker sports

[HuskerNation1]

2 hours ago, HuskerNBigD said:

 

Not even true. Your long ass tirades miss the point so many times, it's not even funny.

 

Did you not see the automated email from the Athletic Department about tax implications? In case you didn't, someone just listed out what it would do - repeal the 80% donation.This is not a healthy tax reduction, it is a haste overhaul that is setting up to be detrimental for at least a decade.

 

I'll bite and mods feel free to move this post if need be, but I am so sick of the blind opinions that people (conservatives) have, that our government can't do anything wrong. Net neutrality was the straw that broke the camel's back, but this was right up there....I work in the financial services industry, a predominantly conservative/republican field, and you would not believe the backlash the house and senate bills are receiving. Not only will it affect the individual investor (they wont be able to chose FIFO or LIFO for tax purposes, just FIFO so there is typically a built in tax liability with that) but we have hedge fund partners that will be closing shop depending on what bill is ultimately passed.

 

There are entire markets (Not for Profit hospitals and higher education / charter schools) that could potential go away or cause WACC to go up 30% overnight. They won't be able to find investors to back their projects. Is that what you want for inner city charter schools, or senior living facilities? I don't f'ing think so, but keep pumping the blind support. At least we will all have "healthy" tax reductions.

 

 

 

I feel this needs to be moved and it

is getting way too political. I too work in the financial services field for a large company and can easily say the current administrations policies are far more friendly to all businesses and taxpayers than the prior administration who loaded up on regulations, initiated the DOL fiduciary changes costing many companies large sums of money and slowed their ability to implement changes to the market, and instilled a hostile culture toward businesses with NLRB appointees.

[LumberJackSker]

I heard that all donations to the university have to be paid in bitcoin now

[jsneb83]

You guys want to talk about the politics of the tax plan, do so here. This is for how it pertains to Husker football and athletics. This is your last chance or we will lock it up.

[BigRedBuster]

On 12/15/2017 at 9:13 PM, HuskerNation1 said:

 

I feel this needs to be moved and it

is getting way too political. I too work in the financial services field for a large company and can easily say the current administrations policies are far more friendly to all businesses and taxpayers than the prior administration who loaded up on regulations, initiated the DOL fiduciary changes costing many companies large sums of money and slowed their ability to implement changes to the market, and instilled a hostile culture toward businesses with NLRB appointees.

I tend to be fairly conservative when it comes to taxes and regulations.  But, I didn’t  feel one bit sorry for the financial industry. They screwed the entire country by causing the banking crisis and recession. Seems to me the industry isn’t responsible enough to be deregulated. 

 

Now. Let’s talk about how it affects the sports program. 

Edited December 18, 2017 by BigRedBuster

[Bornhusker]

22 hours ago, Mavric said:

 

There are two big things it affects:

 

 - A 20% excise tax on salaries of over $1M - so the athletic department would owe some taxes on this

 - It would remove the tax deductible part of seat donations, which is currently 80% of the donation (not the price of the ticket).

 

The first part won't really make a huge difference, imo.  It may slow salaries down a touch but I doubt it really has any noticeable effect on Power 5 schools.

 

The second part might be a little interesting.  I go for some better seats than I might otherwise because I get a break on the donation part.  It's not a huge number but it's enough to think about it a little more.  I don't think it will have a large effect because the ones paying a lot of donation probably will keep it up and the ones paying a small donation won't see a lot of difference either way.  But the ones in the middle might cut back a bit.  In my dream world they would cut back the donations a bit to help out but the #FrostEffect might override that now.

 

 

Wait, according to the national media this is nothing but a rich get richer tax deal, but you are saying the rich will pay more?

 

Maybe, just maybe it starts to bring coaching salaries back to earth? yes, the rest will be affected, but so what. If you pay less you have more to spread around.

 

Honestly, I don't care who is affected, overall health of this country is more important than football. That said, if it adds more to the deficit, then it isn't a good plan overall.

Edited December 16, 2017 by Bornhusker

[Hingle McCringleberry]

21 hours ago, Mavric said:

- It would remove the tax deductible part of seat donations, which is currently 80% of the donation (not the price of the ticket).

 

Considering the only way you get a good seat at Nebraska is to "donate"  I don't see an issue with this. 

[Mavric]

This is warning #3 so it's three strikes and you're out for anyone else who insists on bringing political pissing and moaning into this thread.  There's plenty of that already here.

 

You can discuss the effect on Husker football without resorting to some sort of "whatever the other side did was wrong" type of argument.

[ColoradoHusk]

I will try not to get into the political side of the tax cut, however it does look like I would have a decent difference in my income due to the tax cut.  Having said that, I don't know if I would use that extra discretionary income on Husker season tickets if I knew that my donation to the Athletic Department (for the right to purchase tickets) was no longer tax deductible (I know it's only 80%).

 

My point is that, yes while people may have more discretionary income than before, that money may be spent elsewhere since the seat donations are no longer tax deductible.

[HuskerNBigD]

8 minutes ago, ColoradoHusk said:

I will try not to get into the political side of the tax cut, however it does look like I would have a decent difference in my income due to the tax cut.  Having said that, I don't know if I would use that extra discretionary income on Husker season tickets if I knew that my donation to the Athletic Department (for the right to purchase tickets) was no longer tax deductible (I know it's only 80%).

 

My point is that, yes while people may have more discretionary income than before, that money may be spent elsewhere since the seat donations are no longer tax deductible.

 

Always reasonable with your response!

[ColoradoHusk]

34 minutes ago, HuskerNBigD said:

 

Always reasonable with your response!

Thanks! I was just trying to make a comment on what would make most economical/budgetary sense from my point of view.  It's not as easy to say that "since NU fans will have more discretionary income, they would be able to buy more tickets to NU athletic events".

[Mavric]

21 minutes ago, ColoradoHusk said:

Thanks! I was just trying to make a comment on what would make most economical/budgetary sense from my point of view.  It's not as easy to say that "since NU fans will have more discretionary income, they would be able to buy more tickets to NU athletic events".

 

I guess I didn't think anyone was really saying that.  Maybe if you already have tickets and would use that extra to bump up your donation but that will be more than offset by losing the tax dedication on the donation so I don't think that will really happen.

 

It will be much more of an effect felt by the University.

[ColoradoHusk]

7 minutes ago, Mavric said:

 

I guess I didn't think anyone was really saying that.  Maybe if you already have tickets and would use that extra to bump up your donation but that will be more than offset by losing the tax dedication on the donation so I don't think that will really happen.

 

It will be much more of an effect felt by the University.

Before they were moved to the P&R forum, there were comments about people having more discretionary income, which would mean people buying more tickets.  I don't think it's that easy to say.

 

I do agree that, at first most people who already have tickets will continue with the status quo.  Then, when they are filing their taxes in April 2019 (for the 2018 tax year), they will think "wow, that donation isn't tax deductible anymore", do I want to continue to pay $1,000 a ticket just for the right to buy season tickets.  I think in the long run, the University will be impacted by the amount that is donated to the Athletic Department.    

[BigRedBuster]

1 hour ago, ColoradoHusk said:

Before they were moved to the P&R forum, there were comments about people having more discretionary income, which would mean people buying more tickets.  I don't think it's that easy to say.

 

I do agree that, at first most people who already have tickets will continue with the status quo.  Then, when they are filing their taxes in April 2019 (for the 2018 tax year), they will think "wow, that donation isn't tax deductible anymore", do I want to continue to pay $1,000 a ticket just for the right to buy season tickets.  I think in the long run, the University will be impacted by the amount that is donated to the Athletic Department.    

I agree that there is definitely potential for affecting the Athletic department.  I think there very well may be some ticket holders that do as you say.

 

I think it might more affect the major donors that are giving thousands or millions to the AD.  How much of the cost of a sky box is a "donation"?

[Hayseed]

While this is considered donating to a nonprofit, I don't see it as being any different than buying tickets to all the other entertainment venues in town then expecting to deduct them from my taxes. Clearly the Republicans are trying to stick it to the wealthy. Haha.
I don't see it being a big deal because people with that kind of money don't need the deduction. 
What I do see is the University making the stadium more comfortable and concessions more accessible.
There also seems to be a grey area where they could possibly redesign the donation so it goes directly to academics and thus is still tax-deductible??

[BigRedBuster]