Isaiah Wong's money demands exposed college sports' complicated NIL issue

[sami]

LOL, so first you’re saying schools (not NIL collectives mind you, but schools) should promise kids money that won’t be reported. When I pointed out that no schools are going to commit fraud on this, use suggested that Schools should only Report 75,000 of $175,000 that they’re paying a kid, so that it wouldn’t be “fraudulent”. Are you kidding me? I mean seriously, do you actually believe the stuff you post. Tell me it’s an act, really.

Somehow you think tax fraud is attractive to kids. I doubt kids are dreaming of getting lower nominal deals with money under the table. There sure not if they’re getting any halfway sane advice. This is and I hope you’ll forgive me for saying it, what really dumb crooks do to get in the prison.

Lol, please, please tell me this is an act.

Do you think kids getting bags of cash in the past reported it to the IRS? You think players haven’t been paid for decades and never paid dollar one in taxes? Was tax fraud attractive the last number of decades? Obviously we’re not connecting here so I’m dropping it, but I don’t know how I could be any more clear.

Collective might be clean, transparent, reported. I said there is no reason to think a collective would be fraudulent.

Program can be dirty, cheat, provide additional benefits. If there is a potential leg up, they’ll take it.

It’s just a suggestion that the dirtiest of coaches and programs may still have an incentive to cheat to be more advantageous to a kid than competition.

Cannot simplify it much more.

 

[CL82]

Do you think kids getting bags of cash in the past reported it to the IRS? You think players haven’t been paid for decades and never paid dollar one in taxes? Was tax fraud attractive the last number of decades? Obviously we’re not connecting here so I’m dropping it, but I don’t know how I could be any more clear.

Collective might be clean, transparent, reported. I said there is no reason to think a collective would be fraudulent.

Program can be dirty, cheat, provide additional benefits. If there is a potential leg up, they’ll take it.

It’s just a suggestion that the dirtiest of coaches and programs may still have an incentive to cheat to be more advantageous to a kid than competition.

Cannot simplify it much more.

Yeah, kids got paid under the table before and NIL in place. None of it was reported because it was illegal.

But the world that we live in now is that payments to kids for their name, image, likeness can now be done legally. It’s just dumb to suggest that anyone would screw that up by trying to avoid taxes on the money. Not that there aren’t some world-class idiots out there, but it really would be an actor of super genius to screw up NIL payments by trying to hide them from the IRS.

For what it’s worth, you can “explain it” 100 more times, it’ll never be any less dumb of an idea.

 

[mbraue]

I'm with Boomer. As much as I love SHU basketball and give to Pirate Blue I'm not giving a cent to an SHU collective.

I stand with Boomer. Take a hike - I’ll donate to the school and scholarship funds for deserving students. If kids are that talented and so interested in money, go to the G league or overseas if you can’t make the NBA.

 

[TheHall87]

I stand with Boomer. Take a hike - I’ll donate to the school and scholarship funds for deserving students. If kids are that talented and so interested in money, go to the G league or overseas if you can’t make the NBA.

I'm firmly on the side of the players being able to benefit from their NIL. Given time this stuff will figure itself out (deserving players will benefit, the others won't). I'm not a fan of the collective idea personally as I don't think that was the intention of the rule.

With that said, if Boomer was 20, he would be first in line with his hand out as one of the top college QBs in the country.

 

[sami]

Yeah, kids got paid under the table before and NIL in place. None of it was reported because it was illegal.

But the world that we live in now is that payments to kids for their name, image, likeness can now be done legally. It’s just dumb to suggest that anyone would screw that up by trying to avoid taxes on the money. Not that there aren’t some world-class idiots out there, but it really would be an actor of super genius to screw up NIL payments by trying to hide them from the IRS.

For what it’s worth, you can “explain it” 100 more times, it’ll never be any less dumb of an idea.

You can call me dumb and stupid any way you’d like, and I’ll simply say you’re naive.

Ever have a small service business tell you “if you pay in cash, I won’t charge you the tax?” You ever think they might be hair cutting their income to game the tax code a bit?

You tell some kid that you can raise $100k from your NIL collective and that is the max because in our world (we understand UConvicts are different), our donor base and businesses will struggle to put together the type of coin to pay 5X that across a team year after year. And that’s great, he pockets $75k after tax.

But some coach, or administrator or someone who doesn’t want to be or cannot be part of an NIL collective says “hey kid, here’s $100k and you get to keep it all”, wouldn’t be something that some kid with a struggling family wouldn’t say “screw the IRS”. That would be cheating.

Maybe in your lilly-white world up in New Haven or wherever, your boneyard buddies chatting out on the Cape on vacation see things differently. Was gonna drop it but curious how many different ways you’re going to call me dumb when I’m being realistic.

You’re naive, and frankly, a tool for spending so much time on another school’s message board.

 

[catholicman]

It's just so wong.

 

[sami]

It's just so wong.

Ah, a little racism for those Catholic values.

 

[catholicman]

Ah, a little racism for those Catholic values.

sami sami quite contrary