Athletes Could See Big Tax Savings With Trump Proposals
![shutterstock_388256968 shutterstock_388256968](https://groco.com/wp-content/uploads/2021/02/shutterstock_388256968.jpg)
It’s no secret that Donald Trump’s proposed tax plans would definitely benefit the nations’ wealthiest individuals. The president elect has made it clear he wants to overhaul our country’s tax system and his stated proposals indicate that the wealthy will see a healthy increase in the amount of money they get to keep.
Among the wealthy that will likely be saving a lot of money are professional athletes. Of course, almost all professional athletes make a very comfortable living, but certain of the top athletes in their given sports really stand to benefit from having Trump in the White House. First off, a large percentage of all professional athletes currently fall into the top tax bracket, which is more than 40 percent after adding the ACA net investment income tax of 3.8 percent. Under Trump that percentage would fall to 33 percent.
Here’s just one example of how much one star athlete could save thanks to the new president’s tax plans. Cleveland Cavaliers star LeBron James has a three-year $99 million deal. That means he would save an estimated $2.3 million every year on his salary alone. Add to that the savings he would receive on his endorsement earnings, which would be about $13.8 million a year, and James is likely to save more than $16 million annually in taxes.
There is a downside, as Trump has also proposed capping itemized deductions at $200,000, which means anything over that amount, which is entirely possible for James, he would not be able to deduct, thus reducing his total deductions amount. However, he would still likely have a total savings in excess of $15 million. James might have endorsed Hillary Clinton, but he will save more money with Trump.
http://www.forbes.com/sites/kurtbadenhausen/2016/11/10/trump-tax-plan-could-save-lebron-james-over-15-million-per-year/#731ad3552339
Chris Maxson Ignites Fireplace Innovation
Chris Maxson, owner of Acucraft Fireplace Systems and Managing Partner, Maxson family’s business ventures discusses igniting innovation in the fireplace industry with Alan Olsen. Below are some of the key aspects of Chris Maxson’s influence on the fireplace industry and his unique approach with Acucraft Fireplace Systems. They indicate the rich legacy and innovation themes discussed.…
14 Best Accounting Jokes and Financial Humor
The Best Accounting Jokes for Financial Experts in 8 Laughs & Ledgers: Welcome to the lighter side of accounting! Yes, you read that right. While debits, credits, and balance sheets are serious business, who says accountants can’t have a sense of humor? Today, we’re diving into the funniest accounting jokes that even your auditor can’t…
Navigating High Stakes: Carson Holmquist’s Journey in Innovative Logistics
Today, American Dreams host, Alan Olsen, sits down with Carson Holmquist, Co-Founder, Stream Logistics to discuss innovation and navigating high stakes. Transcript: Alan Olsen: Hi, this is Alan Olsen and welcome to American Dreams. My guest today is Carson, Holmquist. Carson. Welcome to today’s show. Carson Holmquist: Thanks, Alan. So, so, so grateful to be…