Posted on 06/21/2010 11:44:57 AM PDT by Bad~Rodeo
Good thing Reggie Bush is a fast runner, because the IRS might be chasing him for back taxes, penalties and interest on the estimated $300,000 worth of luxury gifts he allegedly received while playing football at the University of Southern California. And if they catch him, Bush could end up writing the government agency a check on the high side of $150,000.
“If the entire $300,000 is determined to be taxable," Los Angeles-based CPA Mark Greenberg said, "about 50 percent of that would go to the IRS and Franchise Tax Board. And with penalties and interest, it could go up to 60 percent since it’s going back a few years.”
Greenberg estimates that Bush, now the star running back for the New Orleans Saints, “ultimately will wind up paying about $150,000,” but “it could be up to $200,000” if his financial team can’t get the penalties and interest waived.
Bush and USC have been in hot water since June 10, when the NCAA sanctioned the school with four years of probation and a two-year ban on postseason bowl games. The Trojan football team was also forced to forfeit all its victories during the three seasons Bush played, and it was stripped of 30 football scholarships intended for new players over the next three years.
The penalties imposed upon the coveted USC football program and former student-athlete Bush are the result of an extensive investigation that discovered the Heisman trophy winner received more than $300,000 in illegal benefits from marketing agents during the years he played college football Bush proclaimed his innocence in a public statement, saying, "I very much regret the turn that this matter has taken, not only for USC, but for the fans and players. I am disappointed by {the} decision and disagree with the
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No wonder Kim dumped him. Crooked son of an unmarried woman!
Reggie is one of the highest endorsement earning players in the NFL. Plus, $300K probably isn’t even a game check to him. It’s peanuts. He signed a $50(ish) million, six-year contract in 2006. That works out to roughly $500K per game, plus whatever he earns in endorsements.
For one thing, NFL contracts are never guaranteed. So he can get cut loose by the Saints at any time without getting so much as a small "injury settlement." Take away taxes and his agent's commission, and he's got a heck of a lot less money than you might think.
I'm always amazed at how many professional athletes end up flat broke within five years of retirement.
If he wasn't headed into the 5th year of his 6th year deal, I'd agree completely. But, if you look at the way his particular contract was structured, he has already made close to $37 million in NFL money alone. Plus, as I said, he is one of the highest earning endorsers in the NFL. I believe only Payton Manning makes more than he does in endorsements.
There's no guarantee Bush won't squander all that money just within months of his retirement, but right now, he's loaded.
Whether a person likes this guy or not (or any high paid players in sports) they thing being missed here is that our illustrious Government has decided they can steal 50% of money that is “gifted” to us.
How dare these Communists, aka our Government, steal so much of our money yet we do NOTHING about it.
It's coming to a head. Like a blister, it's gonna pop and the puss that comes out ain't gonna be pretty.
Check out this video --> Gather. Your. Armies.
If he was a Baraqqi before turning pro, I bet he isn’t now, LOL.
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