Harbaugh dinat8ng bonus money To other athletic employees who had pay cuts

[Michlady]

https://www.detroitnews.com/story/s...ey-athletic-workers-whose-pay-cut/8802501002/

 

[biggunsbob]

Very cool

 

[thewolverines24]

Love it. Great thing to do.

 

[Michchamp]

subtle trolling of Mel Tucker...

I bet this is making heads on the old RCMB explode

 

[Michchamp]

it is a great thing to do, regardless of the potential troll intent

kinda like my idea of giving homeless people around the Midwest Ohio St. sweatshirts.

 

[bphillips4gg]

As someone who does not make $4.5MM per year, I approve of this move.

In all seriousness, I can't imagine what this gesture means for the families that were forced to take less money in a time when inflation is rampant and everything costs more already. Kudos to Jim and Sarah.

 

[byco42]

I wonder if the recipients will have to pay a gift tax. I hope not.

 

[Michchamp]

I wonder if the recipients will have to pay a gift tax. I hope not.

Harbaugh can set up a trust, name them as beneficiaries and distribute some amount (used to be $10K/year) tax free, with higher distributions possibly allowed with conditions

I assume that's only gotten easier, as our country doesn't tax rich people anymore because they take their money and use it to create good paying jobs for other Americans.

 

[byco42]

Harbaugh can set up a trust, name them as beneficiaries and distribute some amount (used to be $10K/year) tax free, with higher distributions possibly allowed with conditions

Awesome

I assume that's only gotten easier, as our country doesn't tax rich people anymore because they take their money and use it to create good paying jobs for other Americans.

Never a missed opportunity ? :cheers:

 

[bphillips4gg]

My guess is he'll tell the AD to keep it and pay it to them. Likely going to handled as a bonus, so higher taxes than a gift.

The trust approach would be great as well but either way someone is paying income tax on it so there'd just be less in the pot to start.

How many employees are we talking here and how much is 5-10%?

 

[bphillips4gg]

Oh, and the gift limit is $15k in 2021.

 

[zyxt9]

Oh, and the gift limit is $15k in 2021.

Since Champ took a shot already...

The $15k will need to become $30k next year to cover inflation.