Things Which Anger Me: Tax Evasion

"Bman76 (no it doesn't need a WS6 hood) M. Arch" (bman76) 05/19/2016 at 23:10 • Filed to: None

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Today I learned that both Bill Self (KU basketball) and David Beaty (KU football) pay almost no state income tax.

Both top KU coaches, David Beaty (left) and Bill Self, have LLCs that reduce the amount they owe in Kansas income taxes. (Photo credit: KCUR 89.3 FM)

This is due to the fact that their salaries are not paid directly to them, but instead through an LLC, which was made tax exempt in 2012 by Gov. Brownback. I find this infuriating, especially when KU is set to lose $11 million in funding due to budget cuts next year (K-State will lose $7 million).

KPR Story:

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Dodge Rampage for your time, because I saw a pristine one identical to this on my journey to Arkansas.

Dusty Ventures > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/19/2016 at 23:19

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The fact that Bill Self is the highest paid state employee in all of Kansas is ridiculous in it’s own right, and shows just how messed up our priorities are.

UnderSTeerEnthusiast - Triumph Fanboy > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/19/2016 at 23:20

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You could say Bill is a little Selfish.

Scary__goongala! > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/19/2016 at 23:23

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I’m sure the Governor gets some extra benefits as well. It always seems to work that way.

Bman76 (no it doesn't need a WS6 hood) M. Arch > Dusty Ventures 05/19/2016 at 23:26

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Exactly, we’ll run a $290 million budget shortfall due to tax cuts, cut medical benefits to the poor, but we’ll make sure our coaches remain multi-millionaires.

Bman76 (no it doesn't need a WS6 hood) M. Arch > Scary__goongala! 05/19/2016 at 23:30

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Brownback turned Kansas into a literal interpretation of the “Far Right’s” economic policy. It has failed at an astonishing rate.

There are talks of him potentially being in the running to be the next president of K-State. The irony is crushing.

Bman76 (no it doesn't need a WS6 hood) M. Arch > UnderSTeerEnthusiast - Triumph Fanboy 05/19/2016 at 23:31

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Haha, a LOT Self-ish.

Scary__goongala! > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/19/2016 at 23:40

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Good lord. While I am a sports fan, the salaries of those related to certain sports entities in the US are just fucking outrageous.

Biggus Dickus (RevsBro) > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/19/2016 at 23:42

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As much as I don’t like this, its technically not Tax evasion since it is legal. Legal in some really shady fashion.

Bman76 (no it doesn't need a WS6 hood) M. Arch > Biggus Dickus (RevsBro) 05/19/2016 at 23:48

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They are evading taxation by moving money through an LLC. May not be in the legal definition, but they are definitely doing it in a literal definition.

Bman76 (no it doesn't need a WS6 hood) M. Arch > Scary__goongala! 05/19/2016 at 23:51

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$3 million a year for a college basketball coach is pure madness.

gmporschenut also a fan of hondas > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 00:06

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dR8Lq9x

Bman76 (no it doesn't need a WS6 hood) M. Arch > gmporschenut also a fan of hondas 05/20/2016 at 00:08

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Yep, priorities.

gmporschenut also a fan of hondas > Scary__goongala! 05/20/2016 at 00:11

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it’s completely insane.

Birddog > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 00:12

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They aren’t the only ones to do this. Most CEOs, celebrities, private investors and politicians have a way around paying Uncle Sam.

Bman76 (no it doesn't need a WS6 hood) M. Arch > Birddog 05/20/2016 at 00:17

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I’m not saying that they’re the only ones. However, they are being payed out of tax payer money and they aren’t paying their share back in. It frustrates me to see the Universities losing money (it’ll come out of the students’ and smaller departments pockets) while a coach gets millions.

Birddog > gmporschenut also a fan of hondas 05/20/2016 at 00:22

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I’m a bit surprised at Football Coach in Iowa.

Birddog > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 00:27

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“they are being payed out of tax payer money and they aren’t paying their share back in”

Welcome to High Finance 101.

Sam > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 01:54

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Couldn’t that be technically considered money laundering?

Gone > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 05:28

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We have our own dipshit governor issues here. Its ruining your state - well, one of the reasons. But I’d LLC myself too if I could. I’d feel bad, but if the whole ship is going down, I’m taking my money out too. No state income tax for us, but our property taxes are crazy because the assessor raises our assessment the max every year... The national tax code is all jacked up too. Our effective rate is under half our bracket’s actual rate as it is.

Damn it feels good to be a business,

A real gangsta ass business ‘vading taxes

Jayhawk Jake > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 08:29

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All Hail Governor Brownback!

In the very least hopefully this experience will show the rest of the country that trickle down economics doesn’t work at all.

Bman76 (no it doesn't need a WS6 hood) M. Arch > Jayhawk Jake 05/20/2016 at 09:46

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Nah, we’re just not trying hard enough. Lets cut taxes again, it’ll totally work this time. /s

oneavejoe > Bman76 (no it doesn't need a WS6 hood) M. Arch 05/20/2016 at 12:16

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This is where flat tax or fair taxes would even out the situation. Making the consumption tax primary over the income tax, the evasion ends. When they purchase something, they pay tax the same as anyone else.