Floyd using charity to exempt him from taxes?
This article just went our earlier and I cant help but post this here.. The article is about the report of The Root -- an organization for black philanthropists and they have recently publish this article reviewing how the charities of major members or black americans share their wealth over a non-profit foundation. In the article, they have indicated that Floyds foundation spent out a whole lot more to contractors and consultants than to actual donation for charity. In such a way, the foundation was able to move huge sums of money without ever having the IRS looking into their deeds. All charity works and transactions remained tax-free in the US (well correct me if Im wrong).
Below is the main article published by the The Root (the black philanthropy).
Black Philanthropy: How Much Does Floyd Mayweather Give?
Below is a commentary from another org, related to the published article above.
The Nonprofit Quarterly | @npquarterly | The Dubious Philanthropy of Boxer Floyd Mayweather's Foundation
Its quite sad that even sports personalities and philanthropist can take advantage of charity work just to avoid taxes.
Re: Floyd using charity to exempt him from taxes?
Most rich people have loopholes and accountants to help them avoid paying taxes, I would be surprised if Floyd was any different. It is clearly wrong for any person to avoid paying their taxes, the rich are even worse for doing this as it would hurt them the least to pay their just share.
Re: Floyd using charity to exempt him from taxes?
These rich celebrities and business men should be tracked down, exposed and demonised as much as benefit fraudsters are. It makes me sick as they steal a lot more from us when they avoid paying taxes. It may take more money and is more complex to catch them but it is worth it. Unfortunately the people that make these loop holes, the politicians are the ones that get the kick backs from these millionaires.
Re: Floyd using charity to exempt him from taxes?
Half of the rich politicians who obama tried to place on his staff when first taking office were caught not paying thier taxes too, and they are the ones putting people in jail for not doing so. And people care that floyd is playing tax games ??!!! Who gives a crap. Either you can beat him in the ring or not. It's not a nice guy contest who cares who sells more girl scout cookies ? Too much of boxing is turning into entertainment tonight. Can't fault the guy in the ring so instead the media talks about silly crap like this ? It's funny how people hate the guy so much yet spend so much time worrying about what he is or isn't doing. Manny hired a group to look at his finaces then fired the same company when they found shit wrong, but later found nothing when hiring another company kontz and arum hired in it's place. Where's all the outrage and concern over that. There isn't and shouldn't be cause manny wallet has nothing to do with if you can beat him or not. Same diff.
Re: Floyd using charity to exempt him from taxes?
Standard practice to do this, it's not really news. At least someone is benefiting from it besides him.
Re: Floyd using charity to exempt him from taxes?
Quote:
Originally Posted by
Mar
Half of the rich politicians who obama tried to place on his staff when first taking office were caught not paying thier taxes too, and they are the ones putting people in jail for not doing so. And people care that floyd is playing tax games ??!!! Who gives a crap. Either you can beat him in the ring or not. It's not a nice guy contest who cares who sells more girl scout cookies ? Too much of boxing is turning into entertainment tonight.
I think you are missing the whole point.
First, this is not about Floyd as boxer and how he is good at entertainment. We are all bounded under law to pay due taxes for every dimes we hardly earn, even the poorest people in your community pay their taxes when the buy something. What if you found out the rich ones evade them? Wouldnt you feel cheated in someway? and what if these people who you thought was giving something back to the poor is actually using charity funds to sneak past these taxes? Set aside boxing for a while, if that is where Floyd is good at, I agree, but it should not make him invincible outside the ring for cases like this a whole bunch more. Just because someone is a good boxer doesnt always mean people have to consider all his deeds right.
Quote:
Can't fault the guy in the ring so instead the media talks about silly crap like this ?
Its not silly crap because these are all facts. look at the damn article and its coming not from a media organization, but non-stock non profit philanthropic movement.
Quote:
It's funny how people hate the guy so much yet spend so much time worrying about what he is or isn't doing.
Its not people's fault if they talk about what Mayweather is doing. Its Mayweather's fault to create his own issues, its his fault when he poke guards, burn money, hit his partner and now, this and more to follow. Its his doing not us.
Quote:
Manny hired a group to look at his finaces then fired the same company when they found shit wrong, but later found nothing when hiring another company kontz and arum hired in it's place. Where's all the outrage and concern over that. There isn't and shouldn't be cause manny wallet has nothing to do with if you can beat him or not. Same diff.
Okay, so let me get this straight, Manny's name was never mentioned in the article. Its so funny that it was you who brought his name in. This is the reason why I dont believe Floyd when he said that Manny is popular because Manny is attached to Floyds name. Its actually the other way around. Your post is the best example.
Manny hired pros to look into his taxes -- to make sure his taxes are being paid correctly. He cannot anymore attend to it and the tax figures are really mind boggling. Its a perfectly internal business decision of Manny to hire his accountants, and its not like Manny is trying to evade tax collection -- so there's is no sense for outrage and concern. At least we know the guy is doing the best effort he can to pay his dues like all of us.
Re: Floyd using charity to exempt him from taxes?
Quote:
Originally Posted by
Mar
Half of the rich politicians who obama tried to place on his staff when first taking office were caught not paying thier taxes too, and they are the ones putting people in jail for not doing so. And people care that floyd is playing tax games ??!!! Who gives a crap. Either you can beat him in the ring or not. It's not a nice guy contest who cares who sells more girl scout cookies ? Too much of boxing is turning into entertainment tonight.
I think you are missing the whole point.
First, this is not about Floyd as boxer and how he is good at entertainment. We are all bounded under law to pay due taxes for every dimes we hardly earn, even the poorest people in your community pay their taxes when the buy something. What if you found out the rich ones evade them? Wouldnt you feel cheated in someway? and what if these people who you thought was giving something back to the poor is actually using charity funds to sneak past these taxes? Set aside boxing for a while, if that is where Floyd is good at, I agree, but it should not make him invincible outside the ring for cases like this a whole bunch more. Just because someone is a good boxer doesnt always mean people have to consider all his deeds right.
Quote:
Can't fault the guy in the ring so instead the media talks about silly crap like this ?
Its not silly crap because these are all facts. look at the damn article and its coming not from a media organization, but non-stock non profit philanthropic movement.
Quote:
It's funny how people hate the guy so much yet spend so much time worrying about what he is or isn't doing.
Its not people's fault if they talk about what Mayweather is doing. Its Mayweather's fault to create his own issues, its his fault when he poke guards, burn money, hit his partner and now, this and more to follow. Its his doing not us.
Quote:
Manny hired a group to look at his finaces then fired the same company when they found shit wrong, but later found nothing when hiring another company kontz and arum hired in it's place. Where's all the outrage and concern over that. There isn't and shouldn't be cause manny wallet has nothing to do with if you can beat him or not. Same diff.
Okay, so let me get this straight, Manny's name was never mentioned in the article. Its so funny that it was you who brought his name in. This is the reason why I dont believe Floyd when he said that Manny is popular because Manny is attached to Floyds name. Its actually the other way around. Your post is the best example.
Manny hired pros to look into his taxes -- to make sure his taxes are being paid correctly. He cannot anymore attend to it and the tax figures are really mind boggling. Its a perfectly internal business decision of Manny to hire his accountants, and its not like Manny is trying to evade tax collection -- so there's is no sense for outrage and concern. At least we know the guy is doing the best effort he can to pay his dues like all of us.
