Turns out fat cat basketball boosters @ KU may not be getting any fatter after the new GOP tax bill kicks in next year…
That’s because the controversial points system excommunicated former athletics head Lew Perkins implemented to extort big bucks from donors is about to take a hit.
Under the current tax law, Jayhawk donors wanting to buy primo seats for basketball or football can deduct 80 percent of their donations from their taxes. At present, they’re choking out $17 million to $20 million a year for the right to purchases topnotch tix.
Come January 1st they’re gonna have to make the required donations in after tax dollars.
Also starting January 1, basketball deity Bill Self‘s $5 million paycheck is going to start costing the athletics department an additional 21 percent excise tax. In other words, it will cost those noble Jayhawks another million plus bucks.
To which – incredibly I might add – new KU chancellor Douglas Girod is “arguing” is going to do “significant harm to higher education.”
Seriously, he actually said that.
Because roughly half of that dough allegedly goes to athletic scholarships.
You know, the basketball one-and-dones who live like kings in KU’s fancy new athletics dorm and the one (win) and done football losers. Shame to see such jolly good fellows come up short.
Here’s the scary part:
KU doesn’t really know how the fat cats will react when they can’t deduct the cost of buying tickets to KU sporting events (like most folks can’t).
When’s the last time you bought Chiefs or KU tickets or went to a really hot concert and took a tax write off?
To Girod’s credit, I guess, he noted that the $1 million salary excise tax and loss of tax deductions for KU football and basketball won’t affect anybody in KU’s medical school.
Uh, why would it?
So enough with the BS about higher education suffering a grievous wrong because the big bucks sports boosters are gonna have to pay for their tickets just normal folks.