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They are getting paid what the market values them at. Has zero to do with physical risk.
So i gather 1.5m in your best year.
After taxes, management and other expenses, would you end up with 500k in your pocket??
Not too glamorous when you consider all the time, effort and risk a rider gives.
DC is worth 5.6 billion, lets repeat that.
5.6 billion dollars!
Drink the Kool-Aid a little harder buddy. None of these guys are getting a fair slice of the pie.
DC? Which DC do you think is worth $5.6B? Hopefully you aren't thinking of Coombs when you make that silly of a statement.
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The 5.6 billion, it is 100% satire.I doubt he is worth that much. Do some research though you'd be surprised at what he holds a share in, do some scc research on who DC is involved with . He is making something off of everything.
Don't be so sure. I don't think that he's in the poor house or anything, but being involved in businesses is not always indicative of high income or wealth. Especially if those businesses aren't backed by something tangible, like income properties and such. Again, I don't think Coombs is going to be on the welfare line tomorrow, and the companies he's a part of may seem to bring in a lot of gross revenue, but don't automatically equate that to billions, or even 10s of millions of dollars in wealth. It's not usually realistic.
How much do promoters make off the outdoors as apposed to indoors??
And F'ing GREAT for him. You take the risk, do the work, arrange the deals...you deserve it.
The right to say “AMA Pro National” inflates the cost by a mill.
Could feed a few riders and their families with that but the middleman “earned” his keep amirite?
It’s kinda like the stock market.
Where people make money gambling on the economy, at the expense of those who actually produce the economy.
Tax advice on vital! Gonna stop paying my cpa now! Thanks vital!
I wonder how much more Chase gets to keep by being a FL resident vs. CA? No state income tax, but states still get their money and I’m not sure how it plays out with a higher income athlete.
The smarter you WORK hard, not 'try',,, the more billions will fall in your lap as well. I don't begrudge anyone that makes a bunch of money, legally. Which rules out 90%, give or take, of all politicians. They make jobs for dummies lIke me.
Correct DV You spend 100k, your tax bracket is lets day 30% so you get back 30k you spent 100k
I believe it is common for most top tier riders to have a company set up for them - for example a LLC. This could help minimize their taxes.
DV posted on this awhile back. He said he paid a zillion $s in taxes his first year of big money. Then the second year, he got some advice from McGrath's CPA (?) on how to structure his company and his tax liability decreased.
While I agree that a lot of people don't fully understand what they are saying when they talk about a 'tax eight off', at least some understand that the expenses that you can't 'write off' are much worse for your overall net income. The fact that you are able to use something that you may need to do anyway as a business expense, for example, is huge for a lot of small business owners. I know people who effectively made about $250K in their household who are able to reduce their taxable income to below $50K because a lot of their 'living expenses' were able to qualify as business expenses. I've also known at least a couple of people who went a little bit too far and claimed a little bit more than they should have for business expenses and ended up paying some back taxes with hefty fines, too. It all depends on how far you want to push something.
But yes, things like a private jet to the races, exclusive trainer, etc., are going to be a big expense either way you slice it. It's just a little bit better if you aren't paying an extra 35% of income tax on that money you are spending, I suppose.
DV covered it on page 1 of this thread when I asked him if they were subject to the 'jock tax'.
Perfect 🤣
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