Comments Thread For: Danny Garcia: Mayweather Has Big Tax Bill, Won't Retire

[Lou Cipher]

Roid can beat the tax bill with itemized deductions. Particularly IV needles and "vitamins"

[Scipio2009]

People's lack of understanding for even the general rudiments of the tax code is pretty ridiculous.

Floyd Mayweather, in terms of his boxing income, has everything he earns go through Mayweather Promotions LLC (20% federal tax rate, no business tax) before getting to him; Mayweather Promotions LLC having all of those related business expenses help to minimize that federal tax bill as well. TMT, Mayweather Boxing Club, Floyd's property holdings, and his other side ventures have their own tax bills/offsets.

Beyond that, living in Nevada has put Floyd in a position where the only local taxes that he has to pay are sales and property taxes (which offset whatever his federal tax bill ends up being). Even his ******** (which, since he does so so often and regularly, is for tax purposes a small business that he can write of) works to his advantage.

Floyd's not General Electric or anything, but wouldn't be shocked that his actual tax rate is less than 10% of what he ended up bringing in for the year (basically covered with less than 2/3rds of his downside check that he already showed the world).

Floyd should easily add another $150m in cash, on top of the $200m in cash that he's already been able to put away.

[Scipio2009]

The more money you make the more taxes they take.

not neccesarily, if you're smart about

[bowl]

Besides he has all those costly prescription bills.

[volt]

accountancy advise from danny garcia, gimme a break! the guy takes breathing lessons!

[////]

that didn't make an ounce of sense

does danny think you hit a certain amount of money where the taxes surpass the actual sum and you go into debt?

he should have skipped trying to think and just said "floyd's always in trouble with the IRS" -- accurate

[Build That Wall]

how the hell would danny know?

Because that is who Floyd is fighting in May.

[Deevel916]

Uncle Sam takes 39.6% of what Floyd makes. Haymon takes another 15%. That right there is already just over half of floyds purse. Then there's training expenses of which most can be written off.

So when it's reported that Floyd makes $250mil, he actually pockets maybe $100mil of that money. Yes it's still a LOT of money but Floyd also spends a LOT of it.

He returned to the sport once after retiring due to tax problems for which Oscar dela Hoya helped him out with and in return Floyd signed with GBP. Let's hope Floyd learned his lesson.

[Slick_Rick]

According to Danny logic, Floyd will never retire because he has to pay tax on money he has earnt, like every other person.

[Golden Boi 360]

Geography lessons by Bernard Hopkins

Accounting classes by Danny Garcia

Medical expertise by NSB posters

why even bother going to school? just follow boxing