Im training for MMA to compete in it, professionally one day I hope. One thing I read about a while back which struck me as odd was that professional fighters get a huge amount of their earning taken away by the government, taxed, like basically on the spot, like how taxes are taken out of your paycheck.
In a situation where a fighter earns $10,000.00 for winning a professional fight, one figher said that the government taxed him $4000.00! How is this right? Thats 40% of what he fought hard to get. What ways are there to avoid being taxed like that? I have heard that if the government is going to tax you 40%, if you were to donate half of what they would tax you, then they dont tax you anything. That sounded pretty weird and off beat to me, but is there any way to avoid this kind of stuff?
2007-11-07
08:05:24
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4 answers
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asked by
David K
3
in
United States