J.J. Watt Mic'd Up from Titans Game

[HPF Bob]

People who gain sudden wealth often start a foundation because the donations to a non-profit foundation are tax deductible. The player can chair or co-chair the foundation so they are directing where the money goes while turning around and telling the government that the money was "given to charity".

Frankly, anyone who makes a lot more money than they could possibly need (all those commercials and endorsements can add up to more money than their player contract) is smart to set up a foundation. True, you don't keep the money but you get to portray yourself as a philanthropist or humanitarian, reduce your tax hit and it's money you really won't miss.

[chuck]

Originally Posted by HPF Bob

People who gain sudden wealth often start a foundation because the donations to a non-profit foundation are tax deductible. The player can chair or co-chair the foundation so they are directing where the money goes while turning around and telling the government that the money was "given to charity".

Frankly, anyone who makes a lot more money than they could possibly need (all those commercials and endorsements can add up to more money than their player contract) is smart to set up a foundation. True, you don't keep the money but you get to portray yourself as a philanthropist or humanitarian, reduce your tax hit and it's money you really won't miss.

I don't understand your point. He could keep the money he receives and pay income tax on it at the standard rate. He could then do whatever he wanted with it, you know, buy as many Lamborghinis as you can fit in a Pearland garage, busloads of hookers, all the H.E.B. beef he can store in his chest freezer...

Instead he gives what appears to be a significant chunk of it to junior high school football teams. For no reason other than he fking feels like it. Sure, he gets a deduction. But it's not like he comes out ahead financially.

Again, he could take his endorsement money, give the 35% or 40% or whatever it is to the feds, buy cars, girls, bling, the Sopranos box set in HD, who knows what. But he doesn't. I have no idea why people want to bitch about him or marginalize his charitable activity.

Honestly, the vibe I get from a lot of the haters, especially the Arian haters, is simple envy.

[HPF Bob]

Depends on how much of a tax deduction you get, Chuck. I'm no accountant. All I know is that a lot of wealthy people (particularly those who've made wealth quickly) start foundations and use it to be generous citizens as well as take a huge tax deduction on what they give. Whether you come out better than just keeping the money and paying more in taxes, I don't know. It could be just as simple as he'd rather be deciding where his money goes instead of the feds wasting it on crap he might disagree with.

I know if I won the lottery or came into big money somehow, it would be something I would do.

[painekiller]

Originally Posted by HPF Bob

People who gain sudden wealth often start a foundation because the donations to a non-profit foundation are tax deductible. The player can chair or co-chair the foundation so they are directing where the money goes while turning around and telling the government that the money was "given to charity".

Frankly, anyone who makes a lot more money than they could possibly need (all those commercials and endorsements can add up to more money than their player contract) is smart to set up a foundation. True, you don't keep the money but you get to portray yourself as a philanthropist or humanitarian, reduce your tax hit and it's money you really won't miss.

Bob, I'm not sure I get the point of this post either, JJ set up his foundation before his junior year in college. He was not on anyone's radar as a 1st round pick.

He started out selling the wrist bands which say "Dream Big Work Hard" . I have bought a few and given them to children in my family. Now he can do endorsements to build the pot up faster. BTW his mom was running the foundation while he was in college and into his rookie year here. I'm not sure if she is running it now or what.