Watch "Dan Le Batard Show with Stugotz - How much did Charles Barkley lose by returning to TNT? "A minimum of $100 million. A minimum." Barkley explains why he chose to return to Turner Sports as a broadcasting free agent. "The number-one thing for me is that my people at Turner get to keep their jobs another year."" on Streamable.
I doubt Barkley is staying solely for the reason he’s saying, but doing what you’re saying seem pretty difficult logistically.
If the $100 mil is over 10 years, then we’re looking at $10 mil per year, of which he’d receive about half due to taxes. Not sure how many people he has on the crew, but regardless, it’s likely that any money he gives to them will be then taxed again as a gift, income, or whatever. Maybe gift tax isn’t so bad here, but it seems complicated.
Let’s say there are 20 people:
Realistically, we’re asking him to either 1) front the $20 mil and pay it out as a lump sum or 2) give everyone $100,000 over 10 years. 2 might be nice if it was just “write 20 checks a year”, but I’m pretty sure it’d be quite annoying for tax reporting.
We don’t even know how many people there are or how much they’re making
He said it at the end. Turner is also paying him to do basically nothing for a year so I’m sure that’s a factor too. But I don’t think he would’ve minded getting say 50m more to do something more intense than Inside the NBA and less than ESPN.
Nah people aren’t considering other things that comes along with that employment. Insurance is a big one. If someone if your family has cancer or if you have a special needs kid the cost is astronomical. Turner also probably has the “good insurance” that actually opens doors for better level of treatment, childcare, coaching, etc.
If you’ve ever met parents with special needs kids its brutal. It’s a constant race against time trying to get the kid to each developmental milestone in time. They know once they lag behind there’s no “catching up” and the odds are stacked against them.
This is probably a huge factor on Barkley’s mind since Ernie’s son is/was special needs.
Nah people aren’t considering other things that comes along with that employment. Insurance is a big one.
you are assuming these people will be jobless if chuck leaves. They would get another jobs easily, with insurance and still have that million 2 left after taxes after chuck gifts them.
There’s a lot of crazy tax consequences and effort to give that much money to that many people. Even if the money was something he wanted to give away like that- the government doesn’t make it an easy process for Sir Charles
Trust fund, LLC, investment matching, Annuities. No show, no work jobs. Dollar leases. The rich have all kinds of ways to funnel money and avoid taxes.
Even 500k or even 250k as a lump sum would be huge. People here tend to get caught up in the exorbitant salaries of NBA players and say things like million isn’t what it used to be due to at that moment seeing it through the eyes of a 7 to 9 figure earner with their lavish lifestyle. But, for average person their salary has not sky rocketed to keep up with inflation with a big one being housing costs. And likely never had a time they had such a huge lump sum of money available at once to invest, pay off debts, or put towards down payment towards a home.
After Taxes, lawyer & accounting fees, and everything. Makes sense if you want to give those who got laid-off severance packages from the company itself. Also, it’s not like Charles will get 100m up-front. The government also will have to pursue taxes on each monetary gift for each individual.
Seriously. Would they want to keep their job for a year or get a check from Charles for $250k and be on vacation for a year. 50% of that crew probably make less than 100k annually
should’ve taken that 100m and given each one a million. bet they’d be happier
I doubt Barkley is staying solely for the reason he’s saying, but doing what you’re saying seem pretty difficult logistically.
If the $100 mil is over 10 years, then we’re looking at $10 mil per year, of which he’d receive about half due to taxes. Not sure how many people he has on the crew, but regardless, it’s likely that any money he gives to them will be then taxed again as a gift, income, or whatever. Maybe gift tax isn’t so bad here, but it seems complicated.
Let’s say there are 20 people:
Realistically, we’re asking him to either 1) front the $20 mil and pay it out as a lump sum or 2) give everyone $100,000 over 10 years. 2 might be nice if it was just “write 20 checks a year”, but I’m pretty sure it’d be quite annoying for tax reporting.
We don’t even know how many people there are or how much they’re making
I don’t think Chuck does his own taxes. Just a guess though.
He said it at the end. Turner is also paying him to do basically nothing for a year so I’m sure that’s a factor too. But I don’t think he would’ve minded getting say 50m more to do something more intense than Inside the NBA and less than ESPN.
Nah people aren’t considering other things that comes along with that employment. Insurance is a big one. If someone if your family has cancer or if you have a special needs kid the cost is astronomical. Turner also probably has the “good insurance” that actually opens doors for better level of treatment, childcare, coaching, etc.
If you’ve ever met parents with special needs kids its brutal. It’s a constant race against time trying to get the kid to each developmental milestone in time. They know once they lag behind there’s no “catching up” and the odds are stacked against them.
This is probably a huge factor on Barkley’s mind since Ernie’s son is/was special needs.
you are assuming these people will be jobless if chuck leaves. They would get another jobs easily, with insurance and still have that million 2 left after taxes after chuck gifts them.
There’s a lot of crazy tax consequences and effort to give that much money to that many people. Even if the money was something he wanted to give away like that- the government doesn’t make it an easy process for Sir Charles
Lmaoooo yea they would have preferred that
Three letters. IRS. Unfortunately big gifts like that get taxed to oblivion.
Trust fund, LLC, investment matching, Annuities. No show, no work jobs. Dollar leases. The rich have all kinds of ways to funnel money and avoid taxes.
You forgot charitable foundation
Even 500k or even 250k as a lump sum would be huge. People here tend to get caught up in the exorbitant salaries of NBA players and say things like million isn’t what it used to be due to at that moment seeing it through the eyes of a 7 to 9 figure earner with their lavish lifestyle. But, for average person their salary has not sky rocketed to keep up with inflation with a big one being housing costs. And likely never had a time they had such a huge lump sum of money available at once to invest, pay off debts, or put towards down payment towards a home.
In fact, the typical person’s wages have increased more than inflation.
https://www.statista.com/statistics/1351276/wage-growth-vs-inflation-us/
After Taxes, lawyer & accounting fees, and everything. Makes sense if you want to give those who got laid-off severance packages from the company itself. Also, it’s not like Charles will get 100m up-front. The government also will have to pursue taxes on each monetary gift for each individual.
Seriously. Would they want to keep their job for a year or get a check from Charles for $250k and be on vacation for a year. 50% of that crew probably make less than 100k annually
My first thought
Remeber that story about Barkley and Jordan going out to eat and Jordan not tipping?
Barkley took a bit away from that
Bet they get more money that way too, even after taxes.
Quality comment
You aren’t wrong, but I think his heart is in the right place.