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US Weighs Tax Relief For College Athletes
Former Internal Revenue Service: US lawmakers have called for reforms to protect college athletes from crippling tax bills as the explosive growth of Name, Image and Likeness (NIL) deals leaves many young sports stars struggling to navigate a complex tax system without adequate guidance.
During a House Ways and Means Committee hearing this week on the multibillion-dollar sports industry, lawmakers from both parties heard testimony that student athletes, many still in their teens, are earning hundreds of thousands of dollars through endorsement deals while often remaining unaware of their tax obligations.
Former NFL linebacker and ESPN analyst Sam Acho told lawmakers about an 18-year-old football player who earned USD 750,000 through NIL agreements, bought his mother a home, purchased a car and rented an apartment, only to discover he had about USD 6,000 left and faced a tax bill of roughly USD 320,000 because no taxes had been withheld.
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