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Posted
18 hours ago, CoudyBills said:

A fool and his money...

Are teams not required to withhold taxes?

 

Likely yes, but also likely if he had $100 mil some of it's in places not subject to withholding, but are taxable, dividends, real estate transactions, other sales, etc.   Those he'd need to claim as income and then pay the taxes.

Posted
5 minutes ago, thenorthremembers said:

 

Probably signed over most of his expensive belongings to a family member before declaring bankruptcy.  

Oh wow, never knew that was a thing.

Posted
On 6/26/2025 at 11:48 PM, Low Positive said:

Exactly. Wealthy people don't go broke. They declare bankruptcy all the time and keep their jets and houses. They stash half in the Caymen's or in Switzerland and declate themselves broke to get out of paying debts. Then they do it again in a few years.

 

 

It's not that wealthy people do that.

 

It's that some wealthy people do that. There are also plenty of wealthy people who genuinely lose it all.

Posted (edited)
On 6/25/2025 at 8:38 PM, Fan in Chicago said:

How does anyone spend $100 MM in 15 years? 

It's not really $100 million.  Agents, advisors, hangers-on and the tax-man take most of the money.  The tax-man alone eats 45% of those "earnings." 

 

Don't forget it's not what you earn, but  what you keep. 

Edited by GASabresIUFan
Posted
1 hour ago, GASabresIUFan said:

It's not really $100 million.  Agents, advisors, hangers-on and the tax-man take most of the money.  The tax-man alone eats 45% of those "earnings." 

 

Don't forget it's not what you earn, but  what you keep. 

 

Okay.

 

If not $100 million, how many millions of dollars shall we agree that he blew?

 

🙃

 

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