Caleb Williams LLC Got Absolutely Screwed By The NFL By Forcing The Bears To Give Him A W-2 Like The Rest Of Us
For example, multiple sources tell PFT that there was an attempt to get Williams paid as an LLC. The Collective Bargaining Agreement doesn’t seem on the surface to foreclose that approach. However, the league decided that it does. The Bears were told by the NFL that the player’s money can’t go to a business entity other than the player.
Another approach emerged from the concept of a forgivable loan, which would have resulted in Williams getting the money tax free until the loan was forgiven, as many as 10 years into the future. The Bears, through the NFL, also nixed that possibility.
It would appear that Caleb Williams is the smartest rookie ever drafted. Who the fuck wants to fork over millions of dollars to the IRS and the state of Illinois when they don't have to? Caleb Williams and his father tried to buck the system and keep his hard earned, life-changing, rookie contract. Oh a millionaire doesn't want to pay taxes?
I don't know the NFL would have a problem with this. Every other millionaire is allowed to hire an army lawyers and accountants who structure their earnings in ways that allow them to keep as much of their money as possible. Even though there's nothing in the CBA that prohibits Caleb Williams getting his pay from forgivable loans or to Caleb Williams LLC the League stepped in and still shot it down. That feels like it should be illegal. The NFL is forcing a smart kid to fork over 37% in Federal taxes + whatever the state and local taxes are on game day. Why should Caleb not be allowed the same rights as guys like Bezos who pay nothing in taxes? Feels fucked up.
I love this from Caleb and his team though. No stone left unturned. Research. Creativity. Problem solving. Bucking trends. All things I want to see from my quarterback. I swear every story that comes out about him is better than the last. Camp starts today. We are a few short weeks from seeing him on the field I can't wait.