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The college athletics world was flipped upside down last month when the National Collegiate Athletic Association (NCAA), under pressure from numerous state governments and the US Supreme Court, changed its long-held rule that college athletes could not monetize their fame. Now, college athletes can nab endorsement deals, sell signed autographs, and profit off their social media accounts without fear of losing their scholarships.
“Unfortunately, we’ve been in this slump, for lack of better word, for at least the past year. And we would anticipate, or at least hope, that these things turnaround here with the additional unemployment money getting cutback,” he said.
It is also true that some billionaires don’t avoid taxes by avoiding incomes. In 2018, nine of the 25 wealthiest Americans reported more than $500 million in income and three more than $1 billion.
Indeed, from February to April, the number of part-time workers also fell by 85,000 to 25.5 million while the ranks of full-time workers surged by 1.3 million to 125.6 million, according to Moody’s and Labor Department figures.
Asked whether it was appropriate that he had paid no income tax in certain years, Icahn said he was perplexed by the question. “There’s a reason it’s called income tax,” he said. “The reason is if, if you’re a poor person, a rich person, if you are Apple — if you have no income, you don’t pay taxes.” He added: “Do you think a rich person should pay taxes no matter what? I don’t think it’s germane. How can you ask me that question?”
In 2007, Jeff Bezos, then a multibillionaire and now the world’s richest man, did not pay a penny in federal income taxes. He achieved the feat again in 2011. In 2018, Tesla founder Elon Musk, the second-richest person in the world, also paid no federal income taxes.