It was pointed out to me today by a tax attorney that there is an excise tax of 21% on all salaries over $1million dollars that are paid by nonprofits. That would mean that MSU would be incurring an additional $1.7 million dollars in taxes on top of Tuckers salary. I guess the excise tax is an attempt to offset some of the tax deductions that may be generated by contributions to a nonprofit used to pay what the government considers excess income to employees of nonprofits.
Excise Tax on salaries over $1million per year.
- Thread starter NBSpartan
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