Atlanta Hawks star cancels more than $1 million of medical debt in the city

[HawkItus]

ATLANTA — Atlanta Hawks star Trae Young has partnered with RIP Medical Debt to relieve more than a million dollars in past due medical debts for people in Atlanta who cannot afford to pay them.

“The city of Atlanta has welcomed me with open arms,” said Young. “Giving back to this community is extremely important to me. I hope these families can find a bit of relief knowing that their bills have been taken care of as we enter the New Year.”

RIP Medical is a 501(c)(3) nonprofit started in 2014 by two former debt collectors that uses donated funds to purchase portfolios of bundled medical debt on the secondary debt market for pennies on the dollar.

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It specifically buys accounts for those most in need (individuals: two times or below the federal poverty level, insolvent and/or with debts that are five percent or more of gross annual income).

Young donated $10,000 through the Trae Young Foundation to target relief in the Greater Atlanta Area.

Through this charitable act $1,059,186.39 of medical debt will be erased.

The average amount abolished is $1,858 for 570 people. Those benefiting from relief will receive a branded, RIP yellow envelope, which landed in Atlanta on January 3.

[AHF]

Was thinking that Trae had made a huge donation from the title, but any contribution to helping people who have been through hard times with their health and incurred debt as a result is a kind act of charity.  Sounds like a worthy cause and good act by Trae.  Kudos.

[Spud2nique]

Trae is the man, on and off the floor! Nice work sir!

[Thomas]

3 hours ago, Spud2nique said:

Trae is the man, on and off the floor! Nice work sir!

Kinda one ups Nique's "Corn fed beef".

[bleachkit]

Tax write off. Better than it going to the Feds though. Well done Trae.

[kg01]

5 minutes ago, bleachkit said:

Tax write off. Better than it going to the Feds though. Well done Trae.

Don't be so cynical, grumpy cat.

[bleachkit]

6 minutes ago, kg01 said:

Don't be so cynical, grumpy cat.

If by cynical you mean a factual statement. When you owe millions in taxes every year, you can write off huge sums in the form of charitable donations. When celebrities pretend it's coming right out their pocket, that's very disingenuous.

[kg01]

2 minutes ago, bleachkit said:

If by cynical you mean a factual statement. When you owe millions in taxes every year, you can write off huge sums in the form of charitable donations. When celebrities pretend it's coming right out their pocket, that's very disingenuous.

Gah, we all already know that.  Why can't you just let us have a nice moment?

Nevermind, I can answer that.  It's 'cause you're a ... grumpy cat.

[bleachkit]

1 minute ago, kg01 said:

Gah, we all already know that.  Why can't you just let us have a nice moment?

Nevermind, I can answer that.  It's 'cause you're a ... grumpy cat.

I forgot, you are only permitted to be cynical and negative about non-Hawks stories and topics, including all non Hawks players and teams. Champion of homerism, carry on!

[macdaddy]

It's not a tax credit.  It's a deduction.  You get some tax savings but it's not like it doesn't still cost you money.  Otherwise we'd all just donate everything to charity.

[kg01]

2 minutes ago, bleachkit said:

I forgot, you are only permitted to be cynical and negative about non-Hawks stories and topics, including all non Hawks players and teams. Champion of homerism, carry on!

I think you're the only one that thinks I'm a homer.

[Guest]

12 minutes ago, bleachkit said:

If by cynical you mean a factual statement. When you owe millions in taxes every year, you can write off huge sums in the form of charitable donations. When celebrities pretend it's coming right out their pocket, that's very disingenuous.

I've been a non-profit fundraising professional for more than 30 years (Children's Healthcare in Atlanta, Boys & Girls Clubs of Atlanta, and Boys & Girls Clubs of America, Reinhardt University, etc.).
When someone makes a donation, they can get a income tax reduction equal to their tax bracket.  For example, someone like Trae, who will be in the highest tax bracket, if he donates $10,000, that will only "cost" him about $6,500.  He still made a donation of $6,500 any way you cut it.  There are other conditions (you can only use charitable deductions up to 50% of your gross income, etc.), but people who donate money, even if part of the motivation is a tax "write-off," are still paying out of their pocket for most of the donation, except in rare, complex situations.  

[Gray Mule]

44 minutes ago, bleachkit said:

Tax write off. Better than it going to the Feds though. Well done Trae.

You sound like that this is something that you do.  Thanks!

 

[bleachkit]

1 minute ago, Gray Mule said:

You sound like that this is something that you do.  Thanks!

 

Doesn't everybody? That's what accountants are for.

[PSSSHHHRRR87]

1 hour ago, AHF said:

Was thinking that Trae had made a huge donation from the title, but any contribution to helping people who have been through hard times with their health and incurred debt as a result is a kind act of charity.  Sounds like a worthy cause and good act by Trae.  Kudos.

He ain't got that max deal yet.  Hell, Deandre Hunter makes more than Trae does. lol

[bleachkit]

1 minute ago, PSSSHHHRRR87 said:

He ain't got that max deal yet.  Hell, Deandre Hunter makes more than Trae does. lol

Trae has already got some prominent endorsement deals though. You'd be surprised how much they can make in endorsements.

[JayBirdHawk]

That's my Point guard 

Whether he gets a tax write or deduction - the point is - it's a help to real people in need. I don't think the people whose debts got paid care what he gets out of doing it. They're just happy to not have the debt anymore.

I wonder how I can get on that list,  I got some medical bills.

[JayBirdHawk]

What kind of fuzzy math is this though?

How does $10,000.00 eliminate $1 million plus in debt?

[JTB]

12 minutes ago, JayBirdHawk said:

That's my Point guard 

Whether he gets a tax write or deduction - the point is - it's a help to real people in need. I don't think the people whose debts got paid care what he gets out of doing it. They're just happy to not have the debt anymore.

I wonder how I can get on that list,  I got some medical bills.

Aaaaaameeeennnnn!  

when you find out please let me know !  

[macdaddy]

7 minutes ago, JayBirdHawk said:

What kind of fuzzy math is this though?

How does $10,000.00 eliminate $1 million plus in debt?

oops.  my math was wrong.

Edited January 8, 2020 by macdaddy