One of the major casualties of the NY taxing system....are NBA players. Once you examine your salary, and the chunk that the city/state will take out...it simply doesn’t make that much sense to play there. At some point, the Knicks will eventually have to study the idea of moving the team beyond the state borders.
Yes, any professional player that plays games within New York has to pay New York taxes on the salary earned within the state. If your team is based in NY then at least half of your salary is taxed at the NY rate.
One reason Rush left for Florida was the taxes—Florida doesn’t have an income tax. And NY examines every of his visits to the state in hopes of catching him earning income.
But California might be even more greedy. They tried to tax the pensions of people who had moved out of the state after retiring. “You can check out, but you can never leave.”
I’ve heard professional athletes pay state income tax in every state they play a road game, and not just in their home state. So visiting NBA players in town to play the Knicks and Nets get nailed .
The players with multi million dollar contracts must have incredibly complicated tax returns.