Posted on 02/10/2022 12:23:10 PM PST by DIRTYSECRET
Last year, Jaguars quarterback Trevor Lawrence received a signing bonus of $24.1 million. He paid nothing in state income tax.(Florida) Jets quarterback Zack Wilson, the second pick, was paid signing bonus of $23.5 million. He surrendered $2.52 million of that amount to New Jersey. Likewise, 49ers quarterback Trey Lance, the third pick, landed a signing bonus of $22.1 million. He paid a whopping $2.71 million to California.
(Excerpt) Read more at profootballtalk.nbcsports.com ...
"The signing bonus will be the biggest chunk of Thibodeaux’s rookie contract. It will be taxed at the rate applicable to the state where the check is issued."
Does that mean a signing bonus ceremony can be done out of state? Could they get away with it? The NFL is too woke to find out.
The young draftees(instant millionaires) are too naive and ill informed to know they’re being taken to the cleaners right off the bat. A wedge to be driven in between the lefties and the ‘nouveau rich’, most of whom are black btw.
The NFL Competition committee meets every year and knows this is unfair. Perhaps a salary cap ‘curve’ would allow some teams to raise their cap. NY and Ca. have 3 teams each. But then it doesn’t effect management so they could care less.
NFL meetings start March 27 btw.
CA would definitely go after the money, and probably threaten charges of tax fraud. Also, on big earners like this, CA is trying to pass a huge tax increase to fund “single payer” healthcare. Just like Kayvon, the millionaires (and their companies) who fund Kaliforneea’s socialist nightmare will flee.
Its why Steven Stamkos signed his contract extension ($68 million) a few years ago with the Tampa Bay Lightening, despite heavy recruiting from his “home-town” team the Toronto Maple Leafs.
33% Canada federal tax
13.6% Ontario provincial tax
0.65% yearly Toronto property tax
13% Sales tax
So he saved himself $6-8 million by staying in Florida.
*too naive and ill informed to know they’re being taken to the cleaners right off the bat. *
They DO know they’re being taken to the cleaners. The problem is they have no choice. They’re stuck with the team that drafted them.
Every NFL team should rent an office in Florida or Texas and call it their HQ.
It's not quite as unfair as it may seem.
New York City and Los Angeles are two of the largest metro areas in the U.S. For some sports, professional athletes can get much bigger endorsement deals in these major cities than they can in places like Jacksonville or Tampa.
It is not only the pro athletes who are getting screwed by the State of California. When young California kids enlist into the armed forces California will tax them on their military pay. That could be a lot of money if the person decides to stay in the military for 20 years. If you know any young people who want to enlist tell them to get on a bus or a plane to Florida, Nevada, Texas, Tennessee, or Ohio and visit a military recruiter in those states and use an address there as your military home of record.
that’s one of the reasons why I moved from canada to the US aside from freedom. Taxes up north are horrible. Heck, BC taxes were killer.
One of my frat mates from university contracts with the Miami Dolphins and Tampa Bay lightning. He said many times that players he spoke of dont mind losing in FL, as long as they get paid and keep their money.
Anaheim, Boston (2 games), Buffalo (2 games), Calgary, Chicago, Edmonton, Los Angeles, Minnesota, Montreal, New Jersey (2 games), New York City (3 games), Ottawa (2 games), Philadelphia (2 games), San Jose, Seattle, Toronto (2 games), Vancouver, Washington DC (2 games), and Winnipeg.
It's remarkable to see how complicated the tax situations are for these athletes. I read somewhere that an NBA player for one of the New York City teams files something like 22 different income tax returns (Federal, state, county and city) in a typical year.
Income taxes encourage sloth and crime.
Sales taxes encourage wise buying.
“Every NFL team should rent an office in Florida or Texas and call it their HQ.”
Pretty sure every team is officially based in Delaware for just this reason.
There is talk in a couple of leagues of reworking it so that the players officially work for the league itself. The league can claim to be national, and thus bonuses can be paid wherever taxes are lowest.
my friend was asking,, why are his bonuses taxed so much more than theirs?
My understanding is that most states will tax the income athletes earn in the state even when they don’t live there. For example NY charges state income tax on visiting players for the games played in New York.
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