Houston Rockets select Chinese Yao Ming #1 in NBA draft...PRC gets 1/2 salary.

TNT TV | June 26, 02

[Ragtime Cowgirl]

The NBA draft on TNT now....Houston Rocket's first pick was 7'5" Yao Ming. Commentators said that the athletes in China are owned by the state and that Yao could play here if he gives the Chinese government half of his salary.

[GoreIsLove]

The ironic thing is that an American player also has to pay half his salary to state, too.

[Paleo Conservative]

You beat me.

[GoreIsLove]

It was just too easy

[Ragtime Cowgirl]

It was. (^:

[socal_parrot]

After paying both governments, Yao should net minimum wage.

[GoreIsLove]

From what I've read, Yao's endorsement money will be split in half but his salary won't. Of course that's where most of Yao's money will come from anyway.

[Paleo Conservative]

After paying both governments, Yao should net minimum wage.

Nothing but net.

[GoreIsLove]

Kind of like what happens to Shawn Kemp's salary after taxes and support payments to the 19 mothers of his various illegitimate children.

[Ragtime Cowgirl]

Of course none of you are equating Communist China with the US of A, I hope....don't make me come after you!

[meyer]

After paying both governments, Yao should net minimum wage.

...which will make him the highest paid civilian in China.

[meyer]

LOL

[tall_tex]

50% looks like a good deal to me. When I add up my federal at the top level, sales 8.25% state and local, property $7500 last year, (yep going up again we have been warned), personal property for my business assets that I paid sales taxes on when I purchased them and continue to pay taxes each year based at the asset purchase price, not the depreciated price. Thank goodness no Texas income tax yet although the Dem's keep trying, 50% some how doesn't seem so bad. Maybe moving to China would not be a bad financial move. Of course I would stick out like a tall Texan.. Tom

[tophat9000]

Yea but the the fed will still tax him on the full amount payed in his name

So first the PRC get 1/2 of the gross

Then the fed taxes him again on the the full gross amount even if he's geting only 1/2 of it

So he pays the tax on the gross(his 1/2 + PRC 1/2)..

... out of just his 1/2....

they IRS should make the PRC file there own 1040 and pay tax on there 1/2 :> fat chance!

[meyer]

Don't worry, the senate will probably push through a "China tax credit" for NBA players only.

[tall_tex]

You are correct, I forgot about uncle getting their pound of flesh, of course the state guys want theirs where ever he decides to claim as his residence, the sales tax he will pay, property tax should he decide to purchase a residense, gasoline tax, beer and wine tax.. The list is to long to contemplate. Sorry he will probably just have to go on welfare like most of those comming to America from other countries. Free health care, food stamps, subsidized housing... Hey is the USA a great place or what. Tom

[tall_tex]

I could use a "Tall Tex" tax credit. But I am not holding my breath, but I might. Naa...

[NYCVirago]

Here's my question -- once he gets to the NBA, couldn't he just defect from China and say he wanted to stay in the United States for good?