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State tax difference

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Postby RugbyD » Tue Jan 25, 2005 5:44 pm

ESPN had a good article on this issue during the Bletran talks. can't find it on the site though. they had all the numbers hashed out.
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Postby Amazinz » Tue Jan 25, 2005 5:44 pm

jellyroll wrote:No state tax in Florida and up to 7.7% in NY so per $1M that's 77k, correct?

Not a lot but not negligible either.

I was going by 7.5%. :-]

And you only tax $500K. The other half is taxed based on the other cities they play in and they're in the same division so that should equal out. :-)
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Postby Amazinz » Tue Jan 25, 2005 5:45 pm

29%? :-o
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Postby davidmarver » Tue Jan 25, 2005 5:47 pm

Who cares. Play the game to play the game.
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Postby LBJackal » Tue Jan 25, 2005 5:47 pm

Sorry those were federal numbers.. in Ontario I found this:

"both surtaxes, for a total of 56%, apply to ON income tax in excess of $4,957"

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Postby jellyroll » Tue Jan 25, 2005 5:51 pm

Amazinz wrote:
jellyroll wrote:No state tax in Florida and up to 7.7% in NY so per $1M that's 77k, correct?

Not a lot but not negligible either.

I was going by 7.5%. :-]

And you only tax $500K. The other half is taxed based on the other cities they play in and they're in the same division so that should equal out. :-)


You are absolutely correct. ;-D
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Re: State tax difference

Postby Madison » Wed Jan 26, 2005 2:28 am

Dude86 wrote:How come the state tax on free agent contracts wasn't an issue until this year? Are there new laws or something, or is it just like a hot topic this year?


Nope, no new laws or anything, just people realizing how much money is really involved.

Say for example a 12 million per year deal for 4 years (like Delgado's). 6 million per year is made in his home state. Say an average tax of 7.5% in his home state equals $450,000 per year in state taxes (that's $1.8 million over the 4 years) that he could avoid by playing for Texas or Florida. Now $450,000 per year really isn't that much compared to $12 million, but rich people don't stay rich by not looking at ways to maximize their incomes and/or reduce payments out. Just makes for smart business to avoid paying the $450,000 per year (or $1.8 million for 4 years) in taxes if someone like Delgado gets the same offer from say Texas and Arizona. B-)
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Postby TheYanks04 » Wed Jan 26, 2005 2:36 am

Hey who can blame someone for not wanting to pay the state taxes. That 7.5-8% he saves goes most of the way to paying his agent's commission.


Bottom line is Delgado has never been enamoured with NY and his agent kept NY in the game and got Delgado comparable money from someone else. That is what they are supposed to do. The Mets would have had to offer more to overcome the taxes and probably the preference Delgado has to play in another city.
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