How much NBA players are taxed

[Jameerthefear]

If it were me I would solely go to FL and TX and you wouldn't catch me dead in Toronto lol

https://db0ip7zd23b50.cloudfront.net/dims4/default/cce650c/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2F3d%2Fb6%2F9088f42c4f b98f3af13039ec22be%2Fcurry-salary.png

https://db0ip7zd23b50.cloudfront.net/dims4/default/ab20cef/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2Fa1%2Fca%2Fe144e1b549 5b9a695691696f91a5%2Fpaul-salary.png

https://db0ip7zd23b50.cloudfront.net/dims4/default/103e1f5/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2F44%2F8d%2Fa36f841b4b e997e72c813f8d9bce%2Fgriffin-salary.png

https://db0ip7zd23b50.cloudfront.net/dims4/default/1b93fc8/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2Fd4%2F4e%2F33b0be2d4a 279d87501202bc4597%2Flowry-salary.png

[Nikola_]

Inb4 oxygen tax

[HoopologyPhD]

Good. They play in stadiums largely funded by taxpayers, most of whom have better things to do than watch some oversized morons stuff a ball into a hoop.

[highwhey]

Texas is dope bc of they don't have state taxes.

but 35% federal tax rate is still rape. if i had a salary that big, i would hire a team of CPA's and tax attorneys to circumvent those tax rates.

i would not be giving away half of my money to the government https://i.postimg.cc/50g1vRbp/hubie.png

[TheCorporation]

Long time no see, G :cheers:

Welcome back

[TheCorporation]

Now I'm no CPA but I'm assuming this is only their "tax liability" and their CPAs have numerous ways around these challenges?

At any rate, Toronto be cray

And yes, that is a lot of taxes to pay no doubt.

[TheCorporation]

If it were me I would solely go to FL and TX and you wouldn't catch me dead in Toronto lol

https://db0ip7zd23b50.cloudfront.net/dims4/default/cce650c/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2F3d%2Fb6%2F9088f42c4f b98f3af13039ec22be%2Fcurry-salary.png

https://db0ip7zd23b50.cloudfront.net/dims4/default/ab20cef/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2Fa1%2Fca%2Fe144e1b549 5b9a695691696f91a5%2Fpaul-salary.png

https://db0ip7zd23b50.cloudfront.net/dims4/default/103e1f5/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2F44%2F8d%2Fa36f841b4b e997e72c813f8d9bce%2Fgriffin-salary.png

https://db0ip7zd23b50.cloudfront.net/dims4/default/1b93fc8/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2Fd4%2F4e%2F33b0be2d4a 279d87501202bc4597%2Flowry-salary.png

Jeremy Lin got that first check like

https://c8.alamy.com/comp/R3K68P/little-asian-kid-boy-child-children-with-coins-stack-pile-money-savings-cash-deposit-for-future-R3K68P.jpg

[bullettooth]

Texas is dope bc of they don't have state taxes.

but 35% federal tax rate is still rape. if i had a salary that big, i would hire a team of CPA's and tax attorneys to circumvent those tax rates.

i would not be giving away half of my money to the government https://i.postimg.cc/50g1vRbp/hubie.png

10+ million dollars not enough money for you to live off of?

[Kblaze8855]

Live off of has nothing to do with anything. You can live off virtually nothing.

To get a 30 million dollar contract and potentially walk away with 12-13? Shiiiiiiiit.

I remember seeing the taxes taken out of my first "real job" bonus check and wanting to fight. I hand over 17 million nobody better talk to me for a while.

[Jameerthefear]

https://db0ip7zd23b50.cloudfront.net/dims4/default/051e36c/2147483647/resize/633x10000%3E/quality/90/?url=http%3A%2F%2Fbloomberg-bna-brightspot.s3.amazonaws.com%2F13%2F41%2F1048109946 5688ac8a5e7643b515%2Fcurry-jock-tax.png

You lose a shitload just playing in TOR

[iamgine]

Wouldn't this mean cities with low state tax rate have a big advantage? Why don't we see players flocking to those cities?

TBH, the NBA should standardize all the state and federal taxes. So no one is taxed higher/lower for playing in different cities/country.

[highwhey]

10+ million dollars not enough money for you to live off of?
government isn't going to spend that money wisely anyhow. a majority of that will go to the military industrial complex so some rich white folk that is best friends with the secretary of defense or w/e lobbied his way onto an expensive ass contract to build military weapons or equipment. no thanks.

government contracts aren't even fairly distributed, not the big fat ones at least. the small ones are set aside for small business enterprises (revenue of >20M/year) or other designations like Minority owned/woman owned businesses. but the big fat ones, that would make any person incredibly wealthy, those usually are given away to some rich person that is besties with some politicians in high places.

[Ben Simmons 25]

What the ****? Jock tax?

LOL!

****ing democrats.

[superduper]

What the ****? Jock tax?

LOL!

****ing democrats.

:roll: :roll: :roll: :roll:

That shit made me laugh

[highwhey]

10+ million dollars not enough money for you to live off of?
10m isn't that much money in the grand scheme of things, not if you intend to invest it back into the economy.

you'll pay additional taxes on a vehicle or real estate you purchase. you'll pay taxes for the registration on that vehicle, taxes for that property on a yearly basis, taxes for maintaining that vehicle or property.

35% is a lot to be taxed on income, then you add state taxes and all the other taxes you'll pay for a majority of the things you purchase...and it gets out of hand real quick.

it makes me sick.

[Kblaze8855]

What the ****? Jock tax?

LOL!

****ing democrats.


We had a thing on that once. They tax people just for being an athlete in some places. MLB pay stub:


http://i67.tinypic.com/19b9tv.jpg



Its the Pittsburgh pro athlete fee. He pays 20K a month and he makes a 4th of what Steph Curry does.

[Ben Simmons 25]

Absolutely ****ing ridiculous.

We need to, in a bipartisan way, really, REALLY REALLY re-examine what the role of government is and what it should be.

The scope of the military needs to be drastically reduced in size and the welfare programs need to be rebuilt from the ground up.

Holy ****, those guys take it in the ass.

There's no way they get as much back in services as they pay in taxes... and yet they still have to utilize roads and transportation and services that are completely falling apart.

Get rid of the federal income tax and the IRS. Handle it all at the state level, if you have any type of income tax at all. Just make everything a consumption tax. There isn't shit you can dodge then unless you're paying in cash and making illegal transactions.

[Kblaze8855]

Read this is you wanna know where Jock taxes came from and how good accountants deal with these things:





States began levying income taxes aimed specifically at professional athletes as early as the nineteen-sixties, but it wasn’t until 1991 that these so-called “jock taxes” began to be enforced with vigor. That year, when the Los Angeles Lakers lost the N.B.A. finals to the Chicago Bulls, California moved to collect tax against the income Michael Jordan and his teammates earned while playing in the state. Infuriated Illinois lawmakers in turn passed their own tax laws that specifically targeted visiting athletes, including the Lakers. The Illinois countermove became known as “Michael Jordan’s revenge.”

Since then, more than a dozen states, including Arizona, Colorado, Indiana, Louisiana, Maryland, Massachusetts, Ohio, and Pennsylvania, have enacted regulations to collect taxes from athletes who earn income there as part of their competitive schedule. Some municipalities, including Cleveland, Cincinnati, Kansas City, Pittsburgh and St. Louis, have added them, as well.

While some say that the taxes are a small price for a handful of wealthy athletes to pay, others have criticized the motives behind them. Often the funds go into general state coffers, but in a handful of states, such as Tennessee, jock-tax revenue may support the venues where athletes play. Lawmakers and arena owners sometimes tout jock taxes as a way to publicly finance a new arena without passing the cost to constituents. In January, for example, Wisconsin Governor Scott Walker announced a proposal to impose a tax on N.B.A. players to cover debt payments on two hundred and twenty million dollars for such a project. It’s led to some cries of taxation without (local) representation.

“It’s going to be hard to find a lawmaker that has sympathy for a few thousand or so people who make a lot of money and don’t carry votes,” Jonathan Nehring, a tax lawyer and blogger who writes about sports-related taxes at TaxaBall.com, said.

When athletes want their interests represented, they turn to people like Mark Goldstick, a certified public accountant based in Chicago. Goldstick was working as an accountant, mostly with high-net-worth clients, when, in 1985, one of his fraternity brothers from college started a sports agency, Priority Sports and Entertainment. The company began to include tax services as part of its offerings and, in 1998, Goldstick’s friend gave him eight athletes’ tax returns. Within three years, that number had grown to sixty. Goldstick, who is now the C.F.O. of Priority, estimates that this spring he will complete thirty-four tax returns for past or present N.F.L. players, twenty-seven for N.B.A. athletes, and thirteen for professional basketball players overseas, among others.

[highwhey]

We had a thing on that once. They tax people just for being an athlete in some places. MLB pay stub:


http://i67.tinypic.com/19b9tv.jpg



Its the Pittsburgh pro athlete fee. He pays 20K a month and he makes a 4th of what Steph Curry does.
you'd think with all the tax a small city like Pittsburgh receives, they'd use some of those funds to fix their eroding bridges. Last time I was there I couldn't help but be bothered by how many steel bridges they have that have been rusting for decades.

they got a FB, Google campus there too. bunch of other tech companies are there bc of Carnegie Mellon. I bet they tax the sh1t out of them too.

[Kblaze8855]

The rest

[QUOTE]Goldstick

[Ben Simmons 25]

When a guy is forced to pay that much in taxes, honestly he should be getting some sort of special privileges from the government at the very least. Like wtf rofl.

[Dray n Klay]

I live in California

I can tell you, paying 50+% in income taxes is no joke :mad:

[TheCorporation]

What the ****? Jock tax?

LOL!

****ing democrats.

:lol :lol


But he play the sports ball. He need to give us monies :lol

[TheCorporation]

Absolutely ****ing ridiculous.

We need to, in a bipartisan way, really, REALLY REALLY re-examine what the role of government is and what it should be.

The scope of the military needs to be drastically reduced in size and the welfare programs need to be rebuilt from the ground up.

Holy ****, those guys take it in the ass.

There's no way they get as much back in services as they pay in taxes... and yet they still have to utilize roads and transportation and services that are completely falling apart.

Get rid of the federal income tax and the IRS. Handle it all at the state level, if you have any type of income tax at all. Just make everything a consumption tax. There isn't shit you can dodge then unless you're paying in cash and making illegal transactions.

I remember Adam Corollla having a funny ass segment about this where he basically said, "Ok sure, I'll pay the four million in taxes but then you better name a goddamned highway after me."

[TheCorporation]

When a guy is forced to pay that much in taxes, honestly he should be getting some sort of special privileges from the government at the very least. Like wtf rofl.

See Adam Corolla post above :D

[TheCorporation]

I live in California

I can tell you, paying 50+% in income taxes is no joke :mad:

No doubt my G :cheers:

[bullettooth]

I live in California

My mom can tell you, paying 50+% in income taxes is no joke :mad:

FTFY

[TheCorporation]

FTFY


SO EDGY MOM JOKES COOL

:sleeping

[Overdrive]

Honestly thought you guys pay less than us socialist euros, but this is mind blowing. You pay that much and there's no real universal healthcare?

[TheCorporation]

Honestly thought you guys pay less than us socialist euros, but this is mind blowing. You pay that much and there's no real universal healthcare?

Perhaps not universal, but definitely better, no?

[bullettooth]

Perhaps not universal, but definitely better, no?

So much better that Kobe took off to Germany to fix his knees. Yup. Definitely better.

[highwhey]

Honestly thought you guys pay less than us socialist euros, but this is mind blowing. You pay that much and there's no real universal healthcare?
have you seen our ridiculous military budget?

[LeCola]

In France, tax was %75 for over 1 million. So a 30 million contract means 22 tax and 8 million net. :oldlol:

[Jameerthefear]

In France, tax was %75 for over 1 million. So a 30 million contract means 22 tax and 8 million net. :oldlol:
Damn. Living in FR is an L

[Overdrive]

Perhaps not universal, but definitely better, no?

Sorry no, I live in a city with top 5 healthcare worldwide.

[kennethgriffen]

and yet all these players are still somehow liberal democrats


they'd rather go broke and push their racist agendas than have food on the table 20 years from now

:lol

[sammichoffate]

Theres other taxes to balance income out, but yeah living in Texas or florida is way better than cali or NY financially speaking.

[Overdrive]

they'd rather go broke and push their racist agendas than have food on the table 20 years from now

:lol

That doesn't happen due to taxes. It's their inability to hold onto money.

[And1AllDay]

and yet all these players are still somehow liberal democrats


they'd rather go broke and push their racist agendas than have food on the table 20 years from now

:lol

Kenny my guy,we are like the only Kobe fans on this board so stick with me on this

STOP talking about racism it is only making you look worse and worse we already know you look like a hillbillly bruh

[bullettooth]

That doesn't happen due to taxes. It's their inability to hold onto money.

That's on them.

[TheCorporation]

That's on them.

True, we can agree on this.

[bullettooth]

True, we can agree on this.

I really don't understand how you can piss away tens of millions of dollars and end up broke. You gotta be a special kind of stupid to do that.

I get that feeling of 'OH! I have money now! Let's go shopping!' but don't you know your limits on the spending?

[Rudeboy3]

These athletes aren't idiots, i'm pretty sure they have accountants that have found ways to avoid paying that much tax. Tax avoidance and evasion are two different things, there's a reason why every athlete seems to have their own "foundation" or charity

[TheCorporation]

I really don't understand how you can piss away tens of millions of dollars and end up broke. You gotta be a special kind of stupid to do that.

I get that feeling of 'OH! I have money now! Let's go shopping!' but don't you know your limits on the spending?

Word. Shit man, even set aside TWO MILLION in a virtually risk-free investment and then do whatcha want. I think the problem is they always feel the money is going to come in (when it obviously doesn't).

Like with Iverson, "I'll just sign another 40-mil deal I aint worried about tomorrow."

[TheCorporation]

These athletes aren't idiots, i'm pretty sure they have accountants that have found ways to avoid paying that much tax. Tax avoidance and evasion are two different things, there's a reason why every athlete seems to have their own "foundation" or charity

Good point, so then basically hookers and blow is where their frivolous expenditures are going

[baudkarma]

Now I'm no CPA but I'm assuming this is only their "tax liability" and their CPAs have numerous ways around these challenges?

At any rate, Toronto be cray

And yes, that is a lot of taxes to pay no doubt.

Yeah, there's a ton of stuff that a pro athlete can write off as a business expense. Agent fees, trainer fees, equipment costs. Travel expenses if it's for legitimate business and not being paid by their employer. Union dues. And of course any charitable donations.

Kind of crazy to think that an NBA player could install a full-sized indoor basketball court, a swimming pool, and a weight room in his mansion and write the cost off on his taxes.

[TheCorporation]

Yeah, there's a ton of stuff that a pro athlete can write off as a business expense. Agent fees, trainer fees, equipment costs. Travel expenses if it's for legitimate business and not being paid by their employer. Union dues. And of course any charitable donations.

Kind of crazy to think that an NBA player could install a full-sized indoor basketball court, a swimming pool, and a weight room in his mansion and write the cost off on his taxes.

Yep, yep. We know better. :cheers:

Don't start acting like athletes are shelling out "business expense" cash transactions for a number of the aforementioned things.

[Knicksfever2010]

this is pretty unfair to teams that play in California/NY especially in a league that has a salary cap.

For example, the Knicks max contract to Durant is worth less than the max contract from the Mavericks.

[Overdrive]

That's on them.

Read an article about and by Darius Miles few days ago.

He said you don't go broke by buying Ferraris. "You know how many Ferraris you have to buy to go broke on 60M?" Totally sums up the mindset. He said those athletes go broke on wrong investments, but it's a symptom of the same problem.

No matter how much you earn, you take a fixed amount to live, a fixed amount for riskfree savings, a fixed amount for luxury and one for risky investments. Of course there's a minimum you have to earn to invest or buy luxurious goods, but those guys prioritize luxury over anything.

They fail to realize that the millions only flow for a little timewindow.

[Jasper]

Milwaukee Bucks aren't called Bucks for any reason ..

They pay their players under the table.....

:D

The bballers pay a boat load , but if you go fishing after the season , you should get bonus's.