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Pro athletes and taxes

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posted on Mar, 4 2019 @ 12:04 PM
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a reply to: AugustusMasonicus

That's very weird.
Must have something to do with the leagues dealing with state taxes.

The article says some of it is returned as tax credits... some isnt...

Either way the majority comes from the state of residence fortunately.

My apologies to usernameconspiracy!
I stand corrected.




posted on Mar, 4 2019 @ 12:08 PM
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originally posted by: roadgravel



$25 million a year.
Honestly hes worth more than that but that's another story.


For hitting a ball with a stick.

And people ask what is going wrong with the country.

I bet in a few years the team will be trying to trade him off to save money.



As long as people pay to see him hit a ball with a stick.
Hes is underpaid.
Just check out number 3 jersey sales yesterday.

Everything comes down to return on investment.



posted on Mar, 4 2019 @ 12:34 PM
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originally posted by: usernameconspiracy
a reply to: Edumakated

It's where you earn the money that counts. For example, my daughter works in an industry where welders are hired routinely. They are all based in Texas, and live in Texas. When they go to a job site in Oklahoma, and earn their income over the course of, say six weeks, that six weeks worth of income is subject to Oklahoma income taxes, regardless of the fact that the individual lives in Texas. The income was earned within the state, and the state expects to collect the taxes due. Part of my daughter's job is to get everything set up with each state so income taxes are withheld while those employees are earning their income in that particular state.


I used to be a frequent business travel and had to file non-resident income taxes upwards of 5 states per year. I'd get like 5 w2s for each state I worked in for the year. Your tax liability isn't any different, it is just a pain in the ass administratively as the employer has to track how long you were in each state. States cannot double tax you and most large employers cover any liability associated.

What i don't know is how athletes pay themselves. Are they incorporating themselves. Getting 1099s. W2s. Pretty sure they have an army of accountants and lawyers figuring out the best way to structure their pay so it has the least tax liability.

Speaking of which, just saw an article today:

High Tax States Making it Harder for Rich to Leave




...but even before the law, there were rich people in blue states trying this strategy. Some actually moved, while some just pretended to—and that’s where state tax auditors come in. Officials in places such as California and New York don’t make it easy for the rich to say goodbye, with investigators who dig deep, forcing residents to prove they really have cut ties in favor of cheaper pastures.



posted on Mar, 4 2019 @ 12:40 PM
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Just check out number 3 jersey sales yesterday.


Lots of people like to waste money.



posted on Mar, 4 2019 @ 12:56 PM
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a reply to: roadgravel

No argument there



posted on Mar, 7 2019 @ 04:09 AM
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Athletes' weekly pay checks are actually taxed based on the rate in the city where they played that week. At least that's how it is in the NFL. Not sure what happens at the end of the year when tax time comes though...



posted on Mar, 7 2019 @ 06:51 AM
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a reply to: Bluntone22

I am not as familiar with Baseball, but the Lightning in Hockey have managed to hang on to several top tier players for less because of taxes.



posted on Mar, 7 2019 @ 07:28 AM
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a reply to: Edumakated

But what Florida misses in income tax revenue, they make up when those same rich folks buy their luxury goods there. That's what the state sales tax does for them. Not only that, but since they have that state sales tax, more people are paying into the system at all levels than with an income tax. I'm sure that last really chaps a few folks' hides.



posted on Mar, 7 2019 @ 08:17 AM
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originally posted by: AugustusMasonicus
a reply to: Bluntone22


At least he's paying his taxes, the biggest scam in pro sports is when a team boondoggles a new publicly or semi-publicly funded stadium out of a city along with sweetheart tax deals under the mistaken premise that it is a net revenue generator overall. Studies have shown this is erroneous, let billionaires pay for their own damn stadiums.


Some of those studies are wrong. They don't include other revenue streams in their total. They don't track the concession revenue, the parking revenue and things like hotel tax revenue. The City near where I live has three professional sports teams and two college teams that use the pro facilities. The City and County receive the revenue from the concession sales, the City receives 40% of the revenue for parking and the City and County receive the money from the Entertainment Tax on ticket sales. The Teams are charged for the Police and other emergency workers that are required for these events. Add on various other taxes on businesses in and around the facilities. Add in the taxes on the employees that work in the facilities and or around the facilities. Add in revenue generated from non-sports events held in these facilities. The parking lots around these facilities are used 7 days a week, 365 days per year. Let's not forget that the teams that use these facilities pay rent for their use and have permanent offices in these facilities.

The majority of these studies are conducted to support a political agenda. There is a certain political advantage to portraying the owners of these teams as "Billionaires who are taking advantage of the taxpayers", but, when you crunch the numbers sometimes you find out who is really taking advantage.

When the new facilities were being debated, there was quite a bit made about the City still owing money on the old facilities. What nobody mentioned was that every time the City got in a budget crunch they would re-finance the debt on the old facilities to make their budget numbers look better. Just to mention it, the last time this City had a Republicam Mayor was 1933.



posted on Mar, 7 2019 @ 09:20 AM
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a reply to: JIMC5499

I'll take the opinion of Forbes over your non-sourced one.













edit on 7-3-2019 by AugustusMasonicus because: networkdude has no beer



posted on Mar, 7 2019 @ 01:56 PM
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originally posted by: AugustusMasonicus
a reply to: JIMC5499

I'll take the opinion of Forbes over your non-sourced one.


That's your right.
nypost.com...



posted on Mar, 7 2019 @ 02:09 PM
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a reply to: JIMC5499


The facts are still the facts as the Forbes article was written in 2015. Did the Asians in question have a time machine?







edit on 7-3-2019 by AugustusMasonicus because: networkdude has no beer



posted on Mar, 14 2019 @ 02:51 AM
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Firstly, I love sports and would have nothing to do on a weekend if it disappeared lol, but I feel that these sports stars are waaaay overpaid.
With the budgets some of these sports teams have, especially some of the European soccer leagues we could wipe out poverty and hunger in some countries (Ok maybe not wipe out, but you get my drift).

Pay them a fair wage yes, but 10's or 100's of million dollar deals are a bit overkill, IMO, for essentially just playing a kids game for grown-ups.




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