Tax bite sacks Flacco's status as NFL's highest-paid player

[Doomsday101]

Not so fast, Joe Flacco — the Baltimore Raven might not be NFL’s highest-paid player after all.

The Super Bowl XLVII MVP and the Ravens agreed to a six-year, $120.6 million contract this week, earning the New Jersey native an estimated $20.1 million per year. But being the highest paid player and earning the most after taxes are two very different things, according to Americans for Tax Reform, a Washington-based organization that advocates a single, flat-rate income tax.

In selecting to remain with Baltimore, Flacco is now set to pay a combined marginal income tax rate of 51.98 percent, comprised of federal, Maryland and Baltimore County income tax rates, as well as the Medicare tax. And that doesn’t even include the so-called “jock tax,” or Flacco’s liability for games played out of state and other taxes levied against him, including Maryland’s property tax.

Had Flacco sought a contract in states like Florida, Tennessee and Texas, he would have saved $1.72 million on the total marginal tax liability, according to Americans for Tax Reform


Read more: http://www.foxnews.com/sports/2013/...nfl-highest-paid-player-status/#ixzz2MtTOFh7v

 

[DFWJC]

It should be illegal to have to pay >50% in total taxes and should be illegal to not pay any fed tax.

Interesting though, how it pays for an athlete to live in Florida, Texas, etc.

 

[Doomsday101]

It should illegal to have to pay >50% in total taxes and should be illegal to not pay any fed tax.

Interesting though, how it pays for an athlete to live in Florida, Texas, etc.

Romo deal looking better. :laugh2:

 

[Hoofbite]

$1.7M is the difference? Kind of shocked that's all it was.

Texas has no state income tax, right? What's Maryland's?

 

[Richmond Cowboy]

$1.7M is the difference? Kind of shocked that's all it was.

Texas has no state income tax, right? What's Maryland's?

6.25% for his tax bracket

 

[DFWJC]

6.25% for his tax bracket

You'd think it would be closer to a 10mil hit.

 

[koolaid]

damn thats a lot of money in taxes

 

[jrumann59]

Hey Joe welcome to Maryland, we will re-distribute your wealth for you.

 

[landroverking]

It's gross not the net that makes him the highest paid. 40 years ago the tax rate would have been closer to 90%

 

[DFWJC]

Net is the number that matters, obviously.

Tax rate about 110 years ago were 3%. The government took in a higher rate of income than ever before at that time due to higher GDP growth.

The top fed rate about 30 years ago was 50%. yikes.

In any case, we can all agree Joe Flacco is loaded.

 

[Blackspider214]

But Texas has a sales tax on most everyday items you buy. So I'm sure it is close to evening itself out in the end in terms of paying or not paying a state income tax.

 

[Doomsday101]

But Texas has a sales tax on most everyday items you buy. So I'm sure it is close to evening itself out in the end in terms of paying or not paying a state income tax.

Not really Between both sales tax and state income tax which Maryland has both they out tax the state of Texas by a good margin.

 

[DFWJC]

Not really Between both sales tax and state income tax which Maryland has both they out tax the state of Texas by a good margin.

That's right. It's not close at all.

Texas does have fairly high property taxes.

As for two entirely different economic models; A good example is California vs Texas. The 1st has crippling taxes yet is still swimming in debt and borderline bankrupt, the other has low taxes yet brings in way better rates of revenue to the state coffers due to a far better business atmosphere and steady economic growth.

Cali should be the dream destination with all of of it's beauty, yet other than what is coming in from from south of the border, people and companies are leaving. Phil Mickelson too, possibly

 

[Doomsday101]

That's right. It's not close at all.

Texas does have fairly high property taxes.

As for two entirely different economic models; A good example is California vs Texas. The 1st has crippling taxes yet is still swimming in debt and borderline bankrupt, the other has low taxes yet brings in way better rates of revenue to the state coffers due to a far better business atmosphere and steady economic growth.

Cali should be the dream destination with all of of it's beauty, yet other than what is coming in from from south of the border, people and companies are leaving. Phil Mickelson too, possibly

That is why we are called Texas not Taxes. :laugh2:

 

[Hoofbite]

That's right. It's not close at all.

Texas does have fairly high property taxes.

Is this because you get quite a bit for your buck in Texas? Or at least that's what I've heard.

I know it's likely not everywhere but I've seen a couple of those listings that have homes of the same price in different areas and the houses in Texas are ridiculously huge.

Sort of thing where don't really mind paying a little more for the property taxes because the property they get is substantially cheaper than in other states type of deal?

As for two entirely different economic models; A good example is California vs Texas. The 1st has crippling taxes yet is still swimming in debt and borderline bankrupt, the other has low taxes yet brings in way better rates of revenue to the state coffers due to a far better business atmosphere and steady economic growth.

Cali should be the dream destination with all of of it's beauty, yet other than what is coming in from from south of the border, people and companies are leaving. Phil Mickelson too, possibly

Is Texas really all that well off? I think I remember seeing something a while ago that said something different.

Of course it was a while back so they could have made some serious headway in the last year and half or so. This the case?

 

[Mr Cowboy]

Quote:

Originally Posted by DFWJC

That's right. It's not close at all.

Texas does have fairly high property taxes.

Is this because you get quite a bit for your buck in Texas? Or at least that's what I've heard.

I know it's likely not everywhere but I've seen a couple of those listings that have homes of the same price in different areas and the houses in Texas are ridiculously huge.

Sort of thing where don't really mind paying a little more for the property taxes because the property they get is substantially cheaper than in other states type of deal?

Quote:

As for two entirely different economic models; A good example is California vs Texas. The 1st has crippling taxes yet is still swimming in debt and borderline bankrupt, the other has low taxes yet brings in way better rates of revenue to the state coffers due to a far better business atmosphere and steady economic growth.

Cali should be the dream destination with all of of it's beauty, yet other than what is coming in from from south of the border, people and companies are leaving. Phil Mickelson too, possibly

Is Texas really all that well off? I think I remember seeing something a while ago that said something different.

Of course it was a while back so they could have made some serious headway in the last year and half or so. This the case?

there is a new oil boom in Texas, the economy is climbing back to what it was once. That along with our govenor trying to get california companies to relocate to texas.