Irv Posted December 30, 2017 Posted December 30, 2017 If I am free agent X and I have a choice between signing with the Dolphins, where there are no state income taxes or signing with the Bills, I have to imagine that I am going to have to ask for more money from the Bills to cover the cost of my income taxes. So at the end of the day that will eat more into the salary cap and the Dolphins have a huge advantage. Does the NFL adjust for this in the salary cap in any way? Yes. I am bored.
MAJBobby Posted December 30, 2017 Posted December 30, 2017 Doesnt seem to hurt the California Teams getting Talent does it?
co_springs_billsfan Posted December 30, 2017 Posted December 30, 2017 Cost of living probably higher in Miami...
Irv Posted December 30, 2017 Author Posted December 30, 2017 1 minute ago, MAJBobby said: Doesnt seem to hurt the California Teams getting Talent does it? I have to imagine it hurts any team that is in a state that has high income taxes. Why would you play in NY and pay 20, 30, 40% of your salary to the state when you could go to Florida and keep it all.
DrDawkinstein Posted December 30, 2017 Posted December 30, 2017 (edited) It might, but keep in mind, every player pays income tax to the state where each game is played. So you're only talking the home games, or half the season. The other 8, they pay the local taxes. So once to MA, once to FL ($0), and once to NJ in our division. Not really making any point, just putting that out there. 20 minutes ago, Badthingsman said: I have to imagine it hurts any team that is in a state that has high income taxes. Why would you play in NY and pay 20, 30, 40% of your salary to the state when you could go to Florida and keep it all. Who is paying 40% of their salary to NYS?!?!?!? Edited December 30, 2017 by DrDawkinstein 1
Irv Posted December 30, 2017 Author Posted December 30, 2017 1 minute ago, DrDawkinstein said: It might, but keep in mind, every player pays income tax to the state where each game is played. So you're only talking the home games, or half the season. The other 8, they pay the local taxes. So twice to MA, twice to FL ($0), and twice to NJ in our division. Not really making any point, just putting that out there. OK that's a really good point. So not only do you need to factor in where you play your home games but also who is in your division. I'm sure these agents must consider it. 2 minutes ago, DrDawkinstein said: It might, but keep in mind, every player pays income tax to the state where each game is played. So you're only talking the home games, or half the season. The other 8, they pay the local taxes. So twice to MA, twice to FL ($0), and twice to NJ in our division. Not really making any point, just putting that out there. Who is paying 40% of their salary to NYS?!?!?!? A little embellishment on my part. But, don't forget all the other taxes and fees. Sales tax is a good example.
DrDawkinstein Posted December 30, 2017 Posted December 30, 2017 The effective tax rate in NYS on a $1,000,000 salary is 6-7%. Yeah, that $65k isnt nothing, but that's if all games are in NY. Half that and they are paying $35k income tax on $1,000,000 salary. It's something to know as a player, but I can't imagine makes a huge deal.
RobH063 Posted December 30, 2017 Posted December 30, 2017 (edited) I think how it works is they pay State income taxes in the States they play those games. So the Bills players would pay SIT on 8 games played in NYS and SIT in each of the states where the other 8 games are played Edited December 30, 2017 by RobH063
billsfan89 Posted December 30, 2017 Posted December 30, 2017 1 minute ago, Badthingsman said: I have to imagine it hurts any team that is in a state that has high income taxes. Why would you play in NY and pay 20, 30, 40% of your salary to the state when you could go to Florida and keep it all. I think you grossly overestimate state taxes. I think California has the highest state tax and it's in the range of 10% at the highest income bracket. No state takes 20% of your money via income tax. No matter what you still have to pay federal taxes. And up until Trump !@#$ed over everybody you use to be able to write off your state and local taxes fully against your federal taxes, which for high gross income earners deeply helped alleviate that cost. Also I think that as another poster mentioned that you get taxed by which state you play your games in. I would also add in the fact that a lot of teams in higher taxed states have no issues recruiting players.
DriveFor1Outta5 Posted December 30, 2017 Posted December 30, 2017 (edited) Considering how much many of these guys waste, I doubt that this type of thriftiness enter their minds. You are thinking like a businessman, not a 23 year old football player. Edited December 30, 2017 by DriveFor1Outta5
Gugny Posted December 30, 2017 Posted December 30, 2017 The taxes hurt my paycheck way more than they hurt my bills. 1
Matt_In_NH Posted December 30, 2017 Posted December 30, 2017 I think you pay taxes based on the state you play in each week. It obviously still pays to be in a no income tax state but if you play a bunch of games in states with income taxes you do still pay taxes. 1
billsfan89 Posted December 30, 2017 Posted December 30, 2017 Just now, DriveFor1Outta5 said: Considering how much many of these guys waste, I doubt that this type of thriftiness enters their minds. You are thinking like a businessman, not a 23 year old football player. I think a lot of these players can afford good accounting schemes to get away with a lot of taxes too.
Doc Brown Posted December 30, 2017 Posted December 30, 2017 (edited) I never even considered how the new tax bill would make Buffalo even less appealing for free agents with the $10k cap on SALT deductions. Edited December 30, 2017 by Doc Brown
Matt_In_NH Posted December 30, 2017 Posted December 30, 2017 11 minutes ago, Badthingsman said: I have to imagine it hurts any team that is in a state that has high income taxes. Why would you play in NY and pay 20, 30, 40% of your salary to the state when you could go to Florida and keep it all. What are you talking about? This is a good example of the nonsense you here about taxes people "think they pay
Lv-Bills Posted December 30, 2017 Posted December 30, 2017 1 minute ago, billsfan89 said: I think you grossly overestimate state taxes. I think California has the highest state tax and it's in the range of 10% at the highest income bracket. No state takes 20% of your money via income tax. No matter what you still have to pay federal taxes. And up until Trump !@#$ed over everybody you use to be able to write off your state and local taxes fully against your federal taxes, which for high gross income earners deeply helped alleviate that cost. Also I think that as another poster mentioned that you get taxed by which state you play your games in. I would also add in the fact that a lot of teams in higher taxed states have no issues recruiting players. Yeah, of course that's Trump's fault and not the overtaxed state you live in, in which your local idiots make the rules on how much money they take from you. Please. Move somewhere else, or elect officials at home that don't want to take a lot more of your money in order to waste it on things out of your control. 3
Irv Posted December 30, 2017 Author Posted December 30, 2017 (edited) 5 minutes ago, Doc Brown said: I never even considered how the new tax bill would make Buffalo even less appealing for free agents with the $10k cap on SALT deductions. I know. That is a big deal and it hurts not only the players but anybody in the building trades. 4 minutes ago, mattynh said: What are you talking about? This is a good example of the nonsense you here about taxes people "think they pay Check your spelling. Simple math. I have an equal offer from a Florida team or the Bills. Unless you are a moron you take the offer from the Florida team. Edited December 30, 2017 by Badthingsman
MAJBobby Posted December 30, 2017 Posted December 30, 2017 15 minutes ago, Badthingsman said: I have to imagine it hurts any team that is in a state that has high income taxes. Why would you play in NY and pay 20, 30, 40% of your salary to the state when you could go to Florida and keep it all. Because Bills players only pay NYS Tax on 9 game checks. MIA only gets tax free income on 8 game checks
Matt_In_NH Posted December 30, 2017 Posted December 30, 2017 4 minutes ago, Badthingsman said: I know. That is a big deal and it hurts not only the players but anybody in the building trades. Simple math. I have an equal offer from a Florida team or the Bills. Unless you are a moron you take the offer from the Florida team. Simple for a simple mind who think they pay 40% to a state for all work done in the NFL.
RiotAct Posted December 30, 2017 Posted December 30, 2017 5 minutes ago, Badthingsman said: Simple math. I have an equal offer from a Florida team or the Bills. Unless you are a moron you take the offer from the Florida team. Looking at it purely from a taxation perspective, sure.
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