Edit Avatar
  • png, jpeg
  • Recommended minimum size 800px by 800px
  • Maximum size: 1MB
Drag image to reposition
Save
Cancel

Donny1313

Member Since
Nov 22, 2018
Favourite Team
Chicago Blackhawks
2nd Favourite Team
Vegas Golden Knights
Forum Posts
43
Posts per Day
0.04
Forum Threads
26
Forum: Armchair-GMJul 21, 2020 at 5:58
<div class="quote"><div class="quote_t">Quoting: <b>dzmets</b></div><div>That's right top tax rate in Chicago is 10.25 %. Which equates to 615,000 in state tax paid for 6 million salary agent takes usually 3 - 5%. Let's say 4 that's 240,000. Escrow is 20% next year then between 14 and 18 the next year and then 10 the year after that. Let's say 15% on average. Thats another 900k. Then 37 % federal tax rate is 2,220,000. So the player nets about 2,025,000.00 on 6AAV in Chicago. 4.75 in tampa gets 37% fed tax rate 1,757,500 in fed tax. 15% escrow 712,500 . 4 % for agent 190,000. On 4.75 in Tampa the player nets 2,090,000.00. That is why it is such an advantage for not tax state teams. When considering all factors and the player net income it does work out sometimes between 20- 25% difference in net. Could be worse for Chicago could be California 13.3 percent. There your talking about 25 -30% net difference</div></div>

That 10.25% tax rate is assuming they live in chicago, which many athletes in illinois live in the suburbs. IL also has a flat rate at 4.95%. Agents taking money is a moot point because they are going to take that same 3-5% anywhere the player is, not only chicago. Again escrow is taken no matter where the player plays so it is a moot point again. The federal tax rate doesnt change depending on state, so again it is a moot point. While FL doesnt have income tax (which is incredibly nice), you cant assume all the extra "expenses" just fall on the player playing in chicago and not in FL. We can both agree though that CA screws the players
Forum: Armchair-GMJul 21, 2020 at 5:56
Forum: Armchair-GMNov 26, 2019 at 2:11