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Message
re: When $35M is really $15M: How much NBA stars actually earn
Posted on 9/19/17 at 6:58 pm to forever lsu30
Posted on 9/19/17 at 6:58 pm to forever lsu30
quote:
Why on earth do these guys owm homes in states where they don't pay state income tax?
Is the smarter angle not to simply RENT, put the money you would pay in property taxes in a fund & watch it grow. Then buy once your playing time & massive paychecks stop rolling in?
It's not THAT hard to save money...
Because for 15 million dollars you can live in a large house anywhere in the country for the rest of your life
Their problem isnt scraping up the minimal savings from renting. Its buying $50,000 fur coats they wear one time and are then worthless
0
Posted on 9/19/17 at 8:22 pm to cgrand
quote:
$15MM a year in income taxes
you'd think athletes would be the biggest anti-tax screamers in the world
I know I would
that shite is criminal
Especially since they have a very short window to make that kind of money.
Posted on 9/19/17 at 8:40 pm to Bestbank Tiger
quote:
When $35M is really $15M
So when Lattrell Sprewell said he couldn't feed his family off of $14.6M...he really meant like $5M. Now it makes sense...who can buy groceries with just 5 freaking million dollars....
Posted on 9/19/17 at 9:32 pm to slackster
quote:
The NBA 401k is pretty legit. It looks like they're matched in the neighborhood of 180% on their contributions - essentially $9 match for every $5 contributed by the players.
Can confirm. As a CPA, our firm has a client who plays in the NBA. Can't remember the % but it was somewhere between 150-200% that the team would match on player contributions. The player had to ask our partner if it was worth it to contribute to the plan to get the match
It's an awesome plan, but at the same time, 30k to a retirement plan is a drop in the bucket to them.
Posted on 9/20/17 at 9:13 am to DirtyMike
quote:When you miss the point...
How will they go on with only $15M per year?
Posted on 9/20/17 at 9:19 am to Tigerfan56
quote:
It's an awesome plan, but at the same time, 30k to a retirement plan is a drop in the bucket to them.
Well now it is, but many of them can't see the forest for the trees and don't think about what happens once they're not making millions a year.
Posted on 9/20/17 at 9:21 am to SPEEDY
How do they fricking survive? Can we make a GoFund me?
Posted on 9/20/17 at 11:39 am to bwallcubfan
quote:
The max 401k deduction....lol
why is that funny?
Given the huge salaries the max 401K deduction (which is set by Federal law) seems so puny.
Posted on 9/20/17 at 11:43 am to lsufball19
quote:
Someone explain this to me. Harden has that he pays 600k+ in State income taxes, but Texas doesn't have any state income taxes. Do players have to pay state income taxes for road games or am I missing something?
Yes. Many areas have "jock taxes" which is an income tax on salaries of players that play games in a city.
Philly has a really bad one, it taxes jocks on the number of days played or overnight stays (so teams avoid it by staying in New Jersey and thus pay only on game day).
Posted on 9/20/17 at 1:50 pm to SPEEDY
They should include the 401k match.
Posted on 9/20/17 at 2:12 pm to SPEEDY
I just want to be a sports agent.
Posted on 9/20/17 at 2:23 pm to SPEEDY
It is amazing to me that some people think the rich need to pay even more taxes. Amazing just how much Uncle Sam collects.
Posted on 9/20/17 at 2:26 pm to TH03
quote:
If he owns a house, they're getting their money from him in property taxes.
You think thwy are getting ~$4million a year like Steph pays the state of California? No way.
Posted on 9/20/17 at 2:27 pm to Tiger in NY
~ 5 million dollar home in DFW probably pays ~40-50k in taxes depending on county.
Posted on 9/20/17 at 5:11 pm to SeeeeK
Yes but in europe they get a lot for their taxes, health care, great public transportation, good educations. Here we dont get shite for our taxes.
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