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re: Cousins to Vikings
Posted on 3/13/18 at 11:19 am to tigerfan84
Posted on 3/13/18 at 11:19 am to tigerfan84
Three words as to why he went to Vikings "Minnesota Tax Laws".. And of course they're a better organization...
In New York Cousins would've had to pay state tax in both NY (extremely high) AND Michigan where his legal residence is.
But Minnesota and Michigan have a joint tax agreement where even if you live in Michigan and work in Minnesota you only have to pay tax for one state. It's an incentive that will save Cousins millions upon millions in actual income AND he gets to play for a stacked team and not the inept Jets.
So even if the Jets were offering more, cousins could still take home more in Minnesota with a smaller salary.
It's a win win and if you don't think the tax issue mattered, your insane.
In New York Cousins would've had to pay state tax in both NY (extremely high) AND Michigan where his legal residence is.
But Minnesota and Michigan have a joint tax agreement where even if you live in Michigan and work in Minnesota you only have to pay tax for one state. It's an incentive that will save Cousins millions upon millions in actual income AND he gets to play for a stacked team and not the inept Jets.
So even if the Jets were offering more, cousins could still take home more in Minnesota with a smaller salary.
It's a win win and if you don't think the tax issue mattered, your insane.
2
Posted on 3/13/18 at 11:24 am to Jack Ruby
quote:
It's a win win and if you don't think the tax issue mattered, your insane.
I tend to think players in cities like NYC have endorsement deals that help offset the difference.
Posted on 3/13/18 at 11:39 am to Jack Ruby
quote:
In New York Cousins would've had to pay state tax in both NY (extremely high) AND Michigan where his legal residence is.
i don't think that's how that works, you don't get double taxed on state income. Unless he plays Detroit, none of his game checks would be taxed in Michigan. His sponsorship money would be taxed.
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