Losing some top NFL talent to low/no state income tax states.
"On Monday former New England Patriots coach and general manager Bill Belichick explained that states with millionaire surtaxes like Massachusetts are at a disadvantage in attracting the best free-agent players."
".... pro athletes make team decisions for many reasons, from championship prospects to management to weather. But most have a short career horizon for high-dollar earnings. The state tax delta is not a rounding error. Jared Walczak at the Tax Foundation calculated in April that Cincinnati Bengals quarterback Joe Burrow will pay an estimated $3.59 million in state income taxes in 2024 in Ohio, but if he played for the Jaguars in Jacksonville, Fla., he’d pay $379,000. A player making $50 million would pay $4,968,457 playing for Minnesota Gov. Tim Walz’s home-state Vikings compared to $586,902 on that same contract at the Dallas Cowboys.
Those are eye-watering numbers, but the same tax calculations exist for all taxpayers. High-income earners have more flexibility than most to relocate. Democrats who think surtaxes on the affluent make good policy might reconsider that line of scrimmage."
"On Monday former New England Patriots coach and general manager Bill Belichick explained that states with millionaire surtaxes like Massachusetts are at a disadvantage in attracting the best free-agent players."
".... pro athletes make team decisions for many reasons, from championship prospects to management to weather. But most have a short career horizon for high-dollar earnings. The state tax delta is not a rounding error. Jared Walczak at the Tax Foundation calculated in April that Cincinnati Bengals quarterback Joe Burrow will pay an estimated $3.59 million in state income taxes in 2024 in Ohio, but if he played for the Jaguars in Jacksonville, Fla., he’d pay $379,000. A player making $50 million would pay $4,968,457 playing for Minnesota Gov. Tim Walz’s home-state Vikings compared to $586,902 on that same contract at the Dallas Cowboys.
Those are eye-watering numbers, but the same tax calculations exist for all taxpayers. High-income earners have more flexibility than most to relocate. Democrats who think surtaxes on the affluent make good policy might reconsider that line of scrimmage."
