Sports Players May Pay MORE Taxes

GURPS

INGSOC
PREMO Member
“One of my players makes $2 million a year, and it will cost him $80,000 more now because he can’t deduct state taxes [over $10,000], agent fees, workout clothes, meals and entertainment, and his cellphone,” says Steven Goldstein, a CPA with Grassi and Co. in New York who works with over a dozen professional athletes and celebrities.

The reason athletes are taking this hit is because individuals can no longer deduct more than $10,000 for state and local taxes (SALT) or declare miscellaneous itemized deductions for work-related expenses and investment fees. And these changes, especially the latter, will cost pro athletes more than most people.

Of course, the median household income in the U.S. is about $63,000, so why should most people care about these tax hits that still leave the majority of pro athletes incredibly well paid? In reality, not all of them make millions of dollars a year. As Goldstein points out, a third of NFL players make the league minimum, which this year is $480,000, and the average NFL career is only about three years.

https://www.marketwatch.com/story/why-pro-athletes-may-lose-a-fortune-because-of-the-new-tax-law-2018-12-06





aww my heart bleeds for someone getting paid 2 million a yr to play games :sarcasm:
 

CPUSA

Active Member
Now we're supposed to feel bad for "certain" millionaires having to pay their fair share?
 

vraiblonde

Board Mommy
Staff member
PREMO Member
Now we're supposed to feel bad for "certain" millionaires having to pay their fair share?
Serious. First they cry because bazillionaire's don't pay their fair share; now they cry because they do.

:crazy:
 

Kyle

Imagine No Democrats
PREMO Member
Serious. First they cry because bazillionaire's don't pay their fair share; now they cry because they do.

:crazy:
But, but, but... Sports figures and Hollywoods are part of the "special" people and shouldn't have to pay more.

They need to keep more so they can spend all their time telling OTHERS to pay more!
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