Former New York Yankee Robinson Cano’s free-agent signing with the Seattle Mariners this past December illustrates how state tax policies can influence professional athletes in their contract negotiations. While all athletes incur federal tax liability on their earnings, their exposure to state and local taxes will be dictated by the income tax policy for their […]
Blog Posts Tagged with "athlete tax"
Athletes consider alternatives as California’s latest tax increase is implemented In January, California increased its income tax rate by 2%—to 12.3%—for resident and non-resident individuals earning over $500,000. With California’s Mental Health Service Act imposing an additional 1% on individuals earning over $1,000,000, the state’s 13.3% income tax rate represents the highest of any state […]
Jurisdiction’s income tax policies push athletes and Unions to fight back On February 4, 2007, in the biggest game of their respective lives, former Indianapolis Colt All-Star center Jeff Saturday and Hunter Hillenmeyer, a linebacker with the Chicago Bears, squared off against each other in Super Bowl XLI. Six years later, the two players now […]
Authors Alan Pogroszewski and Kari Smoker examined this very question in their recent law review article and conclude that it is. Marquette Sports Law Review May 31, 2013 In July of 2009 the state of Tennessee imposed a Professional Privilege tax on athletes performing services in the NBA and NHL. Those athletes are assessed a […]
An Overview of the International Tax Issues for Professional Hockey Players Marquette Sports Law Review January 1, 2012 The exposure to double taxation is a real threat for professional athletes performing services in both the United States and Canada. It is important for these individuals to understand the different taxing philosophies of both countries, their […]
State Taxes makes Dwight Howard’s Decision more Taxing There are several financial dynamics in Dwight Howard’s potential decision where he will play next season. First, there’s the length and the terms of the contract, which are dictated by the Collective Bargaining Agreement (CBA) of the National Basketball Association (NBA) and secondly, there are the unique […]
The Oakland A’s have another disadvantage when pursuing free agents on the open market The plight of Billy Bean and the small market Oakland Athletics was highlighted in Michael Lewis’ 2004 book Money Ball. The stakes are different today and Bean’s biggest challenge comes from the state of CA rather than the large market teams […]
Earlier this year, Federal Reserve Chairman Ben Bernanke stated, “Under current law, on January 1, 2013, there’s going to be a massive fiscal cliff of large spending cuts and tax increases.” The tax increases include cancelling the Bush era tax cuts of 2001 and 2003 which would increase the individual tax rate for those in […]
Alex Rodriguez made headlines this past post season because of his ill-timed slump. However, the irony is: this slump may actually improve his financial situation by more than three million dollars. Over the last three post seasons, Rodriguez hit only 10 singles and two doubles in his 75 official at bats for a .160 batting […]
Week one of the National Football League (NFL) season means a bonanza of tax revenue for New Jersey As week one of the NFL concluded with 16 games in 15 states, it’s time to look at the tax ledger to see which states were the big winners. With states looking for ways to increase their […]
January 1, 2012
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