Will NBA Star Choose New Team According to State Taxes?
Will NBA Star Choose New Team According to State Taxes?
There are usually a lot of factors that people consider when they are trying to determine where they are going to live, with their choice of work being a very common one. On the other hand, not everyone typically chooses where he or she is going to work by how many taxes he or she will pay. However, that very factor could play a key role in where NBA star Carmelo Anthony ends up calling his next home.
Is the tax significant?
When you make an average salary, considering your state taxes may not be a huge factor in where you live. However, for professional athletes like Mr. Anthony, the state you choose to call home can play a big role in your bottom line. One of the interesting things about Mr. Anthony’s decision is that he can $33 million more if he resigns with the New York Knicks than he can if signs anywhere else. However all those extra millions are a little deceiving.
That’s because thanks to New York’s super inflated state and city income taxes, Mr. Anthony would be paying as much as 8.82 percent in state taxes plus 3.876 percent more in city taxes. His endorsement earnings would also be subject to the same tax percentage, which means his take home pay wouldn’t be nearly as impressive as it sounds.
Possible and best States for Carmelo
The rumors abound as to where Mr. Anthony will sign, but three of the most common destinations are Miami, Houston and Chicago. While Florida and Texas have no state income tax period, Illinois has a flat state tax rate of 5 percent, making any one of these options attractive as far as taxes are concerned.
Time will tell where Mr. Anthony ends up, but if you are in a similar position in your career and need help crunching the numbers, then give GROCO a call at 1-877-CPA-2006. We can help you determine which locations might be the best and which ones not so much. So contact us today.
We hope you found this article about “Will NBA Star Choose New Team According to State Taxes?” helpful. If you have questions or need expert tax or family office advice that’s refreshingly objective (we never sell investments), please contact us or visit our Family office page or our website at www.GROCO.com. Unfortunately, we no longer give advice to other tax professionals gratis.
To receive our free newsletter, contact us here.
Subscribe our YouTube Channel for more updates.
Alan Olsen, is the Host of the American Dreams Show and the Managing Partner of GROCO.com. GROCO is a premier family office and tax advisory firm located in the San Francisco Bay area serving clients all over the world.
Alan L. Olsen, CPA, Wikipedia Bio
GROCO.com is a proud sponsor of The American Dreams Show.
The American Dreams show was the brainchild of Alan Olsen, CPA, MBA. It was originally created to fill a specific need; often inexperienced entrepreneurs lacked basic information about raising capital and how to successfully start a business.
Alan sincerely wanted to respond to the many requests from aspiring entrepreneurs asking for the information and introductions they needed. But he had to find a way to help in which his venture capital clients and friends would not mind.
The American Dreams show became the solution, first as a radio show and now with YouTube videos as well. Always respectful of interview guest’s time, he’s able to give access to individuals information and inspiration previously inaccessible to the first-time entrepreneurs who need it most.
They can listen to venture capitalists and successful business people explain first-hand, how they got to where they are, how to start a company, how to overcome challenges, how they see the future evolving, opportunities, work-life balance and so much more..
American Dreams discusses many topics from some of the world’s most successful individuals about their secrets to life’s success. Topics from guest have included:
Creating purpose in life / Building a foundation for their life / Solving problems / Finding fulfillment through philanthropy and service / Becoming self-reliant / Enhancing effective leadership / Balancing family and work…
MyPaths.com (Also sponsored by GROCO) provides free access to content and world-class entrepreneurs, influencers and thought leaders’ personal success stories. To help you find your path in life to true, sustainable success & happiness. It’s mission statement:
In an increasingly complex and difficult world, we hope to help you find your personal path in life and build a strong foundation by learning how others found success and happiness. True and sustainable success and happiness are different for each one of us but possible, often despite significant challenges.
Our mission at MyPaths.com is to provide resources and firsthand accounts of how others found their paths in life, so you can do the same.
What’s the Deal With U.S. Corporate Taxes?
What’s the Deal With U.S. Corporate Taxes? There has been a lot of back-and-forth amongst lawmakers and political pundits in the media lately regarding U.S. companies switching their addresses to foreign locations in order to avoid corporate taxes. One side claims that there is nothing wrong with such deals, while many democratic lawmakers, including President…
Is the Government Going to Tax You for Using the Internet?
Is the Government Going to Tax You for Using the Internet? Taxes, taxes and more taxes: that appears to be the government’s answer for just about every problem we face in society. There seems to be no end to the list of things that the government wants to tax. Now it seems that Americans could…
Expecting An Audit? Expect to Wait
Expecting An Audit? Expect to Wait Have you ever been audited by the IRS? Have you been told that you might be audited soon? Are you waiting to be audited right now? If you answered yes to any of these questions, then chances are you have either played the waiting game or you’re playing it…
Seven Signs Your Noncompliance Will Be Considered Willful
Seven Signs Your Noncompliance Will Be Considered Willful There are many ways taxpayers can get the attention of the IRS. Although a lot of people make innocent mistakes when they file their tax returns, there are others who willfully look for ways to skip out on the taxes they owe. The IRS does treat those…