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.
How to Handle Tough Decisions
Everyone has to make decisions in life and many of those decisions can be very difficult to make. The same can be said for businesses. Decision makers in the business world face a lot of tough choices and some of these choices can actually make or break their companies. So how do they make tough…
Using a Tax Shelter? IRS Says Beware
People look for many different ways to save on taxes, or even to avoid paying some of the taxes they really do owe. However, despite taxpayers’ best efforts, the IRS is always on the prowl and if you’re using unscrupulous means to avoid paying taxes there is a good chance you will get caught, including…
What Is Section 1202 Stock?
The Protecting Americans From Tax Hikes Act of 2015 (PATH Act), which was signed into law late last year, finally made several temporary tax breaks permanent. Among the tax breaks included is the Small Business Stock Gains Exclusion, known as Section 1202. So what is the Small Business Stock Gain Exclusion? Section 1202 is designed…
Some of the Most Amazing Tax Deductions Ever
At GROCO, we have been doing this for more than 50 years. That means we’ve heard just about every crazy tax story you can imagine. With tax season now officially in full swing we thought we would share some of the craziest tax deduction stories we’ve ever heard; and they’re all true. A gas station…