NBA FA Tax Report

[ABM]

https://www.foxbusiness.com/features/nba-free-agency-player-options-low-taxes

A number of big NBA players could potentially become free agents this year – including Toronto Raptor and finals MVP Kawhi Leonard and Golden State Warriors powerhouse Kevin Durant – and for those looking to boost their earnings potential, some teams might be more attractive than others.

Tax liabilities can take a big bite out of players’ earnings. As previously reported by FOX Business Golden State Warriors’ star Stephen Curry took home about $17.75 million of his $37.5 million gross wages during the 2018 to 2019 season...........

Oregon (9.9 percent)

....However, even if a state does not charge income tax, athletes will still have to pay the IRS.

Players face taxes at the federal level, with the highest rate currently set at 37 percent.

Athletes are also subject to taxes in other states where they play and earn income. Those "jock taxes" are usually calculated by dividing the number of workdays spent (practices and games) in the city by the total number of work days.

It's not a double tax, however. Players pay taxes equal to the highest rate in either their resident or non-resident state. They get credit for the taxes in the lower-tax state.

It should be noted that taxes for the Toronto Raptors work a bit differently.

The league’s free agency period begins on Sunday at 6 p.m. ET. The negotiation period ends on July 6, at which time players can sign their official contracts with teams.

 

[trailblazer18]

https://www.foxbusiness.com/features/nba-free-agency-player-options-low-taxes

I deal with this daily. The money lost to taxes playing in CA or NY, vs TX is legit.

 

[Hoopguru]

Its not just tax differences in some states versus others, its the cost of housing as a percentage of income of which Oregon is one of the worst. Of course, multi millionaire athletes can afford high end expensive cribs wherever they live. The dollar goes a lot farther in southern states that treat business well and don't make it tougher growth.

 

[GhostOfPGA]

I wish we had sales tax instead of income tax