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will the extra taxes for high income earners 20000+ hurt us in attracting and retaining players

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  • will the extra taxes for high income earners 20000+ hurt us in attracting and retaining players

    Your thoughts

  • #2
    I can't figure out the taxes. Toronto is about middle of the pack vs. US NBA cities because the US federal rate already tops out at 39%, much higher than Canada's top federal rate (Liberals proposed a top rate of 33%). State taxes though tend to be lower or nonexistent. One big difference is the US requires Americans to pay US taxes while working abroad, so apparently American NBA players in Toronto pay taxes in both countries (Jalen Rose says this is true). I read an interesting MLB article though that said the US actually calculates taxes based on where the work is done - so for road games they actually calculate the per game wage of players and pay taxes to the state hosting the game. This means only half of your state taxes go to the state of your home team. It was a well sourced article, but I couldn't find a comparable for the NBA.

    Someone asked Doug Smith this once and he had no idea. Players don't seem to really know, either. They have accountants/agents who take care of this.

    One average breakdown for NBA players had them taking home about 400k of every $1m. contract dollars, after taxes, union fees, agent fees, other misc. deductions, etc.
    "We're playing in a building." -- Kawhi Leonard

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    • #3
      americans i work with have to pay taxes on income earned. as a non resident canadian i don't pay taxes to canada for money i make in china. the americans get hit twice

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      • #4
        There is also a supplemental municipal tax if live in a city like NY or LA, above the Federal and State taxes. Which actually makes the marginal tax rate higher than Ontario's.

        Taxes paid to one nation are deductible in another, where there is a tax treaty. Which exists between Canada & US. You don't pay double, you just end up paying the highest rate between the two countries.

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        • #5
          This subject has been brought up ad nauseum previously. Just search for the thread.

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          • #6
            I am not going to comment in order to avoid causing another political war.
            Sunny ways my friends, sunny ways
            Because its 2015

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            • #7
              Bendit wrote: View Post
              This subject has been brought up ad nauseum previously. Just search for the thread.
              Sorry to bring it up mods please combine with related thread's

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              • #8
                On the double tax, there is a stipulation through NBA that ensures Raptors are not put at disadvantage.

                I remember Colangelo talking about this as a misconception.

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                • #9
                  Oh and I love the hypocrisy of the US.

                  Land of the free my ass.

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                  • #10
                    mcHAPPY wrote: View Post
                    Oh and I love the hypocrisy of the US.

                    Land of the free my ass.
                    To be fair, "Land of the Free" was just a typo that never got corrected. They meant to remove the "r" eventually but just liked the way it rolled off the tongue.
                    "My biggest concern as a coach is to not confuse winning with progress." - Steve Kerr
                    "If it's unacceptable in defeat, it's unacceptable in victory." - Jeff Van Gundy

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                    • #11
                      Just Is wrote: View Post
                      To be fair, "Land of the Free" was just a typo that never got corrected. They meant to remove the "r" eventually but just liked the way it rolled off the tongue.
                      Lol - true.

                      Americans are renouncing citizenship at record pace.

                      They have raised the price of paperwork to do so and then you have to pay 10 years of forward taxes!

                      Incredible.

                      Yanks are so brainwashed it isn't funny. They are all economic slaves.

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                      • #12
                        I recently worked in Silicon Valley in California - the taxes there were slightly higher than in Ontario (Federal + State vs. Federal + Provincial). U.S. federal taxes were shockingly high, so even if a state has no income tax there's still a fair chunk of change being lost to the US government.

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                        • #13
                          Half the time NBA players are on the road. During the all-star break and in the summer they'd head home. So they would really only be in Toronto for a few months.

                          Losing income to taxes shouldn't be deterrent to these guys, especially since they are making more money than they ever had in most cases.. and if it is, it's like we're back in the early years where players are ignorant and the Raptors brass don't help matters.

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                          • #14
                            Not to get too political here, but by the time the provincial and federal Liberals are done with their spending orgies and asset sell-offs, Ontario will likely become one of the highest taxed and highest cost-of-living regions in North America.

                            (end of micro-rant.)

                            Not sure how the falling loonie effects MLSE, but I imagine it can't be a good thing with player salaries in USD and gate revenues in CAD.

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                            • #15
                              S.R. wrote: View Post
                              One big difference is the US requires Americans to pay US taxes while working abroad, so apparently American NBA players in Toronto pay taxes in both countries (Jalen Rose says this is true).
                              The short response to this is that, as an accountant, Jalen Rose is an excellent basketball player.

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