Tax Bite Leaves Flacco Second Best Paid in NFL

[green73]

Not that he deserves to be the highest paid but...


As reported this week, Super Bowl MVP Joe Flacco and the Baltimore Ravens have agreed to a six-year, $120.6 million contract making the star quarterback the highest-paid player in NFL history, earning an estimated $20.1 million per year. But being the “highest paid player” and earning the most after tax pay are two very different things.

By choosing to remain a Raven, Flacco is now set to pay a combined marginal income tax rate of 51.98 percent. This overwhelming tax rate is composed of the federal, Maryland, and Baltimore County income tax rate, as well as the Medicare tax. And that’s excluding his “jock tax” liability for away games – play the Patriots at Gillette Stadium, pay Massachusetts income tax on earnings for that game - and other taxes levied against him such as Maryland’s property tax.

Read more: http://atr.org/tax-bite-leaves-flacco-second-best-a7506

[CPUd]

Perhaps that's why he sticks with the Dollar Menu:

http://i.imgur.com/PvWl3yh.jpg

[kcchiefs6465]

Wow. That is insane.

[Zippyjuan]

They are looking at the marginal tax rates- which are not the same as his average tax rates. Marginal is the rate applied to the last dollar earned but that rate does not apply to all dollars earned. Income at lower leves is taxed at a lower rate and any deductions or exemptions further reduce the average (or actual) tax rates.

[kcchiefs6465]

They are looking at the marginal tax rates- which are not the same as his average tax rates. Marginal is the rate applied to the last dollar earned but that rate does not apply to all dollars earned. Income at lower leves is taxed at a lower rate and any deductions or exemptions further reduce the average (or actual) tax rates.
So you are saying that he only pays 51.98% of his income on his highest paid years?

ETA: If that's the case, that is still insane.

[HOLLYWOOD]

They are looking at the marginal tax rates- which are not the same as his average tax rates. Marginal is the rate applied to the last dollar earned but that rate does not apply to all dollars earned. Income at lower leves is taxed at a lower rate and any deductions or exemptions further reduce the average (or actual) tax rates.Claculate the taxes paid per each bracket on that $20.1 Million and the percentage of tax paid per bracket, pretty much insignificant, exception the top bracket.

I'm surprised the Baltimore people are tolerating the 3rd income tax: Baltimore County income tax rate

Add all the other taxes: Property taxes, Sales Taxes, Excise taxes, then all the charges/fees: Credit Card, regulatory, social, city/state/federal agency/commissions/registrations, on & on.

Don't forget all the ObamaCare taxes/fees if you do anything with what money you have left. Man the fees/charges/taxes on my mobile phones/communications devices alone, are sickening.

[green73]

Wow. That is insane.

And it doesn't even include SS.

[Nirvikalpa]

He ain't worth nearly that.

That said... no one's hard-working dollars should be taken away by the government.

[TokenLibertarianGuy]

And it doesn't even include SS.

Or his agent's commission.

[Zippyjuan]

Still not doing too bad compared to the average American.

[TokenLibertarianGuy]

Still not doing too bad compared to the average American.

The average Americans:

http://evaser.com/wp-content/uploads/2012/02/typicalamericans.jpg