Peyton Manning Could Pay New Jersey 101.8% of Super Bowl Earnings In Taxes

[Origanalist]

If Peyton Manning loses the Super Bowl to the Seattle Seahawks and decides to play another year, he will have to pay the state of New Jersey more than he earned during the game in taxes.

K. Sean Packard, also known as @AthleteTax, did an analysis for Forbes and noted that the winner's share in the Super Bowl is $92,000 this year while the loser's is $46,000. If Manning retires after this season, which he said he would consider doing if doctors tell him his health would be in danger if he played another year, "New Jersey will collect approximately $1,575 from him if the Broncos win and $982 if they lose."

But as Packard notes, since the Broncos play at the Jets next season at MetLife Stadium, "should Manning continue his career into the 2014 season, New Jersey will collect an additional $45,000 from him by taxing income he has not even earned yet." He notes that "Manning is due $15 million next season, which would push his 2014 earnings to $15,157,000 or $15,111,000, and bump him into Jersey’s highest 8.97% tax bracket. Luckily, his duty day ratio would go from 7/33 to 7/200, without regard to the Broncos’ game at MetLife Stadium against the Jets next season."

Bottom line: If the Broncos win the Super Bowl and Manning plays next year, "his New Jersey income tax would be $46,989 on $92,000 for winning the Super Bowl, or 51.08%."

But if Manning loses the Super Bowl and plays in 2014, "he will pay New Jersey $46,844 on his $46,000, which amounts to a 101.83% tax on his actual Super Bowl earnings in the state—and this does not even consider federal taxes!"

That is what one would call confiscatory.
http://www.breitbart.com/Breitbart-Sports/2014/01/27/Confiscatory-Peyton-Manning-Could-Owe-New-Jersey-More-than-He-Earns-in-Super-Bowl-in-Taxes

[aGameOfThrones]

Down with the 1%ers

[Root]

The King and province Lords need their tax.

[tod evans]

I take it this dude is some foo-ball star?

Be nice if he could figure out a way to avoid letting government take anything.

So long as folks insist on watching men in tights throw around an oblong ball I expect the overlords will be holding out their hands wanting a cut...

[Christian Liberty]

Down with the 1%ers

Peyton Manning earned his income honestly.

[nbruno322]

You are technically a slave when 100% of the fruits of your labor is taxed or otherwise confiscated by force. So, at what percentage are you not a slave?

http://www.internationalman.com/78-global-perspectives/1014-americans-can-still-benefit-from-tax-havens

[gwax23]

Peyton Manning earned his income honestly.

So did many of the so called 1%ers.

[lib3rtarian]

If you choose to live in a high-tax state like NJ and then whine about high taxes, I have no sympathy for you. For someone rich like Manning, he could have chosen to live wherever he liked in the country and could have thus chosen to live in a low-tax state. Only when rich people like him move, while taking their money with them, would the state realize the detrimental effect of their high taxes.

[Feeding the Abscess]

If you choose to live in a high-tax state like NJ and then whine about high taxes, I have no sympathy for you. For someone rich like Manning, he could have chosen to live wherever he liked in the country and could have thus chosen to live in a low-tax state. Only when rich people like him move, while taking their money with them, would the state realize the detrimental effect of their high taxes.

Presumably, he lives in New Orleans region, where he grew up. Or Indianapolis, where he played for the majority of his career. Or in Tennessee, where he went to college. Or even Denver, where he currently plays. He'd be taxed a certain amount in NJ because the Broncos play a game in New Jersey, not because he lives there.

[belian78]

If you choose to live in a high-tax state like NJ and then whine about high taxes, I have no sympathy for you. For someone rich like Manning, he could have chosen to live wherever he liked in the country and could have thus chosen to live in a low-tax state. Only when rich people like him move, while taking their money with them, would the state realize the detrimental effect of their high taxes.
Reading comprehension, ftw? :toady:

[lib3rtarian]

Presumably, he lives in New Orleans region, where he grew up. Or Indianapolis, where he played for the majority of his career. Or in Tennessee, where he went to college. Or even Denver, where he currently plays. He'd be taxed a certain amount in NJ because the Broncos play a game in New Jersey, not because he lives there.

I misunderstood, sorry. Still, then it would be up to the players to demand that they not play in a high-tax state. Why blame others if they can't do that?

[PaulConventionWV]

If you choose to live in a high-tax state like NJ and then whine about high taxes, I have no sympathy for you. For someone rich like Manning, he could have chosen to live wherever he liked in the country and could have thus chosen to live in a low-tax state. Only when rich people like him move, while taking their money with them, would the state realize the detrimental effect of their high taxes.

I don't think he's too worried about losing a few tens of thousands of dollars out of millions. He probably likes New Jersey (ew) and doesn't mind the high taxes because they really don't affect him that much. That said, I wouldn't know. I'm not even sure how much his total taxes are, and it might be quite ridiculous to the point where a multi-millionaire would actually feel the hit. I wouldn't doubt it.

I still, however, manage to feel sympathy for anyone who lives in a high tax state as opposed to a "low" tax state because no such state exists. We are all slaves and I feel sympathy for everyone who is an American because we are all being robbed regularly by a gang of thieves. That is never a good thing, and it is never something we should accept as normal, so I don't care how much you make, taxes are always a burden on society no matter who's getting taxed so I feel for every single person who has a chunk of their paycheck deducted by the government.

[PaulConventionWV]

I misunderstood, sorry. Still, then it would be up to the players to demand that they not play in a high-tax state. Why blame others if they can't do that?

It's a bit ridiculous to say that players can choose where they play. They're profiting regardless, and besides, football teams are most certainly not democracies. The manager is not going to take votes on where the games are.

[jbauer]

Not to defend the taxation of Petyons labor but what the article is saying is he's prepaying for a game in the 2014 season between the Jets and broncos PLUS paying the taxes for playing the superbowl in NJ.

It'd be like taking ALL of your income in January to pay for 2014 tax year.

Again, not saying its right to tax you especially as high as they are, just saying the article is being a bit dramatic with its title.

[brandon]

Really kind of a dumb way to look at it. I could work for the first few weeks of the year and make the same claim.

[cajuncocoa]

I misunderstood, sorry. Still, then it would be up to the players to demand that they not play in a high-tax state. Why blame others if they can't do that?
Peyton Manning had no voice in the decision of the location of this Super Bowl, nor did he even know he'd be playing in it until about two weeks ago.

[Christian Liberty]

So did many of the so called 1%ers. I understand. But the "1%er" line is usually used with a negative connotation. Personally, I choose to think of the "1%" as those with illegitimate power rather than just wealth, but that's just me.

[Christian Liberty]

Peyton Manning had no voice in the decision of the location of this Super Bowl, nor did he even know he'd be playing in it until about two weeks ago.

I knew he'd be playing in it more than two weeks ago. Tom Brady = overrated;)

[jbauer]

Peyton Manning had no voice in the decision of the location of this Super Bowl, nor did he even know he'd be playing in it until about two weeks ago.

I guess he could say he's not going because he doesn't want to pay the fine "tax"

[Christian Liberty]

I guess he could say he's not going because he doesn't want to pay the fine "tax"

That will totally work:rolleyes:

[oyarde]

If I was going to retire , I would just pay the Fed tax and call it a day.

[gwax23]

I understand. But the "1%er" line is usually used with a negative connotation. Personally, I choose to think of the "1%" as those with illegitimate power rather than just wealth, but that's just me.

Crony Capitalist is better and less confusing IMO.

[Origanalist]

Not to defend the taxation of Petyons labor but what the article is saying is he's prepaying for a game in the 2014 season between the Jets and broncos PLUS paying the taxes for playing the superbowl in NJ.

It'd be like taking ALL of your income in January to pay for 2014 tax year.

Again, not saying its right to tax you especially as high as they are, just saying the article is being a bit dramatic with its title.

Hey, what do you expect from me at twenty till 5 in the morning? Clarity??