$7M Man

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Joey Bart, the $2.8 million man. Congrats Joey!

($7 million minus 55% total income tax [federal (39.6% + ACA surcharge)/CA state (13.3%)/SF local (1.5%)] minus 10% agent fee)
 
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Deleted member 2897

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bwelbo said:
Joey Bart, the $2.8 million man. Congrats Joey!

($7 million minus 55% total income tax [federal (39.6% + ACA surcharge)/CA state (13.3%)/SF local (1.5%)] minus 10% agent fee)
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As an addendum, my math was wrong. All that above adds up to 65%, which equates to $2.4 million after taxes.

Furthermore, states like Texas and Florida have no state income taxes nor local income taxes, which would save 14.8%...which would equate to $1 million.

So Joey's after tax income would be 40% higher if he would have been drafted into one of those states ($3.4 million a year in after tax income versus $2.4 million).
 
Blumpkin Souffle

Blumpkin Souffle

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bwelbo said:
As an addendum, my math was wrong. All that above adds up to 65%, which equates to $2.4 million after taxes.

Furthermore, states like Texas and Florida have no state income taxes nor local income taxes, which would save 14.8%...which would equate to $1 million.

So Joey's after tax income would be 40% higher if he would have been drafted into one of those states ($3.4 million a year in after tax income versus $2.4 million).
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Enough to buy a one bedroom condo in San Fran!
 

GTRambler

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According to a recent article in Forbes magazine, for 2018 the top federal income tax rate fell from 39.6% to 37%.
 

YlJacket

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He also won't be playing in California to start but likely AZ and South Carolina with either California or VA a year or so out. So the rate goes down another couple of points. Plus a lot of these guys either set up corporations or act like corporations where they can write off a lot of nutrition, training, etc. expenses which lowers their rate further. They are really good at these games. I expect he sees upwards of $4 M out of that deal.
 

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YlJacket said:
He also won't be playing in California to start but likely AZ and South Carolina with either California or VA a year or so out. So the rate goes down another couple of points. Plus a lot of these guys either set up corporations or act like corporations where they can write off a lot of nutrition, training, etc. expenses which lowers their rate further. They are really good at these games. I expect he sees upwards of $4 M out of that deal.
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He indeed would have to create an entire shell company or foundation that he funnels his income through in order to get anywhere close to that. Because just the federal rate + ACA kicker + agent fee is 50%. He'll need an amazing accountant.
 

YlJacket

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FWIW I doubt he paid his agent 10% for a slotted contract as a new draftee. FWIW he signed below slot. Checked with a kid I know who played up through AAA and he said it was closer to 5% unless he has Boros as an agent. And his salary in the minors doesn't get touched by the agent.
 
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