$7M Man

Deleted member 2897

Guest
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)
 
Last edited by a moderator:

Deleted member 2897

Guest
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)
Click to expand...

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

Bidly Biddington III
Messages
1,367
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).
Click to expand...
Enough to buy a one bedroom condo in San Fran!
 

GTRambler

Helluva Engineer
Messages
1,635
According to a recent article in Forbes magazine, for 2018 the top federal income tax rate fell from 39.6% to 37%.
 

YlJacket

Helluva Engineer
Messages
3,272
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.
 

Deleted member 2897

Guest
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.
Click to expand...

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

Helluva Engineer
Messages
3,272
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.
 
Top