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At the top end, these differences in state income tax make a big difference. For instance, in a salary-capped league like the NBA, the difference between signi
by megaman22 9y ago
At the top end, these differences in state income tax make a big difference. For instance, in a salary-capped league like the NBA, the difference between signing a max contract with a Texas or Florida team (where there are no income taxes), and teams in California, New York, or Toronto (to name some of the places that take the biggest cuts) is really significant.
Even for us plebs, it can be a hefty chunk of change. Staying at the same job, I moved across the border from Maine to New Hampshire, and instantly started netting another $500 or so dollars a month.
http://www.bankrate.com/finance/taxes/taxes-cost-professional-athlete.aspx http://www.bankrate.com/finance/taxes/taxes-cost-professiona...
- krallja 9y agoDid your job change locations with you? If not, do ME and NH have a tax reciprocity agreement? If not, you may be committing tax evasion.
- megaman22 9y agoI always worked in NH, which has no wage income tax, but if you live in Maine, you have to pay Maine income tax, whether or not that income was earned in Maine. At least that is how the accountants have explained it to me.
- krallja 9y agoAh, yeah, I read it as moving from Maine to NH to avoid paying taxes on a job in Maine.