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Current Events & Hot Topics Current Events & Hot Topics

Joe Flacco signed a very lucrative deal to play football. His taxes however,

Posted by on Mar. 7, 2013 at 2:49 PM
  • 31 Replies

will force him to pay 51% of it to the feds, state, and local because of Maryland's new millionaire's tax.


Is it fair that he pays over half his salary before calculating things like sales tax and fuel taxes, even though he makes a great deal of money?

by on Mar. 7, 2013 at 2:49 PM
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Replies (1-10):
JoshRachelsMAMA
by JRM on Mar. 8, 2013 at 12:08 PM
I hadn't heard. Do you have a link to the story?
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talia-mom
by Gold Member on Mar. 8, 2013 at 12:09 PM

Joe Flacco Taxes Makes Ravens Quarterback Not The Highest Paid Player In NFL, Maryland Tax Will Hit Player Hard After $120 Million Deal

Mar 08, 2013 08:39 AM EST
Baltimore Ravens quarterback Joe Flacco
Joe Flacco signed a brand new contract with the Baltimore Ravens that will make him the highest-paid player in NFL history, but after dealing with Maryland state taxes, the quarterback will make less per year than Drew Brees.(Photo : Reuters) "

Joe Flacco signed a brand new contract with the Baltimore Ravens that will make him the highest-paid player in NFL history, but after dealing with Maryland state taxes, the quarterback will make less per year than Drew Brees.

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According to Yahoo.com, Flacco signed a six-year, $120.6 million contract that will pay him $50 million in guaranteed money, but since he lives in Maryland he will be subject to a 51.98 percent marginal income tax rate. The taxes in the state make Drew Brees with the New Orleans Saints the highest paid player per year in the NFL, as he will make $470,000 more than Flacco each year.

Brees signed a five-year $100 million contract last season with the Saints, which was trumped by Flacco after he led the Ravens to the Super Bowl and won the game MVP award. The analysis was put together by Washington-based Americans for Tax Reform, but did not include any money made from endorsements or other sponsorships.

Flacco would be the highest-paid player after taxes if he lived in a different state, including Texas with the Cowboys, or Florida with the Tampa Bay Buccaneers, Jacksonville Jaguars and Miami Dolphins, he would face no state tax.

According to the report, since Flacco plays football in Maryland, he will give back  $10.44 million annually and after dealing with state and local taxes, he will make $52.32 million as his salary over six years.

Flacco will likely not want for anything and if his post-contract meal means anything, there is a good chance he will keep control of his money, as he celebrated the signing of his contract with McNuggets from a McDonald's in Maryland.

Flacco essentially bet on himself this past season after rejecting a contract extension from the Ravens and the team paid him handsomely to stay. Flacco did not throw a turnover during the playoffs and led the team to wins over the Colts, Broncos and Patriots before defeating the 49ers in the Super Bowl in New Orleans.

FromAtoZ
by AllieCat on Mar. 8, 2013 at 12:13 PM

They are paid too much to begin with.

talia-mom
by Gold Member on Mar. 8, 2013 at 12:14 PM

They are paid what the market wants.

Is it fair he has to pay over 50% of what he earns?   Is that a fair share?


Quoting FromAtoZ:

They are paid too much to begin with.



FromAtoZ
by AllieCat on Mar. 8, 2013 at 12:15 PM


Quoting talia-mom:

They are paid what the market wants.

Is it fair he has to pay over 50% of what he earns?   Is that a fair share?


Quoting FromAtoZ:

They are paid too much to begin with.



I will have to read the entire article first before I can form any type of well rounded opinion.

Let me see what it has to say..................

JoshRachelsMAMA
by JRM on Mar. 8, 2013 at 12:21 PM
While I think that sports figures make a ridiculous amount of money, I don't think that it's right that he should have to pay more that half his income in taxes. Eventually, things like this don't stay at "the top". When it's acceptable for people like him to pay that much in taxes, it becomes acceptable for the government to take more than half of everyone else's income.

That people find it acceptable never ceases to amaze me.
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talia-mom
by Gold Member on Mar. 8, 2013 at 12:38 PM

BUMP!

Sisteract
by Whoopie on Mar. 8, 2013 at 12:47 PM
1 mom liked this

Smart people hire good accountants. If anyone actually believes that JF will be paying that rate, they are foolish. The only rate that counts is the one actually PAID.

Football is a losing propostion. Baseball pays more for the longhaul and has fewer incidents of longterm brain injury-

Lastly, life is not fair-

talia-mom
by Gold Member on Mar. 8, 2013 at 12:49 PM

I love how very few can tell me if it is fair he pays over 50% in taxes.


Sisteract
by Whoopie on Mar. 8, 2013 at 12:51 PM


Quoting talia-mom:

I love how very few can tell me if it is fair he pays over 50% in taxes.


Life isn't fair- I did answer.

If life isn't fair, your ? is moot-

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