Joe Flacco (Photo: Suchat Pederson/The News Journal)
Winning the Super Bowl made Joe Flacco the highest paid player in the NFL. Now "The Man" may be taking that distinction away.
Figures from Americans for Tax Reform show that Flacco's high Maryland tax rate would bump him below Drew Brees in annual NFL contract salary.
With the new six-year, $120.6 million contract, Flacco's marginal tax rate will be 51.98%, a figure which doesn't include the "jock tax" that requires athletes to pay income tax for each road game or any property taxes he'd pay to Maryland.
Annually, that would mean Flacco makes $470,000 less than Drew Brees does from his five-year, $100 million deal.
Any player at the income level of Flacco or Brees has to pay $8.72 million in federal taxes. The difference between the two comes from the $1.72 million Flacco will have from Maryland's state and county burdens.
Louisiane's rate is 49.4%, according to ATR.
FLACCO: Nearly signed for much, much less
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The salary calculations aren't exact. The foundation notes that their figure only looks at "contract salary and does not take into account his bonuses, endorsements, and other sources of viable income." That means the $1 million Flacco will make in salary, plus the $29 million he'll earn in bonuses in 2013 aren't calculated.
It's an important distinction, since ATR's mission is to lower income taxes. There's as much spin in their numbers as in the ones initially released by NFL agents after signing contracts. Everyone has an agenda.
The growth of the game and value of the dollar means salaries are as inflated as the box office numbers that try to convince you A Good Day to Die Hard will be as popular as Die Hard.
ATR notes that four of the nine states with no income tax are in need of a quarterback: Florida (Tampa Bay Buccaneers and Jacksonville Jaguars), Tennessee (Tennessee Titans) and Texas (Dallas Cowboys). That mean Grover Norquist thinks Ryan Tannehill is better than Tony Romo.
Make of that what you will.
PHOTOS: Super Bowl MVP Joe Flacco
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Source : http://www.usatoday.com/story/gameon/2013/03/08/joe-flacco-highest-paid-player-not-taxes/1972931/
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Source : http://www.usatoday.com/story/gameon/2013/03/08/joe-flacco-highest-paid-player-not-taxes/1972931/