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Drew Brees Estimated Taxes Playing in New Orleans

this is a discussion within the Saints Community Forum; This is the last season in which Drew Brees qualifies as the top-earning NFL player (Aaron Rodgers looks to claim that title next year). Despite moderate tax rates in Louisiana (the top rate is 6%), he also has the largest ...

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Old 01-16-2016, 02:17 PM   #1
 
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Drew Brees Estimated Taxes Playing in New Orleans

This is the last season in which Drew Brees qualifies as the top-earning NFL player (Aaron Rodgers looks to claim that title next year). Despite moderate tax rates in Louisiana (the top rate is 6%), he also has the largest overall tax bill in SmartAsset's analysis. We estimate that Mr. Brees will pay $11.7 million in state and federal taxes.

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Old 01-16-2016, 02:18 PM   #2
 
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Re: Drew Brees Estimated Taxes Playing in New Orleans

Here are the top 25 in the NFL according to this same source.

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Old 01-16-2016, 02:27 PM   #3
 
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Re: Drew Brees Estimated Taxes Playing in New Orleans

Jock Taxes

SmartAsset's analysis also incorporates the taxes paid to the states and cities of away-game opponents, also known as jock taxes. These taxes are calculated based on "service days," that is, the number of days spent working (practicing and then playing) in the state. So, for example, if a player spends 17 days in a state and earns income on 170 days total of work, 10% of his income is taxable in that state.

We assume each away game was equal to 7 service days out of 170 total for the season. That means a player with $10 million in total income would have income of $411,764 in any away-game state. If he played two away games in that state, total income would be double that amount. To calculate the jock tax, we ran those income numbers through the tax model for each of the away-game jurisdictions.

The good news for most players is that their home-states allow taxes paid in other jurisdictions to be credited, so that they don't pay double taxes on the same income. The credit is equal to the amount that was paid in the other jurisdiction or the amount that would have been paid on that income at home, whichever is lower. For players in high-tax venues such as California, that means these jock taxes add nothing to their total tax bill.

From the same source

Said Pope Benedict: "WOW ... that ring is bigger than mine!!!"

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Old 01-16-2016, 03:47 PM   #4
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Re: Drew Brees Estimated Taxes Playing in New Orleans

Tax system is such a joke..
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Old 01-16-2016, 03:52 PM   #5
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Re: Drew Brees Estimated Taxes Playing in New Orleans

Well what can you do? We all know income tax is totally legit and legal... Oh wait, that's right... It isn't.

Not that Drew can't afford it, but it doesn't make it any less of horse crap, in principle.
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Old 01-16-2016, 04:01 PM   #6
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Re: Drew Brees Estimated Taxes Playing in New Orleans

If only he was in the top 1% earnings in the US he wouldn't have to pay a dime.
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Old 01-16-2016, 04:34 PM   #7
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Re: Drew Brees Estimated Taxes Playing in New Orleans

We should just have an adjustable federal sales tax, the more the item costs the higher the percentage is. Get rid of income taxes and corporate taxes and tax all forms of consumption.
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