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Old 03-08-2013   #7
Double Barrel
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Default Re: Flacco contract a joke?...These folks make a good point

Speaking of Flacco's contract...

Quote:
Tax Bite Leaves Flacco Second Best Paid in NFL

Combined Income Tax Rate Roughs the Passer's After Tax Pay

As reported this week, Super Bowl MVP Joe Flacco and the Baltimore Ravens have agreed to a six-year, $120.6 million contract making the star quarterback the highest-paid player in NFL history, earning an estimated $20.1 million per year. But being the “highest paid player” and earning the most after tax pay are two very different things.

By choosing to remain a Raven, Flacco is now set to pay a combined marginal income tax rate of 51.98 percent. This overwhelming tax rate is composed of the federal, Maryland, and Baltimore County income tax rate, as well as the Medicare tax.

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Had Flacco sought a new contract with one of the teams listed above, he would have saved $1.72 million in total marginal tax liability. Flacco may have the distinction of being the highest paid player in NFL history, but New Orleans Saints’ QB Drew Brees still earns more after tax pay.

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