Originally posted on Bob's Blitz  |  Last updated 1/25/14
Masahiro Tanaka is about to learn about New York taxes to the tune of almost ninety million dollars, according to the NY Post:Tanaka is the Japanese pitcher the Yankees signed this week to a seven-year, $155 million contract. And guess what? Taxes will claim more than half of it.Americans for Tax Reform did a back-of- the-envelope calculation of Tanaka’s tax burden. They reckon that over the seven years of his contract, his decision to play for the Yanks will mean a combined marginal tax rate of 56.1 percent in federal, state, city and Medicare payroll taxes.Tanaka’s other two choices were the Cubs and Diamondbacks. Because of lower state rates in Illinois and Arizona, and the lack of a city income tax in either Chicago or Phoenix, the ATR says Tanaka would have saved nearly $12 million if he’d signed with the Cubs and $13 million if he’d gone with the Diamondbacks....The more pertinent point, of course, is that most of those who are making tax-tradeoff decisions are not star athletes. They are business people who have to decide what’s best for their bottom line.And when high taxes and high spending make New York a “luxury product,” more people are bound to conclude they can’t afford it.Still enough to bid on Babe Ruth's 1923 World Series championship pocket watch but, damn.**Follow us on Twitter, Subscribe by Email, View via Our Mobile Site, or Return Home
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