Death and taxes. We’ve all heard the phrase that those are the only two guarantees in life. It’s hard to argue against that. Unfortunately, we live in a country that has consistently prescribed to the idea that you can tax your way into prosperity. California, New York, New Jersey. Those are all places that firmly believe that taxes are the best way to generate prosperity. Obviously, that couldn’t be further from the truth but it’s still a prevalent worldview.
The Philadelphia Eagles became Super Bowl champions on Sunday in a thrilling game that went down to the wire.
Sadly, once the celebrations are over, the Eagles players are going to get a brutal wakeup call about the current tax system in the United States.
From Hot Air:
What I didn’t know was that a number of states, including Minnesota where the big game was played, have very special “jock taxes” which are only charged to visiting professional athletes. And even though it’s a state tax, it can take a bite which isn’t that far behind what Uncle Sam gets for their federal taxes.
Because the game was played in Minneapolis, the $112,000 bonuses paid to each player on the winning team (and the $56,000 bonuses paid to the losers), will be taxable in Minnesota, which has some of the highest personal income tax rates in the country. Each member of the Eagles will end up paying about $7,200 of their Super Bowl bonus to the state of Minnesota. That comes on top of an estimated $23,500 federal tax hit for each of the winning player’s shares.
And that’s just the start. Minnesota also imposes a so-called “jock tax” on athletes that visit the state for practices and games. Income earned during the days leading up to Sunday’s big game will be taxed at the state’s top marginal rate of 9.85 percent. Only California has a higher jock tax, and even states with no personal income taxes—like Texas and Florida, both frequent Super Bowl hosts—still hit up professional athletes, coaches, and team staff with special taxes.
Can anyone actually make a rational argument in favor of the idea that the government deserves such a big chunk of the money these players worked all year for?
These players gave everything they had both mentally and physically to get to the Super Bowl and the government comes in and takes a chunk of it. Why? Why are they entitled to that?
Trump’s tax reform victory was much needed. In fact, it’s going to be rocket fuel for the economy and has already helped millions of workers across the country.
However, there are still a lot of problems out there when it comes to taxes and this “jock tax” is certainly one of them.
Make no mistake. This is a government cash grab. It’s greed. We always hear about corporate greed and the left always lectures us about how companies only care about profits. What about this? Where’s the outrage here?
[Note: This post was written by Andrew Mark Miller]