K-12 Tax & $pending Climate: Raising Taxes & Declining Economic Base
Democrats from Wisconsin to Maine are promising to raise taxes, and not only on billionaires. Among those who would get walloped are high-earning professional athletes, and don’t think they and their agents aren’t aware. Now there’s even a new online “jock tax” calculator they can consult.
The website, created by Tax Foundation senior fellow Jared Walczak, lets users look up the estimated tax burden for NFL players, plus it shows how transferring to a different team would change the numbers. The tool counts federal, state and local taxes, as well as income that athletes must pay other states when they travel for away games.
Baltimore Ravens quarterback Lamar Jackson earns about $51 million, giving him a total liability of $24 million on that money, including $5 million in state and local taxes, the calculator says. At least he isn’t playing in California for the Los Angeles Rams, where the state and local take would be $6.8 million. But in zero-income-tax Tennessee, he’d owe only $257,920 in state and local taxes on those earnings, all of that for away games.
