Confiscatory taxes

**rbaker** · 03-07-2013, 03:40 PM

How are we to thrive and prosper when the government has its hand in our pocket at every turn.

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. And that’s excluding his “jock tax” liability for away games – play the Patriots at Gillette Stadium, pay Massachusetts income tax on earnings for that game - and other taxes levied against him such as Maryland’s property tax.

**Uncle Fester** · 03-07-2013, 04:34 PM

To paraphrase the band Dire Straight-

That ain't work'n
that's the way you do it
Throw the football in the NFL

That ain't working
That's the way you do it
Money for nothin
and your chicks for free

What a great argument for a strong unionized workplace!

News the other night said it worked out to I think 1.3something million per game.

I'm sure his agent will find all the shelters and loopholes to minimize the tax bite.

Didn't Warren Buffet say that no one in this bracket actually pays that amount?

**Uncle Fester** · 03-07-2013, 05:21 PM

Maybe he can consult this guy for advice?

http://www.rollingstone.com/politics...dodge-20121012

**braheem24** · 03-07-2013, 09:32 PM

Originally Posted by rbaker

By choosing to remain a Raven, Flacco is now set to pay a combined marginal income tax rate of 51.98 percent.

$10 Million in taxes per year? Show me the check.

**Johns** · 03-07-2013, 10:14 PM

Originally Posted by Uncle Fester

Didn't Warren Buffet say that no one in this bracket actually pays that amount?

Oh, are you speaking of Warren Everybody Should Pay Their Fair Share Except Me Buffet?

Or, are you speaking of Warren Do As I Say Not As I Do Buffet?

He was referring to himself when he said no one in that bracket pays that amount.

http://www.forbes.com/sites/realspin...x-averse-past/

(Yes, the article was from this past fall, so there is the slight chance he may have paid some of the billion dollars in back taxes he owes, but not likely.)

**Jacqui** · 03-08-2013, 02:31 AM

I'm glad he is paying almost 52%, I think they all should. If he had an honest job I might think differently

**fjpod** · 03-08-2013, 05:38 AM

The confiscatory tax is the high ticket prices people pay to buy tickets to football games. Stupid Baltimore. Stupid fans. People who steal that kind of money from Joe Public should be taxed at a high rate.

**mdeimler** · 03-08-2013, 08:39 AM

Originally Posted by Uncle Fester

Maybe he can consult this guy for advice?

http://www.rollingstone.com/politics...dodge-20121012

Rolling Stone ?!?!? Thanks but, no thanks.

**MikeAurelius** · 03-08-2013, 08:48 AM

Originally Posted by rbaker

How are we to thrive and prosper when the government has its hand in our pocket at every turn.

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. And that’s excluding his “jock tax” liability for away games – play the Patriots at Gillette Stadium, pay Massachusetts income tax on earnings for that game - and other taxes levied against him such as Maryland’s property tax.

Why are you angry about the taxes someone else pays? Don't you have anything else to complain about?

**Robert Martellaro** · 03-08-2013, 10:11 AM

Yes, we should have more discussions concerning the trials and tribulations of the ruling class. I'm so sick of hearing about how much trouble it is to live from the common people.

**Johns** · 03-08-2013, 10:37 AM

Originally Posted by Jacqui

I'm glad he is paying almost 52%, I think they all should. If he had an honest job I might think differently

What's not honest about being an investor? He took the risk, and stood the chance to lose a lot. I do think he should practice what he preaches though.

Speaking of "honestl" jobs, do you think that Bill Gates had/has a real job? Is it the amount of success you achieve that determines whether or not you have a "honestl" job?

Why is it that if you work hard all of your life, and have nothing to show for it (for whatever reason) that you are considered a "hard worker", but if you achieve success, and attempt to enjoy the fruits of your labor, people say you didn't earn it?

My father, a meter reader for the city I grew up in, never made more than $9.75 per hour. He worked his tail off, bought investment properties, and retired at the age of 48. He's 78 now, spends winters in Florida, travels often to Europe, and is enjoying the time he and my mom have left. My cousin (father of an electrical engineer) recently commented how my dad "got lucky"! If you call driving second hand cars, buying week old bread, and raising 7 kids on a shoestring "lucky", then I guess he was.

I applaud Warren Buffet, Bill Gates, Steve Jobs, and others for sticking their necks out, taking risks, and trying to accomplish feats never attempted. What's not "honestl" about that?

**rbaker** · 03-08-2013, 12:13 PM

Originally Posted by MikeAurelius

Why are you angry about the taxes someone else pays? Don't you have anything else to complain about?

I am not angry in the least. I just like to roll a grenade into the room occasionally and see what gets blown out. In point of fact, I see quite a bit of anger among some of the responders to this post.

And, yes, I do have plenty of other stuff to complain about. Perhaps another day.

**Jacqui** · 03-08-2013, 01:16 PM

Originally Posted by Johns

What's not honest about being an investor? He took the risk, and stood the chance to lose a lot. I do think he should practice what he preaches though.

Speaking of "honestl" jobs, do you think that Bill Gates had/has a real job? Is it the amount of success you achieve that determines whether or not you have a "honestl" job?

Why is it that if you work hard all of your life, and have nothing to show for it (for whatever reason) that you are considered a "hard worker", but if you achieve success, and attempt to enjoy the fruits of your labor, people say you didn't earn it?

My father, a meter reader for the city I grew up in, never made more than $9.75 per hour. He worked his tail off, bought investment properties, and retired at the age of 48. He's 78 now, spends winters in Florida, travels often to Europe, and is enjoying the time he and my mom have left. My cousin (father of an electrical engineer) recently commented how my dad "got lucky"! If you call driving second hand cars, buying week old bread, and raising 7 kids on a shoestring "lucky", then I guess he was.

I applaud Warren Buffet, Bill Gates, Steve Jobs, and others for sticking their necks out, taking risks, and trying to accomplish feats never attempted. What's not "honestl" about that?

I was talking about the football player

**Uncle Fester** · 03-08-2013, 03:15 PM

Originally Posted by rbaker

I am not angry in the least. I just like to roll a grenade into the room occasionally and see what gets blown out. In point of fact, I see quite a bit of anger among some of the responders to this post.

And, yes, I do have plenty of other stuff to complain about. Perhaps another day.

I hope you're not interpreting my posts as angry! I think you only hurt yourself by being angry.
Now frustrated that some may believe that some one like Flacco will actually pay that tax rate? Yes! But angry? No.

It does point out how badly we need tax reform but there is way too much vested interest in Washington on both sides of the aisle to do anything about that as far as I can see.

PS- You don't deny that it's the players union that made that contract so lucrative?
(GRENADE!!!)

**braheem24** · 03-08-2013, 04:34 PM

Keep in mind the 52% is based on an employee calculations, Everyone else pays less.

Unfortunately for him, he's the worst case scenario because employees don't have a reason to bribe our government for a multi-million dollar loop hole.

**Uncle Fester** · 03-08-2013, 04:47 PM

Originally Posted by braheem24

...because employees don't have a reason to bribe our government for a multi-million dollar loop hole.

That's what unions are for!

**Johns** · 03-08-2013, 05:35 PM

If he had an honest job I might think differently

Originally Posted by Jacqui

I was talking about the football player

How is that not an honest job? Do they trick people into paying the high ticket prices? Do they not take on the risk of injury, for the entertainment of others, each time the go on the field?

**Jacqui** · 03-08-2013, 07:20 PM

Originally Posted by Johns

How is that not an honest job? Do they trick people into paying the high ticket prices? Do they not take on the risk of injury, for the entertainment of others, each time the go on the field?

In My Opinion: Playing professional football is not an honest job. In My Opinion