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Thursday, December 05, 2019

White Sox made higher bid for Zack Wheeler, who took less to stay on East Coast | NBC Sports Chicago

Nobody likes the White Sox money.

Jim Furtado Posted: December 05, 2019 at 07:58 AM | 5 comment(s) Login to Bookmark
  Tags: white sox, zack wheeler

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   1. bfan Posted: December 05, 2019 at 12:36 PM (#5905926)
I don't know if this is just something discussed in polite company any more, but under the new tax plan going before the state legislature in Illinois next year, Wheeler will pay 7.99% on Illinois money, instead of 3% on Pennsylvania money. 5% of $118 million is roughly $6 million dollars. Because of the limitation on deductibility of that money, that is basically $6 million in after tax money he would be out of, in Illinois instead of PA.
   2. jmurph Posted: December 05, 2019 at 01:02 PM (#5905946)
They pay taxes where they play games, so the state-to-state comparison is not as straight forward as you have made it.

   3. Bhaakon Posted: December 05, 2019 at 01:14 PM (#5905954)
It's somewhat more complicated than that, since road games are taxed in whatever jurisdiction they're played. States also differ markedly in how they calculate taxes (some use games played, some use days worked), some state have taxation reciprocity agreements with other states, and some municipalities have their own additional tax on out-of-town workers.
   4. Zonk didn't order a hit on an ambassador Posted: December 05, 2019 at 01:16 PM (#5905955)
I don't know if this is just something discussed in polite company any more, but under the new tax plan going before the state legislature in Illinois next year, Wheeler will pay 7.99% on Illinois money, instead of 3% on Pennsylvania money. 5% of $118 million is roughly $6 million dollars. Because of the limitation on deductibility of that money, that is basically $6 million in after tax money he would be out of, in Illinois instead of PA.


Meh... Relative state tax schemas didn't sway Manny Machado.

In any case, the big problem with the plan (and FTR, I support it) is that it cannot just passed as simple tax bill. It has to amend the state constitution (which stupidly mandates a flat tax) - and there's all sorts of constitutional hurdles to getting it done.

Regardless, and contrary to what I'm sure is probably is the CW - if you were a high-income/top tax bracket individual, Illinois actually has the lowest individual income tax rate east of the Mississippi except for Tennessee, Indiana, and Pennsylvania.... and if memory serves - up until 5-6-7 years ago (whenever) when they raised the flat rate - only Tennessee was effectively lower.

EDIT: Oops - forgot Florida, which has no state income tax...
   5. Never Give an Inge (Dave) Posted: December 05, 2019 at 02:18 PM (#5905979)
I don't know if this is just something discussed in polite company any more, but under the new tax plan going before the state legislature in Illinois next year, Wheeler will pay 7.99% on Illinois money, instead of 3% on Pennsylvania money.

Philly has a 3.5-3.9% city income tax rate, depending on whether you are a city resident or merely work in the city, on top of the state tax rate. Since the stadium is in the city I'm sure they are taking their cut of what the Phillies make, so that nearly evens things out.

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