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Post by ill636 on Mar 19, 2024 7:57:48 GMT -5
It looks like Snell finally found someone to pay him. Didn't the Yankee offer 150 million over 5 years? The greed of Boros & Co… |
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Post by ill636 on Mar 19, 2024 7:59:00 GMT -5
It's not greed if a ball club agrees to pay. It's greed only if they are "forced" to pay.
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Post by chiyankee on Mar 19, 2024 8:30:11 GMT -5
It's not greed if a ball club agrees to pay. It's greed only if they are "forced" to pay. Supply and demand, right? Snell could have had more security if he agreed to the Yankees offer. |
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Post by chiyankee on Mar 19, 2024 8:36:48 GMT -5
From what got published the salary deferral is to allow Ohtani to "Dodge" the income tax levied by California and its local jurisdictions. When the money starts rolliing in he can move out and avoid the bill. It would work the same way for US born players. Only if they leave the country though, right? And if their country doesn’t have a law to levy a tax on the money. Maybe Chi can help us out on that. He’s our expert on everything money… (watch him deny it)… chiyankee I'm not positive on this, because this is some serious tax accounting laws, but I think he could avoid California's insane income tax rate if he's no longer living there when he's getting paid. Of course if he's still living in the U.S., he would have the pay income tax in the state he's currently living in. I guess he could move to state that doesn't have an income tax, like Florida or Texas to avoid that, but he's probably going back to Japan. |
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Post by ypaterson on Mar 19, 2024 9:08:03 GMT -5
Only if they leave the country though, right? And if their country doesn’t have a law to levy a tax on the money. Maybe Chi can help us out on that. He’s our expert on everything money… (watch him deny it)… chiyankee I'm not positive on this, because this is some serious tax accounting laws, but I think he could avoid California's insane income tax rate if he's no longer living there when he's getting paid. Of course if he's still living in the U.S., he would have the pay income tax in the state he's currently living in. I guess he could move to state that doesn't have an income tax, like Florida or Texas to avoid that, but he's probably going back to Japan. How different baseball is today. Ohtani probably sent in a team of people to discus tax and payment options with the Dodgers. Earlier generations of players were not allowed to have fathers help them discuss their contract talks with team GMs. I wonder if future MLB contracts will address the LT and how state income taz rates impact team payrolls. That is becoming more an issue as deals get bigger. |
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Post by chiyankee on Mar 19, 2024 9:36:49 GMT -5
I'm not positive on this, because this is some serious tax accounting laws, but I think he could avoid California's insane income tax rate if he's no longer living there when he's getting paid. Of course if he's still living in the U.S., he would have the pay income tax in the state he's currently living in. I guess he could move to state that doesn't have an income tax, like Florida or Texas to avoid that, but he's probably going back to Japan. How different baseball is today. Ohtani probably sent in a team of people to discus tax and payment options with the Dodgers. Earlier generations of players were not allowed to have fathers help them discuss their contract talks with team GMs. I wonder if future MLB contracts will address the LT and how state income taz rates impact team payrolls. That is becoming more an issue as deals get bigger. Ohtani and his advisors certainly had this all well thought out. Ohtani wants to win too and get paid, so he gave the Dodgers a way to defer a majority of his contract, freeing 2023 dollars to pay to other free agents. I did see somewhere where the Dodgers eventually have to pay the present value of Ohtani's yearly salary into a fund, so the contact isn't totally deferred for them. The interest from the fund is supposed to make up most of the difference between the present value of the deal and what Ohtani is actually owed in the future. I'm not sure if this will be a serious issue for MLB, because how many players are willing to defer a majority of their contract for 10 years, like Ohtani did? They want their money now and I don't blame them, the sooner you get paid, the sooner you can invest it. |
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Post by noetsi on Mar 19, 2024 10:07:55 GMT -5
Snell followed the probably wrong logic he would be so great the next year (he can opt out after a year) that he will get a fortune after that. Players don't realize that the times have changed and owners will not (except for Los Angelas) pay out the massive deals anymore.
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Post by bigjeep on Mar 19, 2024 10:12:13 GMT -5
Snell followed the probably wrong logic he would be so great the next year (he can opt out after a year) that he will get a fortune after that. Players don't realize that the times have changed and owners will not (except for Los Angelas) pay out the massive deals anymore. It's not about baseball anymore, It's about the money!  |
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Post by pippsheadache on Mar 19, 2024 10:22:12 GMT -5
How different baseball is today. Ohtani probably sent in a team of people to discus tax and payment options with the Dodgers. Earlier generations of players were not allowed to have fathers help them discuss their contract talks with team GMs. I wonder if future MLB contracts will address the LT and how state income taz rates impact team payrolls. That is becoming more an issue as deals get bigger. Ohtani and his advisors certainly had this all well thought out. Ohtani wants to win too and get paid, so he gave the Dodgers a way to defer a majority of his contract, freeing 2023 dollars to pay to other free agents. I did see somewhere where the Dodgers eventually have to pay the present value of Ohtani's yearly salary into a fund, so the contact isn't totally deferred for them. The interest from the fund is supposed to make up most of the difference between the present value of the deal and what Ohtani is actually owed in the future. I'm not sure if this will be a serious issue for MLB, because how many players are willing to defer a majority of their contract for 10 years, like Ohtani did? They want their money now and I don't blame them, the sooner you get paid, the sooner you can invest it. California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. |
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Post by 1955nyyfan on Mar 19, 2024 10:40:42 GMT -5
Ohtani and his advisors certainly had this all well thought out. Ohtani wants to win too and get paid, so he gave the Dodgers a way to defer a majority of his contract, freeing 2023 dollars to pay to other free agents. I did see somewhere where the Dodgers eventually have to pay the present value of Ohtani's yearly salary into a fund, so the contact isn't totally deferred for them. The interest from the fund is supposed to make up most of the difference between the present value of the deal and what Ohtani is actually owed in the future. I'm not sure if this will be a serious issue for MLB, because how many players are willing to defer a majority of their contract for 10 years, like Ohtani did? They want their money now and I don't blame them, the sooner you get paid, the sooner you can invest it. California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. I live in California and if I were younger and could convince my wife, I'd relocate. Not only the state income tax, but we have a very high sales tax of over 7%. State and local taxes add about 80 cents per gallon to gasoline. I crossed the Bay Bridge yesterday and paid a $7 toll fee. It is estimated that 260,000 vehicles cross that bridge each day. Despite all this we are still running a deficiet, how on earth is that possible? |
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Post by inger on Mar 19, 2024 11:08:32 GMT -5
Ohtani and his advisors certainly had this all well thought out. Ohtani wants to win too and get paid, so he gave the Dodgers a way to defer a majority of his contract, freeing 2023 dollars to pay to other free agents. I did see somewhere where the Dodgers eventually have to pay the present value of Ohtani's yearly salary into a fund, so the contact isn't totally deferred for them. The interest from the fund is supposed to make up most of the difference between the present value of the deal and what Ohtani is actually owed in the future. I'm not sure if this will be a serious issue for MLB, because how many players are willing to defer a majority of their contract for 10 years, like Ohtani did? They want their money now and I don't blame them, the sooner you get paid, the sooner you can invest it. California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. I wish California would secede from the nation and require a passport to travel in the rest of the country. I’m glad the influx into Colorado has slowed. They love destroying Idaho now, Wyoming appears to be next… |
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Post by inger on Mar 19, 2024 11:09:32 GMT -5
California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. I live in California and if I were younger and could convince my wife, I'd relocate. Not only the state income tax, but we have a very high sales tax of over 7%. State and local taxes add about 80 cents per gallon to gasoline. I crossed the Bay Bridge yesterday and paid a $7 toll fee. It is estimated that 260,000 vehicles cross that bridge each day. Despite all this we are still running a deficiet, how on earth is that possible? My sympathies to you… |
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Post by azbob643 on Mar 19, 2024 11:22:28 GMT -5
I wish California would secede from the nation and require a passport to travel in the rest of the country. I’m glad the influx into Colorado has slowed. They love destroying Idaho now, Wyoming appears to be next… California's $3.89 Trillion economy is the largest in the US and ranks as the 5th largest in the world. In 2019 the state represented 15% of the US GDP. |
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Post by chiyankee on Mar 19, 2024 11:30:38 GMT -5
Ohtani and his advisors certainly had this all well thought out. Ohtani wants to win too and get paid, so he gave the Dodgers a way to defer a majority of his contract, freeing 2023 dollars to pay to other free agents. I did see somewhere where the Dodgers eventually have to pay the present value of Ohtani's yearly salary into a fund, so the contact isn't totally deferred for them. The interest from the fund is supposed to make up most of the difference between the present value of the deal and what Ohtani is actually owed in the future. I'm not sure if this will be a serious issue for MLB, because how many players are willing to defer a majority of their contract for 10 years, like Ohtani did? They want their money now and I don't blame them, the sooner you get paid, the sooner you can invest it. California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. thanks for posting this. And I thought Illinois was a poorly run state. |
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Post by pippsheadache on Mar 19, 2024 11:34:47 GMT -5
California has some draconian tax regulations that I am surprised are even considered legal. Just for the basics, the state has a 13.3 percent income tax on income over $1.25 million, dwarfing even New York's very high 10.9 percent top rate. But the part that seems almost unconstitutional to me is the exit tax, which they enacted in 2020 because so many high earners and companies were leaving the state. This tax is a 0.4 percent tax on an individual or business net worth -- not income, but net worth -- over $30 million. And it doesn't matter where you live or where your net worth is based. Obviously that doesn't affect many people, but I assume it would affect Ohtani. There is a bill that was introduced in 2020, still pending, called the Wealth Tax. Under that proposal, anyone who ever lived in California at any point in the past and who has an annual income greater than $30 million would have to pay an annual tax on their wealth for as long as ten years after they have left the state. This bill hasn't been passed yet, and I can't believe it would be legal, but it's hanging over the state as a net 300,000 people a month leave it. Of course while very few are in the most punitive brackets, even middle class earners still pay disproportionately more in state income tax (not to mention all of the assorted sales taxes and licensing fees and automobile fees and local taxes) than in other states. But on the other hand they vote for this stuff, so my sympathy is limited. I live in California and if I were younger and could convince my wife, I'd relocate. Not only the state income tax, but we have a very high sales tax of over 7%. State and local taxes add about 80 cents per gallon to gasoline. I crossed the Bay Bridge yesterday and paid a $7 toll fee. It is estimated that 260,000 vehicles cross that bridge each day. Despite all this we are still running a deficiet, how on earth is that possible? Where in the state are you, 55? Don't get me wrong, I love California and have lived there on two separate occasions, once in the Bay Area and once in the LA Area. It is by far, to me at least, the most beautiful state out of all fifty with such diversified topography, any kind of weather you want and an interesting history with plenty of bizarro aspects that I found endearing. But the Golden State of today is not the one I lived in. There has never been a time when it was losing population the way it is now. There's a reason so many working to middle to upper middle class people are getting out, and it has nothing to do with the bogeymen of yesteryear like earthquakes and fires and traffic and smog. It always had its problems like every state, but when I first set foot there in 1972 I thought I had died and gone to Heaven. Now I won't even visit. |
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