State Income Taxes and the 2024 NFL Draft Class

By Atchariya63 @Adobe Stock

Are you ready for some football? Your Survival Guy is. Which is why it matters where your team is located, reports Jared Walczak of the Tax Foundation. Walczak writes:

The 2024 NFL draft is loaded with quarterback talent, but no prospect has garnered more attention than USC signal caller Caleb Williams, who is projected to pull down a four-year, $40 million contract when he’s drafted, with about $25 million of it as a signing bonus (meaning a first-year salary, including bonus, of about $28.75 million). If, as anticipated, the Chicago Bears take him with their first pick, he’ll owe an estimated $1.55 million in state and local income taxes on his first-year haul.

But Williams is unenthusiastic about the Bears: last year he said he’d like to play for the 49ers, the Raiders, or the Falcons. San Francisco is locked in on Brock Purdy, who will only cost them $985,000 in 2024, but if the 49ers were interested in Williams, his state income tax burden would soar to $3.79 million. In Atlanta, it would be $1.61 million. And in Las Vegas, where there’s no state income tax, he’d only pay $336,000 in state income taxes, all to other states while traveling for away games. In addition to the roughly $10.4 million he’d owe in federal income taxes, his all-in effective rate would range from 37.2 percent if he played for the Raiders in Las Vegas to 49.3 percent if he played for the 49ers in Santa Clara. […]

But until that happens? If you’re a particularly avid fan and you’re headed to Detroit for the NFL draft on April 25th, think twice before powering up that laptop to send a few work emails. Michigan will expect you to file a tax return for that day’s income.

Action Line: Where you live might make your team a contender. Check out my Super States map here. When you’re ready to talk, let’s talk.

The following two tabs change content below.

• Bio
• Latest Posts

E.J. Smith - Your Survival Guy

E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998. E.J. has trained at Sig Sauer Academy in Epping, NH. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West (RIP JB) and Paris. Please get in touch with E.J. at ejsmith@yoursurvivalguy.com To sign up for my free monthly Survive & Thrive letter, click here.

Latest posts by E.J. Smith - Your Survival Guy (see all)

• Do You Look Marvelous? See My Friend Marc - September 13, 2024
• Kitten Update This Week - September 13, 2024
• Dershowitz Decries “Hard Left” Hijacking of Democratic Party - September 13, 2024
• September RAGE Gauge: Win Friends and Influence People - September 12, 2024
• Stay Diversified My Friends - September 12, 2024