With the 2015-16 NBA season starting this week; it’s a good time to look back at some of the decisions made this past offseason with a focus on their tax implications. While some question whether state taxes really affect decision-making by athletes, the following examples should show how important it is for an athlete to have a tax advisor guiding them through all contract decisions!
While there are many other factors at play, state taxes should have an impact on any financial decision a modern athlete makes. Here’s an answer provided by Phil Jackson, President of the New York Knicks, when asked what issues he faces recruiting players to NY: “One problem is the state and the city tax here. There are places like Texas and Florida that have none of these taxes.”