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Uncle Buck

Should the Cowboys TRADE Dak?

Should the Cowboys Trade Dak Prescott?  

78 members have voted

  1. 1. Should the Cowboys Trade Dak Prescott?

    • Yes! Trade him, improve other areas of the team and let MM develop a rookie.
    • No! He's a great quarterback and those are hard to find. Pay the man!


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I would treat Dak like Cousins. He’s stable but doesn’t elevate people. Dak on a rookie deal is an asset. Dak at 35m is heartburn.

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I didn't know state taxation was so different.

Dak staying in Texas instead of getting moved to NY or Cali is worth 10% more just on income taxes

can't believe he turned down 33M

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21 minutes ago, Ryan_W said:

I didn't know state taxation was so different.

Dak staying in Texas instead of getting moved to NY or Cali is worth 10% more just on income taxes

can't believe he turned down 33M

Don't players get taxed in the state/locale they play their games in?  So if Dak was playing against the Redskins at WSH, he'd be taxed the WSH state tax.  So while it is a benefit, it's not as big as 10%.

 

Edited by HTTRDynasty

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34 minutes ago, HTTRDynasty said:

Don't players get taxed in the state/locale they play their games in?  So if Dak was playing against the Redskins at WSH, he'd be taxed the WSH state tax.  So while it is a benefit, it's not as big as 10%.

 

No, the state income tax is paid based on where you live.  My understanding is that if you want to claim you live in a particular state, you have to physically spend more than half the year in that state.

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14 hours ago, pacman5252 said:

I would treat Dak like Cousins. He’s stable but doesn’t elevate people. Dak on a rookie deal is an asset. Dak at 35m is heartburn.

This is a problem the league needs to do something about because at least half of the teams in the league are in this situation with their QB.

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38 minutes ago, Uncle Buck said:

No, the state income tax is paid based on where you live.  My understanding is that if you want to claim you live in a particular state, you have to physically spend more than half the year in that state.

You sure?

Quote

 

It was mainly due to something in professional sports referred to as the “jock tax,” which means players have to pay the tax rate of the state they’re playing in on their salary for that game .

NFL players receive 16 checks over the course of the 166-day season. And each away-game check can be different, based on the income tax rate of the state they’re playing in.

For example, if the Jets play a game in Florida against the Miami Dolphins, the Jets players’ checks will be higher than if it were a home game, since Florida has no income tax and New York does. 

...

The jock tax originated in the late 1980s and early 1990s because of basketball superstar Michael Jordan, says Goldstein. Jordan was at the peak of his career and making a lot of money as a member of the Chicago Bulls, and the state of California said that since some of Jordan’s income was earned within its borders, the state should get a cut of it.

Even though the jock tax now applies to athletes in the major U.S. sports leagues — and is complex and could potentially cost them a lot of money at tax time — many players don’t know much about it.

In April, the NFL Players Association held a Personal Finance Camp to educate players on how to make their money last long after they stop playing. Armelia Rolle, who was attending for her son Antrel, a safety last season on the Chicago Bears, told MarketWatch that when one of the presenters asked how many players knew what the jock tax was, only three players raised their hands. “So that means no one has explained it to them. It’s astounding to me,” she said.

Not only do many players not know about the tax, but most young players have never had to file taxes. Goldstein recently gave a presentation to the incoming rookies on the Denver Broncos and asked how many players had ever filed a tax return. “Only one raised his hand. And now they have to file returns in every state they play games in,” he says.

With the jock tax, each team withholds federal and state income tax from its players’ game checks for all games, according to Goldstein. But overpayments — or underpayments — can still result, depending on which state the player lives in and how much his deductions amount to. 

...

Martin, who played four years of football at Columbia University, enters this season a member of the Jets. He will live in New Jersey, the state where the team plays its home games, so he hopes this year’s taxes will be less complicated. And he’s already taken a look at the upcoming schedule to see how certain games will impact his paycheck.

“I look forward to games in Florida,” Martin says. “Checks are a little heavier.”

 

https://www.marketwatch.com/story/the-jock-tax-and-why-a-professional-athletes-tax-form-can-be-as-big-as-a-bible-2016-07-27

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Just now, Uncle Buck said:

Nope.  I'm not an athlete, so there could very well be something that I didn't know about.  Based on this, it looks like there is. 

Got it.  By the way, I wasn't being sarcastic, just genuinely wasn't sure if the article was wrong or outdated.

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Just now, HTTRDynasty said:

Got it.  By the way, I wasn't being sarcastic, just genuinely wasn't sure if the article was wrong or outdated.

No problem.  It's probably correct.  I've owned a couple of businesses over the years so I had to learn a few things about taxes, but the jock tax didn't apply to me. 

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