Blue Jays sign George Springer to a 6 year, $150M deal

[saskjayfan]

A lot of these guys have second homes and such too. I’ve read about NY players claiming FL residency (also state tax free). You just have to claim you’re there enough to be your primary residence. Also, let’s be real, the rich players aren’t paying 37% federal. Not the smart ones anyway.

 

How exactly are the rich players not paying the 37% federal tax rate? You may claim residence in states with zero state tax to lessen the blow on bonus payments, but you can't just circumvent the tax code. Players are taxed each game where the games are played. We obviously structured Springer's contract with a massive bonus because of the tax savings for him.

Players can't incorporate. There is no way of getting around the 37% tax rate.

[saskjayfan]

From a quick lookup, assuming that Springer resides in Connecticut, state income tax maxes out at 6.99% vs 13.16% for Ontario, so that's a nice difference on its own. Federal tax rates between the two countries look to be similar, with Canada maxing out at 33% vs 37% in the US. If my thinking is correct combined Springer would pay about 46% total tax in Ontario vs 44% in the US, so it's maybe not that big of a difference either way.

 

The highest marginal tax rate in Ontario is 53.53. It's a big difference and a win regardless of whether Springer's residence in Connecticut or Texas. It's likely Texas, which would be a massive win. I'm glad the Jays got creative and front loaded a contract that will save Springer some tax and give us flexibility down the road.

[connorp]

How exactly are the rich players not paying the 37% federal tax rate? You may claim residence in states with zero state tax to lessen the blow on bonus payments, but you can't just circumvent the tax code. Players are taxed each game where the games are played. We obviously structured Springer's contract with a massive bonus because of the tax savings for him.

Players can't incorporate. There is no way of getting around the 37% tax rate.

 

Well, actually after I posted that I remembered states started enforcing the jock tax, including the tax every place game is played and all the eliminating different write offs that were previously available to professional athletes

 

So my OP you quoted was off-base, yes.

[max silver]

Well, actually after I posted that I remembered states started enforcing the jock tax, including the tax every place game is played and all the eliminating different write offs that were previously available to professional athletes

 

So my OP you quoted was off-base, yes.

 

I guess in a way for Jays players it's to their financial benefit to play a portion of their games in Dunedin this season given the massive difference in tax rates between Ontario and Florida.

[saskjayfan]

There are other advantages to players playing in Canada that are unique to players playing in Canada. The 81 games taxed at Ontario's ridiculous tax rate can be lessoned by using Retirement Compensation Agreements. They allow a player to defer income for retirement when they will likely live in the US and pay less tax. If they want all their money upfront so they can blow it on their entourage then they have to pay the high rate tax. If they are responsible they can lessen the tax blow considerably. The NBA banned the use of RCAs because it gave the Raptors an unfair advantage. I believe it's still available to hockey and baseball players.

 

https://gblinc.ca/rca-and-professional-athletes/

Edited January 24, 2021 by saskjayfan

[Bturn2210]

https://www.espn.com/mlb/insider/story/_/id/30765763 can anyone post this please and thanks?

[dineke]

https://www.espn.com/mlb/insider/story/_/id/30765763 can anyone post this please and thanks?

 

https://www.espn.com.au/mlb/insider/story/_/id/30765763/how-timing-circumstance-allowed-toronto-blue-jays-land-star

[Bturn2210]

https://www.espn.com.au/mlb/insider/story/_/id/30765763/how-timing-circumstance-allowed-toronto-blue-jays-land-star

 

Thank you!

[saskjayfan]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

[max silver]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

 

Grichuk is one of the more active Jays players on Twitter, but he's probably busy gorging himself on ice cream seeing as how he lost his starting center field job.

[Deadpool]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

 

It hasn't been officially announced by the team... Also, Springer has a Twitter, but exactly 1 tweet.

[saskjayfan]

It hasn't been officially announced by the team... Also, Springer has a Twitter, but exactly 1 tweet.

 

It has been officially announced! Springer is going to fit in with this group. We need to sign bauer just to bring our social media presence up. He'll make more tweets in a year than the rest of the team combined!

[jaysguy44]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

Manoah was definitely on it, that guy is very active on twitter in regards to anything Jays related

[Spanky99]

It has been officially announced! Springer is going to fit in with this group. We need to sign bauer just to bring our social media presence up. He'll make more tweets in a year than the rest of the team combined!

 

WTF's that matter, they likely text each other.

[M.E.]

How exactly are the rich players not paying the 37% federal tax rate? You may claim residence in states with zero state tax to lessen the blow on bonus payments, but you can't just circumvent the tax code. Players are taxed each game where the games are played. We obviously structured Springer's contract with a massive bonus because of the tax savings for him.

Players can't incorporate. There is no way of getting around the 37% tax rate.

 

The 37% isn't taken from the mans paycheck. He can take very little from his paycheck in the US and deal with it in his Tax Return or his estimated payments whereby he likely has a ton of deductions to reduce his effective rate. US tax code is not a flat tax.

[Spanky99]

Couldn’t care less if the players tweet. Wish Twitter was never created, actually.

 

Late January. It’s getting to me ladies and gentlemen. Really, really missing baseball.

 

lol... well played.

[Laika]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

 

The kids are on TikTok now. Twitter is like, four social media platforms in the past. Bunch of old white guys.

[AdamGreenwood]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

 

Bauer would change all of this.

[Virgil_Hiltz]

The kids are on TikTok now. Twitter is like, four social media platforms in the past. Bunch of old white guys.

 

Guilty as charged!

[glory]

One thing I learned from the George Springer signing is we have the least active twitter accounts in the MLB. The biggest signing in our teams history and I don't think a single player made a comment or even retweeted the news..lol.

 

Jays players, and baseball players in general, seem to be more active on Instagram than Twitter.

[saskjayfan]

The kids are on TikTok now. Twitter is like, four social media platforms in the past. Bunch of old white guys.

 

Well I am an old white guy. You might be on to something..lol

[jerb]

[Jaysareus]

The blue jays real need is starting pitching. They didn't really need another fielder

[Jays24]

The blue jays real need is starting pitching. They didn't really need another fielder

 

I agree we need at least 1 front end starter still but you cant be series about not needing Springer. Getting a CF was a major need for the team.

 

It's like saying we don't need a 3rd basement because we already have a bunch of infielders. We need one that plays that specific position at an average level at least.

[jerb]

[jerb]

[jerb]

 

Sportsnet

@Sportsnet

 

Watch Live: Tune in at 11 a.m. ET/8 a.m. PT as the @BlueJays' big free-agent catch, George Springer, is introduced to the media after signing a six-year, $150-million contract with the club Arrow pointing rightwards then curving downwards

https://t.co/3rKuIBN0gT?amp=1

[Grant77]

Sportsnet channels play replays of Ken Reid talking about baseball from last night, while not showing the press conference for the biggest signing in franchise history. Brilliant decision.

[Spanky99]

It's on MLBN and MLB.com Atkins looks like a boss!

[Carlos Danger]

Atkins throwing a bone to Grichuk was total PR/BS.