10-21-2013, 02:17 PM
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#21
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Franchise Player
Join Date: May 2004
Location: Calgary
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Quote:
Originally Posted by nfotiu
I guess it all depends. I guess I kind of lucked into a little pocket of the best of everything. My effective tax rate in the US is about 13%, which is much less than I'd pay even in Alberta. I used to have to do both country's returns, and when I was single without a house, taxes were definitely higher in the US, but with a family and mortgage, taxes are significantly cheaper in the US/Virginia.
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Out of curiosity, how much does it cost for health insurance for your family? If you included that in your US tax bill, would you have a higher net income in Virginia or Alberta?
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10-21-2013, 02:23 PM
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#22
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#1 Goaltender
Join Date: Dec 2003
Location: DC
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39% rate quoted by Forbes = no understanding of progressive tax rates.
No, you will not pay 39% on all of the money you make, only that past the point of that bracket. The lack of understanding of this simple concept really blows my mind.
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10-21-2013, 02:45 PM
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#23
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First Line Centre
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Quote:
Originally Posted by tripin_billie
39% rate quoted by Forbes = no understanding of progressive tax rates.
No, you will not pay 39% on all of the money you make, only that past the point of that bracket. The lack of understanding of this simple concept really blows my mind.
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Yeah but when you're making $5 million a year the majority of your income is taxed at 39%. I think in this case the simplification is acceptable.
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10-21-2013, 02:53 PM
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#24
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Franchise Player
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and since it applies (more or less) in every jurisdiction, it is irrelevant
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10-21-2013, 04:01 PM
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#25
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Often Thinks About Pickles
Join Date: Jan 2007
Location: Okotoks
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Quote:
Originally Posted by Flashpoint
Or not. That's just speculative on your part, and while I don't know you, I'll guess you're not an economist.
Also, to expect players to want to return "home" just because that's where they are from... it doesn't necessarily follow. The Flames learned that first hand with Brad Stuart. We do see it trotted out fairly often though - the "hometown discount" mentality.
Different people have different priorities, but asking myself which NHL cities I would live in given a 10% fluctuation in my salary, I would live almost anywhere before I would live in Calgary, Edmonton, or Winnipeg. That's said as someone who grew up on the prairies and lived in all three places throughout my childhood. I enjoyed living there, and liked the outdoors, skiing, and pond hockey.
But as an adult it was just too damn cold for my blood, and all three markets don't have the food, night life, or metropolitan cache that a lot of larger markets do. That's something I didn't learn until I lived elsewhere and saw what other places had to offer.
I love Calgary. But wearing sandals and shorts in October is pretty decent too.
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Was in Houston a couple of years ago visting my bro-in-law around the end of March. Don't know what Dallas is like but Houston was just to g-damn humid for my tastes.
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10-21-2013, 04:32 PM
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#26
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Celebrated Square Root Day
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Quote:
Originally Posted by Flashpoint
Or not. That's just speculative on your part, and while I don't know you, I'll guess you're not an economist.
Also, to expect players to want to return "home" just because that's where they are from... it doesn't necessarily follow. The Flames learned that first hand with Brad Stuart. We do see it trotted out fairly often though - the "hometown discount" mentality.
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Brad Stuart had custody issues with his kids, and that's why he had to go to a US team, no?
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10-21-2013, 04:50 PM
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#27
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Lifetime Suspension
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Quote:
Originally Posted by flameswin
Brad Stuart had custody issues with his kids, and that's why he had to go to a US team, no?
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I believe it was his wife's kids that had the issue.
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10-21-2013, 05:01 PM
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#28
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#1 Goaltender
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I'm curious how taxes actually work for athletes. I know U.S. citizens have to file tax returns no matter where they have residence. The country of residence's tax will be accounted for, but you couldn't live in Canada or another country and say you pay no taxes. Too easy for money laundering and tax fraud.
I have U.S. citizenship, have never paid a cent of U.S. tax but still do my U.S. tax return every year.
I would assume it would be the same for Canadians, Russians, and all other countries no?
I really have no idea how taxes work, could or would it be worthwhile for an athlete to own a small shack in the cheapest state, county, city and claim their main residence there?
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10-21-2013, 05:07 PM
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#29
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Franchise Player
Join Date: May 2002
Location: Virginia
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Quote:
Originally Posted by MarchHare
Out of curiosity, how much does it cost for health insurance for your family? If you included that in your US tax bill, would you have a higher net income in Virginia or Alberta?
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My employee contribution is $3000 (pre-tax) a year for my kids and I (divorced). That is for 100% insurance (minus $15-$25 copays), I could pay less for lesser coverage. For a middle class person with good employer insurance, health care is better here. So yeah, net income is still higher. Although, I guess I'd make more in Alberta. But at the same time, my 4000 sq ft house on a half acre lot, in a nice neighborhood with great schools is only $420,000 and I have a 3.5% mortgage locked in for 30 years. I can't imagine how much a comparable house would cost in Calgary these days.
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10-21-2013, 05:28 PM
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#30
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Scoring Winger
Join Date: Oct 2003
Location: Geneseo, NY
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I pay about $3300 in premiums per year for the family (employer coverage) but my copays start at $40 with prescriptions running $10-40. About 6 to 7% of my net middle class salary disappears this way. But, I am lucky--this is good and affordable coverage by US standards and my employer pays the majority of cost.
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10-21-2013, 05:30 PM
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#31
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#1 Goaltender
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Quote:
Originally Posted by Jets4Life
Oh, and they receive free healthcare without paying a 0.9% tax on income over $200,000."
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Also how does this work? I would assume all NHL players no matter what team/country they are on receive their healthcare from their team and don't pay a cent.
I can't remember all the details but a few years ago there was big controversy regarding the Flames, the flu vaccine, and being able to jump line
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10-21-2013, 08:24 PM
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#32
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Lifetime Suspension
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That's all fine and dandy but the booze and smokes are still far less in the USA.
Last edited by T@T; 10-21-2013 at 08:29 PM.
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