How much did Giancarlo Stanton want to be a New York Yankee? Quite a bit, it turns out, if you go by the additional taxes he will pay now that he plays for the Bronx Bombers. It isn’t an exact calculation, but noted tax expert Josh Rossman of Port Jefferson Station, N.Y., says that if Stanton chooses to live in New York City, he will have to pay an additional $29 million in taxes on the $295 million remaining in his record $325 million contract. Stanton benefited by being a Florida resident the first three years of his contract, but his backloaded part will be heavily taxed as a Yankee. Rossman estimated he could save about $11 million of the $29 million loss by living in the suburbs rather than New York City. But assuming he’s in any of the five boroughs, he’ll be slammed. New York state tax is 9 percent and city tax is 3.9 percent, but there will be some offset due to a changed road schedule from his Marlins days, when he played road games in New York as opposed to Florida (now he’ll be playing the Rays). As Rossman pointed out, however, the new tax bill just signed by President Donald Trump will cost him more millions since state taxes will no longer be allowed to be deducted.
Stanton to pay $29M more in taxes by moving to New York
Fanrag Sports | Dec 30