Joe Flacco not NFL's highest-paid player ... after Maryland taxes
Joe Flacco won't make as much money as he could because of Maryland taxes. Oh the horror.
When breaking down Joe Flacco's new contract -- a $120.6 million behemoth that makes him the highest-paid player in NFL history -- we can talk about a lot of things. Like, say, whether the Ravens should've coughed up an extra million last offseason. Or his long-term salary cap effect. Or even respect.
But we should definitely talk about taxes, because they're hitting Flacco pretty hard.
According to Americans for Tax Reform (atr.org), by sticking in Maryland, Flacco will now pay a marginal income tax rate of 51.98 percent. He's also paying an additional $1.72 million per year by being in Maryland, as opposed to signing with a franchise that resides in a no-income-tax state like Texas or Florida.
Per ATR, it's actually Drew Brees -- who has a marginal income tax rate of 49.4 percent in Louisiana -- will make $470,000 more per year than Flacco once taxes are calculated.
So, yes, Joe Flacco remains the highest-paid player in NFL history. However, he's making "less" if you start to factor in taxes.
But does it really matter? Not only did Flacco just reel in $50 million in guaranteed money (enough to take care of most people for the rest of their lives), but he's the type of dude who celebrates that monster contract by driving through McDonald's in a decidingly non-garish automobile and ordering a bunch of chicken McNuggets.
Something tells me his budget will be just fine with the tax hit no matter what state he's living in.
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