Derek Carr can save millions with his new contract, and it's because of Las Vegas
Carr is now the NFL's highest-paid quarterback
It all became official on Thursday morning when Carr confirmed he's staying with the Raiders on a deal that is reportedly worth $125 million over five years and includes just under $69 million over the first three years, according to CBS Sports NFL Insider Jason La Canfora.
Yes, that's a joke but there's a lot truth to those "Nobody but tech folks can afford to live in the Bay Area" observations.
Good news, however; Carr won't be in Oakland forever -- the team is moving to Las Vegas in 2020. As SI.com pointed out in January, this is important because while California's tax rate is 13.3 percent on those who earn more than a $1 million a year -- and between 10.3 and 12.3 percent if you earn $268,750 to $1 million -- Nevada does not have a state income tax. And this is in addition to the federal income tax, which imposes a 39.6 percent tax rate for single taxpayers with a taxable income of more than $413,650.
Put another way: As ESPN's Adam Schefter tweets, Carr could backload his impending new deal and save millions of dollars. And he wouldn't be the only Raiders player to benefit.
But there's more! Details via SI.com:
According to CNN's Cost of Living Calculator, life in Vegas would be a lot cheaper, too. Housing is about 53 percent less expensive in Vegas than in Oakland, and utilities and groceries are just under 10 percent cheaper. Bankrate.com estimates that a Raider could take a 26 percent pay cut and maintain the same standard of living in Vegas.
Put another way: Carr's going to be on the hook for quite a few lunches in the near future.
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