Interesting... "Seven-time NBA all-star Dwight Howard shocked fans by turning down a five-year, $118 million contract extension with the L.A. Lakers to sign a four-year deal with the Houston Rockets that pays him $30 million less. Of course, there are reasons for it: he might think Houston’s team is a better fit for him, and so on. But that’s a topic for a sports show. For me, the more interesting angle is that he might be joining so many other successful people in moving from California to Texas to escape high taxes. Some accountants at Forbes did the math. They found that if you compared his contract with the Rockets to the first four years of his offer from L.A., even with the lower pay in Houston, where there’s no state income tax, he’d take home over $7 million more. When Californians voted for all those new taxes, including a 13.3 percent tax rate on millionaires, they might have forgotten that some of those evil rich people they wanted to punish were the very same sports stars they cheer on the weekends."
Posted on: Tue, 09 Jul 2013 20:28:31 +0000
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