Taxes impact decisions in a very real way. When it comes down to it, people like paying lower taxes because it means more money in their pockets!
Why did Tyreek Hill choose to play for Miami instead of the NY Jet’s? He has a great reason. Jerseyites think about it for a minute – same for New Yorkers, Californians and others! And this is just football. Think about major corporations and the jobs they bring.
In a recent interview the question of why Hill picked Miami resurfaced, and he gave a blunt answer.
“It was very close to happening,” Hill told reporters, about nearly playing for the Jets. “Just those state taxes man. I had to make a grown-up decision.”
Florida has no state income taxes. New Jersey has a marginal income tax of 10.75 % for individuals making more than $5 million per year. Hill is slated to make $30 million per year on his contract, and his state income taxes if he played for the Jets would total about $3 million per year.
We work very closely with our clients in order to eliminate or significantly reduce their taxes during retirement. Make sure to contact our office to begin implementing a plan that will convert your tax dollars into retirement dollars.
