Floyds "tax issue" for the year, for possibly not fighting in 2010?

[street bully]

Listen Reed, You are correct they pay the same percentage.
Which is 35%.

I agree with you on that. All the facts support that argument.
But here is the problem.

The more money you make the more taxes you pay.
Just because you pay the same percentage doesnt mean you pay the same taxes.

You can add the numbers up yourself on 1040.com But for the sake of discussion I did it for this thread. As of right now, according to all reports Mayweather has made 65 Million this year, and according to the Federal Tax Estimator he will be paying $23,268,870 in taxes.

Federal Tax Estimator Results
Adjusted Gross Income: $65,000,000
Earned Income Credit: $0
Tax: $22,724,837
Total Tax: $22,724,837
Taxable Income: $64,991,867
Federal Balance Due: $23,268,870

http://www.1040.com/site/taxtools/federaltaxestimator/tabid/227/default.aspx

2010
Mayweather already owes 22 or 23 Million in taxes for this fiscal year.
Now let's say Mayweather vs. Pacquiao happens this year and Mayweather
makes an additioal 55 Million.

Now according to the Federal Tax Estimator Mayweather would now have to pay $42,979,715 in taxes.

Federal Tax Estimator Results for Mayweather if he Fights Pacquiao and earns 55 Million.
Adjusted Gross Income: $120,000,000
Earned Income Credit: $0
Tax: $41,974,837
Total Tax: $41,974,837
Taxable Income: $119,991,867
Federal Balance Due: $42,979,715

http://www.1040.com/site/taxtools/federaltaxestimator/tabid/227/default.aspx

2011
Now say they fight in 2011, and Mayweather makes that same 55 Million

Federal Tax Estimator Results
Adjusted Gross Income: $55,000,000
Earned Income Credit: $0
Tax:$19,224,837
[B]Total Tax:$19,224,837
Taxable Income[/B]: $54,991,867
Federal Balance Due:$19,685,080

Now according to the Federal Tax Estimator Mayweather would now have to pay $19,685,080 in taxes for a Pacquiao fight.


So once again I understand this argument because based on the numbers it is a valid argument.

So too completely dismiss this argument is not fair because it has some validation.

He will be paying the same amount for earnings from the Pacquiao fight next year as he would this year though, regardless of the amount he earns. Matter of fact he might pay 38 percent of his earning s next year.

[NesNY]

there's only an estate tax that was not in effect in 2010.

Some rich old guys who passed away...their heirs were able to claim the estate tax-free.

Much like George Steinbrenner's sons. They don't have to pay estate tax for the wealth transfer of George Steinbrenner's worth. LUCKY!!!!!!

[Dick Buffman]

I'm not sure if Horus is ******ed, or if he just purposely makes ****** convoluted posts to try and confuse people from relatively simple premises.

I suspect its a bit of both.

[Horus]

He will be paying the same amount for earnings from the Pacquiao fight next year as he would this year though, regardless of the amount he earns. Matter of fact he might pay 38 percent of his earning s next year.

He might even pay more like you said, however we just do not know..
Mayweather might just have a problem writing a check for the amount of 42 Million to the federal government instead of 23 Million..lol

At the end of the day we all have to pay taxes, and based on past history Floyd has a huge problem paying Taxes...

[street bully]

He might even pay more like you said, however we just do not know..
Mayweather might just have a problem writing a check for the amount of 42 Million to the federal government instead of 23 Million..lol

At the end of the day we all have to pay taxes, and based on past history Floyd has a huge problem paying Taxes...

Horus there are multi billionaires who make Floyd look a starving kid from calcutta that picks through garbage for a living that have no problem paying taxes worth more than everything Floyd has. I also doubt Floyd tells his accountant what to do, since its the accountant who actually knows whats up.

[Horus]

Horus there are multi billionaires who make Floyd look a starving kid from calcutta that picks through garbage for a living that have no problem paying taxes worth more than everything Floyd has. I also doubt Floyd tells his accountant what to do, since its the accountant who actually knows whats up.

Bully what was your point in this post?

[street bully]

Bully what was your point in this post?

That passing up a career high payday to avoid paying 35% in tax is ******ed and for morons. This is even more assenine sincethe taxes he pays next year will be even higher.

[Chups]

He might even pay more like you said, however we just do not know..
Mayweather might just have a problem writing a check for the amount of 42 Million to the federal government instead of 23 Million..lol

At the end of the day we all have to pay taxes, and based on past history Floyd has a huge problem paying Taxes...

You mean he has a problem writing a check for 42 million instead of 23 million TWICE.

??

Oh Horus stop it already. Even if will save a few hundred thousands or a million in the process, it's not worth of an excuse not to fight Pacquiao.

[Gorilla Dogs]

[Jim Jeffries]

He might even pay more like you said, however we just do not know..
Mayweather might just have a problem writing a check for the amount of 42 Million to the federal government instead of 23 Million..lol

At the end of the day we all have to pay taxes, and based on past history Floyd has a huge problem paying Taxes...

Floyd will pay between 2 and 3 million more in total taxes by fighting Pac next year instead of this.

That is a fact, unless the Bush Tax cuts are continued, which they most certainly won't on the highest earners. Not with the current trillion plus dollar deficits and naive ideologues running congress and the white house.