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

[THE REED]

If its capped at 35% then let this **** happen

That's how I am feeling... I can't wait until all the negotiation threads are gone...

[comanick]

35% of 40 mil is alot. Thats 14 mil he has to just give away. No wonder he wants 60/40.

Please correct me if Im wrong but I remember reading that manny usually trains outside of the US so that his money isnt taxed. Does anyone know if that true or not

[THE REED]

35% of 40 mil is alot. Thats 14 mil he has to just give away. No wonder he wants 60/40.

Please correct me if Im wrong but I remember reading that manny usually trains outside of the US so that his money isnt taxed. Does anyone know if that true or not

All immigrants (legal and illegal) are required to pay income tax on all US income. A resident for tax purposes means that they have a certain amount of days in the US.

If Pac spends enough days in the U.S. per year, then he will be taxed by the federal government...

[Dick Buffman]

Is there something I'm missing about this story?

Does the unconstitutional and illegal income tax expire next year or something? Whats the point of waiting?

[WladIsTheChamp]

I have seen people around here saying that if Floyd fights Pac in 2010... that his earnings for the fight... in addition to his earnings for the Mosley fight would push him into the next tax bracket.

This would make Floyd want to wait until 2011, so that the Pac fight earnings do not push him into the next bracket, and he would pay a higher percentage.

I myself am someone who has been saying this...


After doing some research (because I am not a tax expert).


There is actually a ceiling on the federal tax brackets..

In other words... once you make a certain amount per year... your tax percentage does not increase... should you continue to make more.

Depending on what you make, you fall into a certain criteria.. such as follows:

10% - $0 – $8,375

15% - $8,376 – $34,000

25% - $34,001 – $82,400

28% - $82,401 – $171,850

33% - $171,851 – $373,650

35% - $373,651+


35% seems to be the federal ceiling tax bracket.

In addition, Nevada (where Floyd lives) Does not have State income Tax.

With the Shane Mosley fight, obviously Floyd is already in this tax bracket, and it is my understanding that any additional income for Floyd (Pacquiao fight) would not push him into the next tax bracket... because another tax bracket does not exist.



What I found on "millionaire tax bracket":

What the discussion over the top marginal tax rate ignores, however (and what Ygelsias picks up upon) is that this rate has been assessed at very different thresholds of income. In 1940, for example, the top marginal tax rate was 81.1 percent -- but this rate only kicked in once you made $5,000,000 or more in income, which is equivalent to about $75,000,000 in today's dollars.

But today, the threshold where the top tax bracket kicks in isn't $75 million, or $5 million, or even $1 million ... it's a mere $357,700(as of 2009, it was kicked up to $373,651 for 2010).

The progressivity of the tax code stops there.

http://www.fivethirtyeight.com/2009/03/missing-1000000-tax-bracket.html

Your thoughts?

My thoughts are that you lack any reasoning skills whatsoever -

Floyd has already made millions this year,therefore he is already in the highest tax bracket that is available, any additional money he makes will be taxed at the same rate whether he earns an additional $1 or an additional$10,000,000.

Don't tell me you don't understand this...

[THE REED]

My thoughts are that you lack any reasoning skills whatsoever -

Floyd has already made millions this year,therefore he is already in the highest tax bracket that is available, any additional money he makes will be taxed at the same rate whether he earns an additional $1 or an additional$10,000,000.

Don't tell me you don't understand this...

My thoughts are, you lack reading comprehension, being that you just said... what I already said.

With the Shane Mosley fight, obviously Floyd is already in this tax bracket, and it is my understanding that any additional income for Floyd (Pacquiao fight) would not push him into the next tax bracket... because another tax bracket does not exist.

[THE REED]

Is there something I'm missing about this story?

Does the unconstitutional and illegal income tax expire next year or something? Whats the point of waiting?

Read the first two paragraphs of my OP.

[Dick Buffman]

My thoughts are that you lack any reasoning skills whatsoever -

Floyd has already made millions this year,therefore he is already in the highest tax bracket that is available, any additional money he makes will be taxed at the same rate whether he earns an additional $1 or an additional$10,000,000.

Don't tell me you don't understand this...

Exactly. So why is he waiting?

Are they gonna stop taxing people in 2011? I'm genuinely lost.

[jrosales13]

My thoughts are that you lack any reasoning skills whatsoever -

Floyd has already made millions this year,therefore he is already in the highest tax bracket that is available, any additional money he makes will be taxed at the same rate whether he earns an additional $1 or an additional$10,000,000.

Don't tell me you don't understand this...

My thoughts are, you lack reading comprehension, being that you just said... what I already said.

With the Shane Mosley fight, obviously Floyd is already in this tax bracket, and it is my understanding that any additional income for Floyd (Pacquiao fight) would not push him into the next tax bracket... because another tax bracket does not exist.

[THE REED]

Exactly. So why is he waiting?

Are they gonna stop taxing people in 2011? I'm genuinely lost.

Because people were going around saying that if he earned an additional 40 million this year, it would push him into another tax bracket.

One that does not exist.