If high taxes keep the Jets from attracting talent, what chance do ordinary NY businesses have?
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News recently broke that Tyreek Hill almost became a New York Jet. But at the last minute, he took his talents to South Beach as a Miami Dolphin.
Mocking the Jets is always easy, but this one’s not their fault. Hill says he had to make a “grown-up decision”: “It was very close to happening. Just those state taxes, man.”
As The Post reported, “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.”
If the wide receiver chose to live in New York, he’d pay about the same in taxes: 10.30% at his level with a supplemental tax because he makes more than $107,650. And that’s before even getting into New York City taxes.
For a long time, states like New York and New Jersey could get away with these high taxation rates. But with so much in decline, from public safety to schools, the numbers just don’t make sense anymore. Why would a professional athlete lose more than 10% of his pay to live in a state with plunging standards?
In 2019, New Jersey Gov. Phil Murphy said, “If taxes are your issue, then New Jersey’s probably not your state.”
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