An actual breakdown on taxes per team

[tucker3434]

Why?
That’s silly.

Did you present an actual plan for the cap now? Could any person here have come up
With it?

Does that mean the cap could not possibly have happened?

Can you build an iPhone? If 12 people on the internet don’t know how to do it. I mean I guess smart phones can’t possibly exist.




That would do some of it for sure.
Or have players cap hit be accounted for with bonuses.

The player can still take the money as bonus. But cap hit could be adjusted by bonus.

Yeah, that’s what I thought. Well if you’re going to let someone else handle the logistics, you might as well wish for a unicorn while you’re at it. You’ll have better luck with the unicorn.

 

[Legion34]

Yeah, that’s what I thought. Well if you’re going to let someone else handle the logistics, you might as well wish for a unicorn while you’re at it. You’ll have better luck with the unicorn.

Huh? You think that if you are paying for a product (NHL) and the product has an inherent flaw that is causing problems.

It is your responsibility to come up with a specific and detailed full proof plan. To tell random people on the internet?

The people in here are unable to comprehend the basic systemic issues. They will be able to understand the solution?

Cap friendly already has a cap calculator. You could use that to start to equalize markets.

As the thunder guy says. You could also adjust for signing bonuses.

The player would still get the same money if traded (ie 10 million) but the cap hit on 10 million in different markets would change.

There are all kinds of cap shenanigans now. Richard’s buyout. LTIR. Etc.

Cap recapture penalties. It absolutely could be done.

I don’t want to change the argument to the minutia of it all. We are still on the basic unfairness.

Again. Non one here could have made the cap rules. But they happened.

So could a correction

 

[Golden_Jet]

Or have players cap hit be accounted for with bonuses.

Oof, It would be easier to just say, you don’t understand the cap or the CBA.

 

[Legion34]

Also, just because you have a hard time understanding basic things.

"After receiving the first instalment of the signing bonus — the one payment in dispute — Tavares moved to Toronto and therefore pays Canadian tax at 53.5 per cent on every other penny the contract pays him. And the CRA itself issued an interpretation letter in 1998 confirming the 15 per cent rate, provided a payment is a “true signing bonus.” Taxpayers like Tavares had a right to rely on that guidance.

The difference between a “true signing bonus” and a salary for actually taking the ice may be subtle but if the CRA had misgivings about its 1998 interpretation, it should have put Canadian teams and players on notice years ago. Should Tavares lose in court, other players who received signing bonuses likely will receive CRA assessments for tax and interest and face the risk of double taxation: if they’ve already paid full U.S. tax on the bonus, it may be too late to obtain credit in the U.S. for the additional Canadian tax."

Again problematic of the Government, not the league.

You aren’t even sure which sport you are arguing about. And confusing the raptors (who spend 50% of their time in us) and NHL teams (who spend maybe 35% of their time making money in the US) So I think you shouldn’t be worried about the basics.

Again. The Tavares thing is the whole point. He moved to Canada. He had greater financial ties to Canada. You think he was going to live in NY?

The entire argument about these ridiculous loop holes is that it’s way harder than people think or expect.

The government is all over money.
You said Tavares could do this. He did it. And is now in court.

You were wrong. Again. Just admit it, learn and move on

Oof, It would be easier to just say, you don’t understand the cap or the CBA.

???? Where they claim that tax on SB. Stamkos all his SB money taxed in Tampa.
If he doesn’t get that sb. His net take home is much less

That could be corrected for. It’s pretty simple. I’m pretty sure the cap friendly calculator has it

 

[Golden_Jet]

???? Where they claim that tax on SB. Stamkos all his SB money taxed in Tampa.
If he doesn’t get that sb. His net take home is much less

You said, cap hit
signing bonuses are included in cap hits.
Just stop, you completely don’t understand the system, or must really enjoying be consistently wrong, can’t figure out which.

You: Or have players cap hit be accounted for with bonuses.

 

[tucker3434]

Huh? You think that if you are paying for a product (NHL) and the product has an inherent flaw that is causing problems.

It is your responsibility to come up with a specific and detailed full proof plan. To tell random people on the internet?

The people in here are unable to comprehend the basic systemic issues. They will be able to understand the solution?

Cap friendly already has a cap calculator. You could use that to start to equalize markets.

As the thunder guy says. You could also adjust for signing bonuses.

The player would still get the same money if traded (ie 10 million) but the cap hit on 10 million in different markets would change.

There are all kinds of cap shenanigans now. Richard’s buyout. LTIR. Etc.

Cap recapture penalties. It absolutely could be done.

I don’t want to change the argument to the minutia of it all. We are still on the basic unfairness.

Again. Non one here could have made the cap rules. But they happened.

So could a correction

I don’t think anyone cares about this except for a very small corner of the internet. So I feel like that small corner of the internet should at least have some idea of how they’d fix it.

I don’t think it’s possible for any reasonable sum of money. I don’t think you’ll find any financial professionals that will think otherwise, but if you did, I’d be very interested to read their take.

As I’ve said before, two guys with the same contract on the same team will take home different amounts after taxes. Acting like it’s such an easy task to estimate taxes in advance is complete nonsense. If your goal is to make accounting firms rich and lose lots of money for the NHL, this is a good way to do it. Might have some trouble getting NHL ownership to bite. Which is why I don’t know why we’re still talking about it.

 

[Chinaski89]

I wonder if cost of living gobbles up a lot of this tax benefit. Not cheap to live in Florida between housing and insurance.

Which means San Jose is absolutely screwed… Silicon Valley is the most expensive region in the world.

 

[Legion34]

You said, cap hit
signing bonuses are included in cap hits.
Just stop, you completely don’t understand the system, or must really enjoying be consistently wrong, can’t figure out which.

You: Or have players cap hit be accounted for with bonuses.

Good lord. Read slow.

The cap hit would account for bonuses.

Ie.
stamkos gets 9 of his 10 million in SB.

So his cap hit would be calculated With 9
Million at Tampa rate. Then the 1 million would be calculated with 41 at Tampa rate and 41 at the rest of the league


Player x gets 10 million no sb. He gets taxed on 50% Tampa rate (home games) 50% rest of the league.

The signing bonuses would be accounted for in the cap hit. Not just AAV. But tax rates.



Cap friendly literally has a tool

Thank You - CapFriendly - NHL Salary Caps

Thank you for the amazing 9 years

www.capfriendly.com

 

[Legion34]

I don’t think anyone cares about this except for a very small corner of the internet. So I feel like that small corner of the internet should at least have some idea of how they’d fix it.

I don’t think it’s possible for any reasonable sum of money. I don’t think you’ll find any financial professionals that will think otherwise, but if you did, I’d be very interested to read their take.

As I’ve said before, two guys with the same contract on the same team will take home different amounts after taxes. Acting like it’s such an easy task to estimate taxes in advance is complete nonsense. If your goal is to make accounting firms rich and lose lots of money for the NHL, this is a good way to do it. Might have some trouble getting NHL ownership to bite. Which is why I don’t know why we’re still talking about it.

I can give ideas. The problem is you won’t know if they are right or not. And claim it is impossible because you don’t understand it. Not that I would have 100% perfect system.

But again. Would you have known how to make the cap exactly as they have? If not I guess it doesn’t exist right?

. Look at cap friendly. They literally have a calculator it covers signing bonuses. Medicare etc.

teams can equalize it.

Thank You - CapFriendly - NHL Salary Caps

Thank you for the amazing 9 years

www.capfriendly.com

I’m sure you clearly took the time to look at this and tell me why it’s wrong. Probably the same amount it took you to loo for Bettman not saying anything about parity


This is literally a wealth management firm that has some (I don’t know how many clients) reported expertise in hockey wealth management.

The caps just bought this website featuring this calculator.

But you can’t think of something you never even thought about. So it’s impossible?

 

[Golden_Jet]

Good lord. Read slow.

The cap hit would account for bonuses.

Ie.
stamkos gets 9 of his 10 million in SB.

So his cap hit would be calculated With 9
Million at Tampa rate. Then the 1 million would be calculated with 41 at Tampa rate and 41 at the rest of the league


Player x gets 10 million no sb. He gets taxed on 50% Tampa rate (home games) 50% rest of the league.

The signing bonuses would be accounted for in the cap hit. Not just AAV. But tax rates.

Cap friendly literally has a tool

Thank You - CapFriendly - NHL Salary Caps

Thank you for the amazing 9 years

www.capfriendly.com

I have no idea what you’re trying to say with the cap hit part.
You: The signing bonuses would be accounted for in the cap hit.
They are accounted for in cap hit

After thinking about a bit, are you trying to use the words “cap hit” for salary?
Are you trying to change how the IRS/CRA view a signing bonus, by not calling it one?
It’s all very confusing to me.

Can someone else explain what poster is saying?
The signing bonuses would be accounted for in the cap hit.

What do you think cap hit equals?, maybe that would help.

Like I said before, signing bonuses are included in ALL cap hits.
Cap hits = AAV unless there is a “performance” bonus ( not signing). The only time it could be different is for a 35+ or ELC player that hit a performance bonus.

I don’t think Stamkos get the 15% federal signing bonus tax rate like Matthew’s does.
Even if he did, he’s in the US more than half the year.

Signing bonus + salary = cap hit / AAV unless salary is front/back loaded, but the cap hit stays the same over the term of the contract. Whether there is a signing bonus or not.

Edit: saw your example in calculator 9 +1
Says 39.22 % tax rate
( much more than Matthew’s 15%)

 

[tucker3434]

I can give ideas. The problem is you won’t know if they are right or not. And claim it is impossible because you don’t understand it. Not that I would have 100% perfect system.

But again. Would you have known how to make the cap exactly as they have? If not I guess it doesn’t exist right?

. Look at cap friendly. They literally have a calculator it covers signing bonuses. Medicare etc.

teams can equalize it.

Thank You - CapFriendly - NHL Salary Caps

Thank you for the amazing 9 years

www.capfriendly.com

I’m sure you clearly took the time to look at this and tell me why it’s wrong. Probably the same amount it took you to loo for Bettman not saying anything about parity


This is literally a wealth management firm that has some (I don’t know how many clients) reported expertise in hockey wealth management.

The caps just bought this website featuring this calculator.

But you can’t think of something you never even thought about. So it’s impossible?

Man, I'm a CPA. I'll freely admit that doesn't make me a tax expert. My days in public accounting were on the audit and advisory floors, and the only times I've really used my tax knowledge was to do my own taxes every spring. Still, I'd say I have a better grasp on the tax system than 99.9% of the population. You telling me that I can't comprehend CapFriendly's oversimplified and dumbed down tax calculator is an absolute joke. That calculator exists for people like you, who don't understand taxes. It's a ballpark, shot in the dark. It can NOT accurately predict actual tax liabilities because it has no idea what individuals' actual tax positions are. The disclaimer is literally right there at the top of the page.

And I'm telling you that if some big market team ever wanted to do this (which they don't because CPA firms are pricey and a luxury tax system would be MUCH cheaper overall), they'd get hung up on every deduction, every credit, every piece of the tax code for 32 local governments. And that's before accounting for property tax, sales tax, and cost of living differences, because, why wouldn't you? Again, this wouldn't be a unilateral decision. 32 teams would be trying to gain every inch of ground, fighting over everything. And this would have to happen annually, because all that stuff changes annually.

So yeah, I want you to tell me how you'd get around those issues, because they aren't small, nor do I think they're realistically solvable. As the saying goes, wish in one hand...

 

[CTHabsfan]

Huh? You think that if you are paying for a product (NHL) and the product has an inherent flaw that is causing problems.

The league HAD an inherent flaw, they were spending too much on salaries- 75% of revenues. The NHL had a lockout that cancelled the 2004-05 season to get a salary cap and a lockout in 2012-13 which cancelled half the season to modify the salary cap, player contracts, arbitration and free agency rules. The league looks good if Gary Bettman says the lockouts were to get a salary cap which would create parity. The league looks bad if Bettman says hockey fans lost one full season and half of another because billionaire owners felt like they weren't making enough money.

 

[Legion34]

The league HAD an inherent flaw, they were spending too much on salaries- 75% of revenues. The NHL had a lockout that cancelled the 2004-05 season to get a salary cap and a lockout in 2012-13 which cancelled half the season to modify the salary cap, player contracts, arbitration and free agency rules. The league looks good if Gary Bettman says the lockouts were to get a salary cap which would create parity. The league looks bad if Bettman says hockey fans lost one full season and half of another because billionaire owners felt like they weren't making enough money.

Again. He didn’t have to make the cap the way he did. Different teams can spend different amounts as long as it makes up 50% of HRR.

The cap system as currently constructed is flawed in that it ruins competitive balance.

He said that was his goal of the way he equalized the cap. It’s proven.

 

[Legion34]

Man, I'm a CPA. I'll freely admit that doesn't make me a tax expert. My days in public accounting were on the audit and advisory floors, and the only times I've really used my tax knowledge was to do my own taxes every spring. Still, I'd say I have a better grasp on the tax system than 99.9% of the population. You telling me that I can't comprehend CapFriendly's oversimplified and dumbed down tax calculator is an absolute joke. That calculator exists for people like you, who don't understand taxes. It's a ballpark, shot in the dark. It can NOT accurately predict actual tax liabilities because it has no idea what individuals' actual tax positions are. The disclaimer is literally right there at the top of the page.

And I'm telling you that if some big market team ever wanted to do this (which they don't because CPA firms are pricey and a luxury tax system would be MUCH cheaper overall), they'd get hung up on every deduction, every credit, every piece of the tax code for 32 local governments. And that's before accounting for property tax, sales tax, and cost of living differences, because, why wouldn't you? Again, this wouldn't be a unilateral decision. 32 teams would be trying to gain every inch of ground, fighting over everything. And this would have to happen annually, because all that stuff changes annually.

So yeah, I want you to tell me how you'd get around those issues, because they aren't small, nor do I think they're realistically solvable. As the saying goes, wish in one hand...

I never said you weren’t smart enough to understand. You don’t even bother to look. You were to lazy to look up Bettman. Cap. Parity. And find tons of quotes.

You never even looked at the cap friendly page. You told me you hadn’t seen anyone talk about. It. There are plenty.

you know how I know you can equalize it?because agents and gms calculate the difference. And the net pay works out the same.

Stamkos got exactly the same net take home as he would have got in high tax markets.
If there is no possible way of working it out. How are teams doing it?

all these players know about the tax advantage and take home pay.

But they can’t figure it out ? Lewis gross openly admits he gives a spreadsheet of take home in different markets. How does he know?

It’s just silly.

 

[DistantThunderRep]

I have no idea what you’re trying to say with the cap hit part.
You: The signing bonuses would be accounted for in the cap hit.
They are accounted for in cap hit

After thinking about a bit, are you trying to use the words “cap hit” for salary?
Are you trying to change how the IRS/CRA view a signing bonus, by not calling it one?
It’s all very confusing to me.

Can someone else explain what poster is saying?
The signing bonuses would be accounted for in the cap hit.

What do you think cap hit equals?, maybe that would help.

Like I said before, signing bonuses are included in ALL cap hits.
Cap hits = AAV unless there is a “performance” bonus ( not signing). The only time it could be different is for a 35+ or ELC player that hit a performance bonus.

I don’t think Stamkos get the 15% federal signing bonus tax rate like Matthew’s does.
Even if he did, he’s in the US more than half the year.

Signing bonus + salary = cap hit / AAV unless salary is front/back loaded, but the cap hit stays the same over the term of the contract. Whether there is a signing bonus or not.

Edit: saw your example in calculator 9 +1
Says 39.22 % tax rate
( much more than Matthew’s 15%)

Stammer lives in Tampa full time, because its better than Ontario.

 

[Legion34]

I have no idea what you’re trying to say with the cap hit part.
You: The signing bonuses would be accounted for in the cap hit.
They are accounted for in cap hit

After thinking about a bit, are you trying to use the words “cap hit” for salary?
Are you trying to change how the IRS/CRA view a signing bonus, by not calling it one?
It’s all very confusing to me.

Can someone else explain what poster is saying?
The signing bonuses would be accounted for in the cap hit.

What do you think cap hit equals?, maybe that would help.

Like I said before, signing bonuses are included in ALL cap hits.
Cap hits = AAV unless there is a “performance” bonus ( not signing). The only time it could be different is for a 35+ or ELC player that hit a performance bonus.

I don’t think Stamkos get the 15% federal signing bonus tax rate like Matthew’s does.
Even if he did, he’s in the US more than half the year.

Signing bonus + salary = cap hit / AAV unless salary is front/back loaded, but the cap hit stays the same over the term of the contract. Whether there is a signing bonus or not.

Edit: saw your example in calculator 9 +1
Says 39.22 % tax rate
( much more than Matthew’s 15%)

Ok. Cap friendly is your friend. It’s in the title

1.) cap hit is a function of average of total value/years.

2.) players pay tax where they play the games. 41 home games + local markets.

3.) you can get signing bonus (taxed in local market solely) and salary. Which gets taxed where you play.

Each player salary has a portion of SB (mostly 0) and base.

This is reported and known.

You could easily have a cap calculation that accounts for signing bonus cap and base cap. Ie. a person getting 9 million in signing bonus pays different taxes than a person who gets all base on the same salary.

Cap friendly will be your guide. It’s. Not hard

Stammer lives in Tampa full time, because its better than Ontario.

I would live there too. Even without the tax breaks and completely unfair advantage.

I would rather live and play in Tampa than Toronto. No question

 

[japhi]

Anyone that thinks all you need is a good accountant to significantly reduce your tax burden in Canada, in 2024, has never earned any material amount in Canada, and worked to reduce that burden.

There are of course strategies, most of which involve passive income, But a high earner in Canada, deriving income from work, you are paying 50%+ marginal and 40%+ effective combined. And an on each consumer purchase - and an athlete making 5M is going to consume all lot of goods - up to 15% consumption tax. And while I realize these guys are rich, property values are a joke here. You get to pay all that tax AND your house in TO or Vancouver will cost 1.5x what a similar place in Dallas or Chicago will run you.

The economics are definitely not in favour of players coming to Canada. Add in weather, and language issues in MTL, and it is definitely now a perfectly level playing field.

 

[tucker3434]

I never said you weren’t smart enough to understand. You don’t even bother to look. You were to lazy to look up Bettman. Cap. Parity. And find tons of quotes.

You never even looked at the cap friendly page. You told me you hadn’t seen anyone talk about. It. There are plenty.

you know how I know you can equalize it?because agents and gms calculate the difference. And the net pay works out the same.

Stamkos got exactly the same net take home as he would have got in high tax markets.
If there is no possible way of working it out. How are teams doing it?

all these players know about the tax advantage and take home pay.

But they can’t figure it out ? Lewis gross openly admits he gives a spreadsheet of take home in different markets. How does he know?

It’s just silly.

I’ve seen plenty of people complain. I’ve never seen anyone with a logical plan of how to fix it.

I don’t really know how else to say it, but everyone’s taxes are different. If Lewis Gross tells you he can calculate your tax burden a year in advance, he’s a liar and he’s going to get sued. You can ballpark an idea of take home, but that’s it. That’s what he does. With a giant disclaimer on it.

The fact that Tavares is having tax issues years after the fact should show how difficult this is. Even tax professions take iffy positions that end up in limbo. But go on spending other peoples money for a solution they don’t want.

 

[DistantThunderRep]

Again. He didn’t have to make the cap the way he did. Different teams can spend different amounts as long as it makes up 50% of HRR.

The cap system as currently constructed is flawed in that it ruins competitive balance.

He said that was his goal of the way he equalized the cap. It’s proven.

The N.H.L. Must Figure Out If It's Certain on Cost Certainty (Published 2004)

Joe Lapointe Hockey Analysis contends that embattled NHL and commissioner Gary Bettman must now decide whether to stick to demand for cost certainty in negotiating with players union or accept players' union surprisingly generous offer to take 24 percent pay cut and make number of other...

www.nytimes.com

This article is from 2004, specifically talking about Betteman's quest for Cost Certainty and how that quest leads to Salary Cap.

Instead of capitulating to the N.H.L.'s demand for a "cost certainty" formula, which links wages to revenue -- and which the union considers a euphemism for a salary cap -- the players offered a 24 percent pay cut and concessions regarding arbitration and entry-level pay scales.

The league has said that its 30 teams lost almost a half-billion dollars in the last two seasons. The union says the new plan will save owners more than that figure. Aside from scoring public relations points, the union has forced Bettman to make a difficult decision in planning a counterproposal to present to the union Tuesday in Toronto.
Will Bettman stick to the demand for cost certainty, a strategy the union said would cancel the season and poison the collective bargaining relationship?

 

[Legion34]

I’ve seen plenty of people complain. I’ve never seen anyone with a logical plan of how to fix it.

I don’t really know how else to say it, but everyone’s taxes are different. If Lewis Gross tells you he can calculate your tax burden a year in advance, he’s a liar and he’s going to get sued. You can ballpark an idea of take home, but that’s it. That’s what he does. With a giant disclaimer on it.

The fact that Tavares is having tax issues years after the fact should show how difficult this is. Even tax professions take iffy positions that end up in limbo. But go on spending other peoples money for a solution they don’t want.

I guess Lewis gross is getting sued then. He said it on 32 thoughts interview.

You can absolutely know how much money you will get taxed. Then your own specific deductions to mitigate that come into play.

But you know exactly how much you pay in tax each year. Everbody does.

You still pay those taxes. And then file for refund at least in Canada.

Income taxes are gauranteed and known based on your wage on an ascending scale.

You are telling me in America you have no idea what you are going to pay in taxes each year?????

 

[DistantThunderRep]

Anyone that thinks all you need is a good accountant to significantly reduce your tax burden in Canada, in 2024, has never earned any material amount in Canada, and worked to reduce that burden.

There are of course strategies, most of which involve passive income, But a high earner in Canada, deriving income from work, you are paying 50%+ marginal and 40%+ effective combined. And an on each consumer purchase - and an athlete making 5M is going to consume all lot of goods - up to 15% consumption tax. And while I realize these guys are rich, property values are a joke here. You get to pay all that tax AND your house in TO or Vancouver will cost 1.5x what a similar place in Dallas or Chicago will run you.

The economics are definitely not in favour of players coming to Canada. Add in weather, and language issues in MTL, and it is definitely now a perfectly level playing field.

Sure, if you permanently live in Canada. Lots of NHL players move to the states after they are done playing. Majority of Canadian players play in the States and become residents of the States. Their effective tax burdens are not straight forward, that is the argument being made. But lowering that tax burden is possible, with good accounting. Its not some straight forward "lower it by 10% by "X" and "Y"". I am not disagreeing with you, just elaborating for a certain someone.

 

[Legion34]

The N.H.L. Must Figure Out If It's Certain on Cost Certainty (Published 2004)

Joe Lapointe Hockey Analysis contends that embattled NHL and commissioner Gary Bettman must now decide whether to stick to demand for cost certainty in negotiating with players union or accept players' union surprisingly generous offer to take 24 percent pay cut and make number of other...

www.nytimes.com

This article is from 2004, specifically talking about Betteman's quest for Cost Certainty and how that quest leads to Salary Cap.

Yep. It does lead to a salary cap. Now show me where it says all teams have to be equal to achieve this.

If you are so against parity.

Why can for example.
Toronto not have a 98 million dollar cap, Tampa have a 78 million dollar cap

And the rest have 88?

You can’t have a problem with this right? It’s every bit as “certain” as all teams having an 88

Anyone that thinks all you need is a good accountant to significantly reduce your tax burden in Canada, in 2024, has never earned any material amount in Canada, and worked to reduce that burden.

There are of course strategies, most of which involve passive income, But a high earner in Canada, deriving income from work, you are paying 50%+ marginal and 40%+ effective combined. And an on each consumer purchase - and an athlete making 5M is going to consume all lot of goods - up to 15% consumption tax. And while I realize these guys are rich, property values are a joke here. You get to pay all that tax AND your house in TO or Vancouver will cost 1.5x what a similar place in Dallas or Chicago will run you.

The economics are definitely not in favour of players coming to Canada. Add in weather, and language issues in MTL, and it is definitely now a perfectly level playing field.

There does not need to be a perfectly level playing field.

I would personally much rather play in the states regardless of taxes.

The issues is the NHL tried to level the playing field. And screwed it up and needs to fix the system they made

 

[DistantThunderRep]

Yep. It does lead to a salary cap. Now show me where it says all teams have to be equal to achieve this.

If you are so against parity.

Why can for example.
Toronto not have a 98 million dollar cap, Tampa have a 78 million dollar cap

And the rest have 88?

You can’t have a problem with this right? It’s every bit as “certain” as all teams having an 88

First of all, you said Cost Certainty was never the goal and it was pairity. This was factually wrong and proven from the onset of the Salary Cap and lockout to not be true. So congratulations on moving the goal posts further.

Second, Cost Certainty again isn't a individual team target, its for the collective league as a whole to be healthy. The NHL as a whole was on the verge of insolvency before the 2004 lockout, that's with the Leafs pulling in all their money. It wasn't viable. Again its the original simple statement that's constantly been said to you, over and over and over again, the Salary Cap is not designed for fairness or pairity. Its designed for cost certainty for the League. Not individual teams, but the league. That's also why revenue sharing exists. Its why the NHL doesn't and didn't let a team like Arizona die for years.

 

[tucker3434]

I guess Lewis gross is getting sued then. He said it on 32 thoughts interview.

You can absolutely know how much money you will get taxed. Then your own specific deductions to mitigate that come into play.

But you know exactly how much you pay in tax each year. Everbody does.

You still pay those taxes. And then file for refund at least in Canada.

Income taxes are gauranteed and known based on your wage on an ascending scale.

You are telling me in America you have no idea what you are going to pay in taxes each year?????

Withholding is an estimate of your taxes. You can be pretty precise with it if you have the prior tax returns and full knowledge of everything an individual has done that year.

Are we expecting all players to provide their tax returns to the NHL? Is the NHL going to be involved in tax planning?

 

[kook10]

I guess Lewis gross is getting sued then. He said it on 32 thoughts interview.

You can absolutely know how much money you will get taxed. Then your own specific deductions to mitigate that come into play.

But you know exactly how much you pay in tax each year. Everbody does.

You still pay those taxes. And then file for refund at least in Canada.

Income taxes are gauranteed and known based on your wage on an ascending scale.

You are telling me in America you have no idea what you are going to pay in taxes each year?????

In the US you don't necessarily withhold taxes against all of your salary and get a refund. Your withholding rate is an estimate of what your post-deduction tax liability will be. That way you don't give the government an interest free loan on your money.

High earners like pro athletes presumably also make extensive use of corporations which allow them to mitigate their tax bills in ways not available to regular employees. Things such as training expenses, unreimbursed travel, lawyers, and possibly even depreciation on homes and vehicles become an expense of Johnny Hockey Inc. Their taxes are not withheld in the same way.