Let’s even the playing field…after tax payroll cap

[rojac]

in Canada they pay CCP and probably EI, but it would be peanuts on their salary, maybe 1-2k a year, is max contribution total between the 2, as more games in US vs Canada. Max if all games were played in Canada maybe 3k a year.

No idea in US.


Capfriendly or Friedman is wrong, guess we’ll find out.

If Friedman is right ,
Tkachuk doesn’t get the tax rate of 20% on signing bonus that Matthew’s gets.

Please note that Capfriendly lists Tkachuk’s contract as unconfirmed. I’m pretty sure that until they confirm the structure, they simply list assume equal payments each year, all in salary. Give it a Few days.

 

[snag]

I'm perfectly in favour of getting rid of the salary cap. Have a luxury tax like the NBA. I hate the salary cap and not even because I'm a Leafs fan, we sucked before the cap too. I hated watching well built teams like the Blackhawks getting dismantled because of the cap.

But if we are going to have a cap for "parity," seems natural to at least have it be fair no?

If you are paying a luxury tax, you better not be on the receiving end of revenue sharing.

 

[beowulf]

Do NHL players pay into Social Security? They are part of the NHL pension program, so I don't think they do get SSI taken out.

As a public school teacher who is part of a pension program, I know that I do not pay into SSI. No double dipping.

Unless it's different in the US, but I have a pension plan at work and I still play into the Canadian Pension Plan. The difference maybe is that our CPP payouts once retired are adjusted down based on other income, so if I have a private pension that pays me 70% of my top 5 years I will have a good retirement income so my CPP payments will be extremely low.

 

[HockeyVirus]

Capfriendly or Friedman is wrong, guess we’ll find out.

If Friedman is right ,
Tkachuk doesn’t get the tax rate of 20% on signing bonus that Matthew’s gets.

 

[Golden_Jet]

lol, never moved any, I said all along that Americans playing in Canada with signing bonuses get a much better tax rate. Matthew’s being the obvious one.

We still don’t know if capfriendly or Friedman is right, regardless MT does not get the signing bonus benefits , if he has them.

 

[HockeyVirus]

lol, never moved any, I said all along that Americans playing in Canada with signing bonuses get a much better tax rate. Matthew’s being the obvious one.

We still don’t know if capfriendly or Friedman is right, regardless MT does not get the signing bonus benefits , if he has them.

Yes he absolutely does. Tax rates are the least of the worries, escrow which is all time high only applies to salary. He is getting the money escrow free. Not only that, it's a fact money today is worth more than the same amount tomorrow. Upfront cash is the main benefit.

 

[stator]

I'm not going to read all 5 pages, but from the start I can tell:

1) Canadian fans are going to hate this idea.
2) US fans from no income tax states, and low income tax states are going to like this idea.

 

[Golden_Jet]

Yes he absolutely does. Tax rates are the least of the worries, escrow which is all time high only applies to salary. He is getting the money escrow free. Not only that, it's a fact money today is worth more than the same amount tomorrow. Upfront cash is the main benefit.

Tax rates are least of worries ….. okay .
Paying less escrow just takes more money from other players, that don’t have signing bonuses, I’m sure they are happy about that.

 

[HockeyVirus]

Tax rates are least of worries ….. okay .
Paying less escrow just takes more money from other players, that don’t have signing bonuses, I’m sure they are happy about that.

Oh yes I am sure the players who voted to get their and screw over future players a few years ago care so much about screwing over other players...

Just hold the L and let's move on

 

[BayStBullies]

It will never happen, as the current rules benefit the Southern markets. For this to change, Toronto and Montreal would have to drop their taxes. That's the only way Bettman would do anything.

 

[Sky04]

I'm sure this has been discussed many times in various places at various time, but in light of Matthew Tkachuk's reported "wish list" being all tax-free states (aside from his home in St. Louis), it makes me think.

Seems like a clear disparity that can easily be remedied. Players aren't dumb, or at least their agents aren't. They know what the take home will be in various places so there's no advantage to a team being able to offer more money than another if they work out to the same take-home pay.

Conversely, there's an obvious disadvantage to having to offer a player more than another team just for the take home pay to work out the same when all teams operate under the same cap limit.

The cap was brought in to level the playing field, so let's make sure the playing field is level.

Is there an obvious impediment to this that I am missing?

OK and what if a player will only play for California teams because they love the weather? Or another who will only sign in NY cause they love the city? Are you going to adjust for geographical advantage too? Sounds stupid to me, there are a ton of factors that affect where a player wants to play.

 

[Golden_Jet]

Oh yes I am sure the players who voted to get their and screw over future players a few years ago care so much about screwing over other players...

Just hold the L and let's move on

Funny story lol.

 

[Lazlo Hollyfeld]

Why not adjust the cap to benefit the fanbase that whines the most about tax implications they don't really understand?

 

[snag]

Unless it's different in the US, but I have a pension plan at work and I still play into the Canadian Pension Plan. The difference maybe is that our CPP payouts once retired are adjusted down based on other income, so if I have a private pension that pays me 70% of my top 5 years I will have a good retirement income so my CPP payments will be extremely low.

Note true. CPP payouts are based on contribution which are based on income at the time of said contribution. There is no clawback. It is a user funded plan...if you paid in at a certain rate, you are paid out at a certain rate.

OAS however is not contribution based and is based on years or residency and subject to clawbacks from exceeding income thresholds from other sources. Unlike CPP this is funded out of general revenues and not any specific fund. Perhaps you are referring to this?

 

[Ducks DVM]

I'm perfectly in favour of getting rid of the salary cap. Have a luxury tax like the NBA. I hate the salary cap and not even because I'm a Leafs fan, we sucked before the cap too. I hated watching well built teams like the Blackhawks getting dismantled because of the cap.

But if we are going to have a cap for "parity," seems natural to at least have it be fair no?

The cap wasn’t put in place for parity. It was put in place for cost certainty so teams wouldn’t keep going bankrupt. Parity was just a nice side effect.

 

[MikeyMike01]

player income taxes have to be the most overblown issue on HF

 

[dukeofjive]

Add a luxury tax so teams can go over the cap by 5-10%.

Or add a franchise player tag and have a percentage of is salary count vs the cap.

 

[T REX]

Can we just have a stickied thread for this topic by now where fans of teams with shitty management can blame other factors behind their team sucking?

LOLOL. Yup.

How many more threads can we make on this topic.

Use the search function please. SMDH

 

[Space umpire]

If a player over 30 signs with a team within 300 miles of their youth home for less than 1/2 their previous contract. The team should be penalized because the hometown discount is an unfair advantage.

 

[Lazlo Hollyfeld]

What does Matthew Tkachuk insisting he will only sign in a tax-free state have to do with the management of other teams?

Repeating this falsehood does not make it true.

 

[Aurinko]

If they want level playing ground, this is a thing to consider. Seems like a next level idea.

 

[beowulf]

Note true. CPP payouts are based on contribution which are based on income at the time of said contribution. There is no clawback. It is a user funded plan...if you paid in at a certain rate, you are paid out at a certain rate.

OAS however is not contribution based and is based on years or residency and subject to clawbacks from exceeding income thresholds from other sources. Unlike CPP this is funded out of general revenues and not any specific fund. Perhaps you are referring to this?

ya my bad I looked back and realized it was OAS I was thinking of.

 

[Maple Leaf]

Agreed Kachuck wanted low taxes

 

[Perfect_Drug]

Always brought up and not always as big of a deal as some want to make it. Especially if you look at overall cost of living, housing, medical costs for family members, etc. Would not be something easy to put together.

Tkachuk is a loser, he lives in a the lowest taxed province for gawd sake. And at the level of income he has, the US federal rate is 37% while being 33% in Canada. I think Alaska and Florida are the only states to have no income tax at all. So that means he will only play in Florida?

In 2022, American employees pay 7.65% of their wages into social security (6.2%) and Medicare (1.45%). Social security premiums are capped at an income level of $147,000. Medicare premiums have no cap. In Canada for 2022, employees pay 5.70% of gross employment income into CPP up to $61,400. Medicare-style benefits are included as part of the country's healthcare plan.

Deduction are harder to judge as it varies from state to state for those income taxes and in Canada, all except Quebec have the same deductions available if I recall. The biggest one in the US is the ability to deduct interest from a mortgage which is weird to me but how many players buy vs rent etc.

These are the uneducated idiots who had no idea what escrow was for like 15 years. Nobody is going to be able to explain how taxes work or how to reduce them.

 

[Jefe302]

Some players will always chase money. But Pitt, Chi, and La all won multiple cups.

Was Crosby, Malkin, Kane, Toews, Kopitar, Doughty all leaving for tax free states? Nope.

Not all stars chase money, some do, and some happen to want to live in a state that does not happen to have state income tax.

Florida has been around since 93 and they have not had stars in their prime lining up to move there every year.

Tampas cup wins were not due to massive star free agents they drafted their superstars and kept them.