This statement is true.. if you can find me another PG willing to come to Toronto to play at KL level for less than 12 million next..please tell me who.... I am for getting better but free agency is not the option.. If we can resign KL for a reasonable then we can talk trade where significant can come back to help win sooner rather than later..
Can you also prove that "luck" works in cycles? Cause that sounds pretty damn amazing if we could predict when luck is on our side again.
Cold, more taxes, etc is just BS. Also, can you prove in history that top free agents aren't interested in Toronto? The only time the Raps had significant cap space and pursued a top free agent, he signed with us. Sadly, Hedo turned out to be terrible, but he was a top free agent that year. We've never really had much cap space to use for free agents, so how can you say it is 100% fact?
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After watching Dallas blow a championship-calibre team by gambling on landing big name FA's in the future, I'm really skeptical of banking on that approach. The competition is really, really tough for any big name FA. I think your fate is more in your hands by having nice pieces on good contracts. Then you can bundle them together and trade for a high level player, like Houston & Harden.
Also with Houston, by keeping contracts team friendly they didn't have too much trouble clearing out space to acquire Howard as a FA. It can't be overemphasized how important it is to not overpay underwhelming FA's just for the sake of making a splash, spending your cap space, and "upgrading" for short-term success.
If he wants starting role + $10 mill/yr this is the only place..not NYK of Lakers.. they won't pay the repeater tax
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Top federal bracket in US is 39.6% for $400 000 +. Top federal bracket in Canada is 29% for $135 054 +.
Ontario = 13.16% over $509 000 so any state income tax higher than 2.56% and you're paying more than in Toronto.
What complicates it, apparently, is that if you earn enough to qualify you pay income taxes in the jurisdiction of your earnings - so professional athletes may actually file tax returns in a dozen cities (the worst in baseball, where they play the most road games - this was an article in the Boston Globe - news to me). But that's a wash regardless of your home team.
Jalen Rose's bit on double taxation was interesting. Apparently Canada processes income tax based on residency, but the US demands a filing based on citizenship. So Americans working in Canada file here because they live here, but the IRS also requires them to report earnings because they're Americans. Because the US federal tax rate is higher, they may have to pay a bit extra. The irony is that's not because Canadian taxes are high - that's because US taxes are high for high income earners and the US gov wants your money whether you're living in country and using services or not.
But honestly, for the most part it's going to be a couple percent here and there for guys with many millions of dollars (the ones who get to be choosey). A good accountant could undoubtedly find all kinds of breaks, loopholes, and benefits for you at that level of earnings.
S.R. I still don't understand the double taxation, I thought you can't pay income tax twice? The tax goes to whichever country you are presently residing in.
But, maybe I just answered my own question. If the U.S. is your primary place of residency and you own property there, then you are subject to federal taxes even if you derive your income from working in Canada. Now, if you didn't own property or don't claim the US as your primary place of residency then you don't have to pay the tax twice.
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