Former Miami Marlins outfielder Giancarlo Stanton had about 30 million reasons to decline a trade to the New York Yankees. Due to the state tax in New York, Stanton may wind up paying close to $30 million over the course of his remaining contract, according to Jon Heyman of FanRag Sports.
Heyman spoke to tax expert Josh Rossman, who came up with that estimate. Rossman came in a little lower, actually, saying Stanton would likely pay $29 million in taxes. Heyman does note that number is not exact.
Stanton can avoid some of that penalty, but that depends on whether he is willing to live outside the city, as Heyman explains.
Rossman estimated he could save about $11 million of the $29 million loss by living in the suburbs rather than New York City. But assuming he’s in any of the five boroughs, he’ll be slammed.
We often hear about tax any time a prominent player is ready to sign a contract, though it’s unclear whether that plays a role in that player’s decision. In Stanton’s case, giving up roughly $30 million dollars seems significant, but how much does he care when his contract is worth $325 million?
Until he comments on that, we can’t be sure. But we do feel confident saying this: Winning a World Series appears to be worth a heck of a lot more than $30 million to Stanton.
And you can’t put a price on getting away from the Marlins and their new ownership group.
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