Cam Newton may be the NFL’s MVP, but he’s having a rough week. After a disastrous loss during Super Bowl 50 last night against the Denver Broncos, the Carolina Panthers just recieved terrible news.
Right after leaving Levi Stadium in Santa Clara, California, he was handed a California state tax bill… for $159,200!
This is thanks to Obama-supporting liberal politicians who created the “jock tax.” And he would have to pay TWICE HIS SUPER BOWL PAYCHECK, regardless of how last night’s game turned out:
If the Panthers win the Super Bowl, Newton will earn another $102,000 in playoff bonuses, but if they lose he will only net another $51,000. The Panthers will have about 206 total duty days during 2016, including the playoffs, preseason, regular season and organized team activities (OTAs), which Newton must attend or lose $500,000. Seven of those duty days will be in California for the Super Bowl and another four will be in the Golden State for road games against St. Louis Los Angeles and Oakland next season.
Win on Sunday, and Newton will pay California a total of $159,560 in taxes in 2016. Lose, and he will pay $159,200, based on an income reduction of $51,000.
His effective state tax rate is almost 200%:
The result: Newton will pay California 99.6% of his Super Bowl earnings if the Panthers win. Losing means his effective tax rate will be a whopping 198.8%. Oh yeah, he will also pay the IRS 40.5% on his earnings.
At such high tax rates, whats the point of being a world class athlete in the NFL? Their average careers are only a few short years, and the Super Bowl generated countless millions of dollars in business just within the past week.
If California wonders why it’s on the verge of bankruptcy, they should take a look at their insane tax laws.
What do you think about Cam Newton’s giant tax bill? Please leave us a comment (below) and tell us!