4HCrew Posted August 7, 2008 Share Posted August 7, 2008 The new state of the art facility and closeness to the stadium definitely something that lured Favre. Link to comment Share on other sites More sharing options...
BP Posted August 7, 2008 Share Posted August 7, 2008 Yep, **** Long Island! long live New Jersey! Link to comment Share on other sites More sharing options...
aec4 Posted August 7, 2008 Share Posted August 7, 2008 The new state of the art facility and closeness to the stadium definitely something that lured Favre. Not to mention not having to pay NY state income tax.. The problem with playing in NJ and practicing in NY was paying taxes to both states. Actually, they paid taxes to NY, and had to pay for 10 days work in NJ... NJs tax rate is lower, so this can help. Link to comment Share on other sites More sharing options...
124 Posted August 7, 2008 Share Posted August 7, 2008 If the Jets don't move to NJ in September Brett Favre isn't a New York Jet. Amazing how things worked out. Link to comment Share on other sites More sharing options...
Lil Bit Special Posted August 7, 2008 Share Posted August 7, 2008 The new state of the art facility and closeness to the stadium definitely something that lured Favre. I thought he liked it because it reminded him of Mississippi. Link to comment Share on other sites More sharing options...
Sperm Edwards Posted August 7, 2008 Share Posted August 7, 2008 Not to mention not having to pay NY state income tax.. The problem with playing in NJ and practicing in NY was paying taxes to both states. Actually, they paid taxes to NY, and had to pay for 10 days work in NJ... NJs tax rate is lower, so this can help. NJ's taxes are quite a bit higher than NY's if - like Brett Favre - you're in the highest tax bracket. http://www.taxadmin.org/FTA/rate/ind_inc.html NJ's top tax bracket: 8.97% NY's top tax bracket: 6.85% The only way that NY's would be more expensive is if he lived within the 5 boroughs and had to pay a 4% NYC tax on top of the state tax. NY & NJ have a reciprocity deal; whatever you pay to one you get credit for the other. NY/NJ commuters know what I mean. He wouldn't pay full state taxes to NY and full state taxes to NJ on top of that. Don't know where you get that from, but it's 100% wrong. Of all the things that got him to agree to come here, NJ's state income tax wasn't one of them. If that was the case, he'd have opted to pay the 0% state tax he'd have paid in Tampa. Link to comment Share on other sites More sharing options...
aec4 Posted August 7, 2008 Share Posted August 7, 2008 NJ's taxes are quite a bit higher than NY's if - like Brett Favre - you're in the highest tax bracket. http://www.taxadmin.org/FTA/rate/ind_inc.html NJ's top tax bracket: 8.97% NY's top tax bracket: 6.85% The only way that NY's would be more expensive is if he lived within the 5 boroughs and had to pay a 4% NYC tax on top of the state tax. NY & NJ have a reciprocity deal; whatever you pay to one you get credit for the other. NY/NJ commuters know what I mean. He wouldn't pay full state taxes to NY and full state taxes to NJ on top of that. Don't know where you get that from, but it's 100% wrong. Of all the things that got him to agree to come here, NJ's state income tax wasn't one of them. If that was the case, he'd have opted to pay the 0% state tax he'd have paid in Tampa. Athletes don't get the deal, but I stand corrected on the tax rates. It's not 100% wrong actually. Not for athletes. Athletes pay a pro-rated portion of their salary for the places they play. Ask AROD. He has to pay taxes to every state in which he plays an MLB game. I also read in the paper a couple years ago when the Jets first thought of moving how it SAVED the players money because they didn't have to pay NJ for the 10 days they worked in NJ. This has nothing to do with where they live... this is how athletes get hit. Remember, they are not getting their taxes pulled out of their check every 2 weeks... I'm not saying moving to NJ meant he picked NJ over Tampa.. Obviously, 0% in FLA is better. I'm saying NJ saves cash over NY... or at least that's what my golf buddy who is a certified CPA in NJ and NY told me. Link to comment Share on other sites More sharing options...
Cant Hackett Posted August 7, 2008 Share Posted August 7, 2008 NJ's taxes are quite a bit higher than NY's if - like Brett Favre - you're in the highest tax bracket. http://www.taxadmin.org/FTA/rate/ind_inc.html NJ's top tax bracket: 8.97% NY's top tax bracket: 6.85% The only way that NY's would be more expensive is if he lived within the 5 boroughs and had to pay a 4% NYC tax on top of the state tax. NY & NJ have a reciprocity deal; whatever you pay to one you get credit for the other. NY/NJ commuters know what I mean. He wouldn't pay full state taxes to NY and full state taxes to NJ on top of that. Don't know where you get that from, but it's 100% wrong. Of all the things that got him to agree to come here, NJ's state income tax wasn't one of them. If that was the case, he'd have opted to pay the 0% state tax he'd have paid in Tampa. Another factor is deductions and offsetting losses. NJ has almost no deductions and you cannot offset losses with other types of income. NJ Gross Income Tax sucks donkey balls. Link to comment Share on other sites More sharing options...
Sperm Edwards Posted August 7, 2008 Share Posted August 7, 2008 Athletes don't get the deal, but I stand corrected on the tax rates. It's not 100% wrong actually. Not for athletes. Athletes pay a pro-rated portion of their salary for the places they play. Ask AROD. He has to pay taxes to every state in which he plays an MLB game. I also read in the paper a couple years ago when the Jets first thought of moving how it SAVED the players money because they didn't have to pay NJ for the 10 days they worked in NJ. This has nothing to do with where they live... this is how athletes get hit. Remember, they are not getting their taxes pulled out of their check every 2 weeks... I'm not saying moving to NJ meant he picked NJ over Tampa.. Obviously, 0% in FLA is better. I'm saying NJ saves cash over NY... or at least that's what my golf buddy who is a certified CPA in NJ and NY told me. That's separate. They pay income tax in the place where they work. Their weekly checks are technically "game checks" as I understand it (which is why a suspended player who practices but misses the game doesn't get paid). So they get paid for the Sunday game, not where they practice Monday-Saturday. If they play a game in California, they pay California taxes on that game check. And so on. But for the 8 home games, they pay taxes where the game is played: New Jersey. Any bonus money, if he lives in NY, would be paid to NY. But in no circumstances would he have to pay taxes on the same paycheck to both NY and NJ. Link to comment Share on other sites More sharing options...
Maxman Posted August 7, 2008 Share Posted August 7, 2008 Brett is coming here for the fishing and hunting. I don't know squat about either of those things but they do happen here in New Jersey. Let's start stocking some of those lakes and shipping in animals for him to shoot. Whatever it takes Brett. New Jersey is a lot different from what you see landing in Newark. The part of the state you will be living in has trees. And the people are nice. You will be pleasantly surprised! Link to comment Share on other sites More sharing options...
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