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James Harden stands to pay $13 million+ in taxes after trade

Discussion in 'Houston Rockets: Game Action & Roster Moves' started by Xerobull, Jan 14, 2021.

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  1. Xerobull

    Xerobull ...and I'm all out of bubblegum
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    Whomp-whomp. Enjoy the pay cut, beardy.

    James Harden stands to pay $13 million+ in taxes after trade
    [​IMG]

    James Harden stands to pay more than $13 million more in taxes after his trade to the Brooklyn Nets.AP/MARK J. TERRILL
    The Houston Rockets have traded eight-time All-Star James Harden to the Brooklyn Nets as part of a four-team deal involving the Indiana Pacers and Cleveland Cavaliers, according to ESPN and other media reports. The Rockets will obtain multiple first round picks, opportunities to swap draft picks and several players, including Victor Oladipo, Dante Exum and Rodions Kurucs.

    Harden, 31, had demanded a trade because of frustration with the Rockets, who are 3-6 and seemingly in rebuilding mode.

    While the former MVP will join superstar Kevin Durant and, potentially, Kyrie Irving, who is currently out for personal reasons, the move will cost Harden money. The Rockets had offered him a two-year, $103 million extension that would have followed the $133 million he is already owed over the next three seasons. The Nets will be unable to offer such an extension due to salary cap restrictions.

    Harden also leaves Texas, one of nine states without an income tax on wages, for New York, one of the nation’s highest taxing states. While Harden will continue to be owed the same amount of money over the next three years, his pay will be subject to an approximately 12.7% tax rate between New York State and New York City.

    In November, we ran the numbers on a Harden trade to the Nets. The short of it: He’ll pay an additional $13.6 million in taxes over the next three years. The following chart, which incorporates jock taxes and assumes that Harden will be a resident of New York City, breaks down the numbers:


    Beyond taxes, Harden will experience a far higher cost of living in New York than in Houston. According to Nerd Wallet, it is 92% more expensive to live in Brooklyn, and 165% more expensive to live in Manhattan, than in Houston. Potentially offsetting the increased taxes and cost of living may be lucrative endorsement opportunities in the nation’s largest media market.

    Harden might not care much about these tradeoffs. He has already earned well over $225 million in his NBA career from salaries and endorsements, among them Adidas, Electronic Arts and BodyArmor. He now has the chance to win a championship.

    For the future Hall of Famer, an NBA title might be priceless.
     
    #1 Xerobull, Jan 14, 2021
    RocketWalta, JoeBarelyCares, Andre0087 and 4 others like this.
  2. tinman

    tinman 999999999
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    The Nets are basically the Clippers of New York City
     
    #2 tinman, Jan 14, 2021
    saleem, Rodman23, malakas and 8 others like this.
  3. Os Trigonum

    Os Trigonum Member
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    that's a lot of hunny buns
     
    #3 Os Trigonum, Jan 14, 2021
    JoeBarelyCares, weakfromtoday, Ramo$e and 3 others like this.
  4. apollo33

    apollo33 Member

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    No more honey buns for Lil baby
     
    #4 apollo33, Jan 14, 2021
  5. YOLO

    YOLO Member

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    I'm sure that hurts him so much
     
    #5 YOLO, Jan 14, 2021
    Surfguy likes this.
  6. Reeko

    Reeko Member

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    Harden declined a 2/103 extension

    he is not worried about the money..

    he’s losing around 4 mil/yr in additional taxes...that’s pocket change money for him
     
    #6 Reeko, Jan 14, 2021
    TheRealAllpro, malakas, CCity Zero and 3 others like this.
  7. steddinotayto

    steddinotayto Member

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    Some reason I think James will be okay. He might have to go the Dynex route for his apartment though.
     
    #7 steddinotayto, Jan 14, 2021
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  8. dc rock

    dc rock Member

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    Probably will get better, more lucrative endorsement deals now that he's in a preferred market. Maybe he can be the new Subway guy and lose weight by eating sandwiches every day. Anyway, Harden wasn't even my favorite fat Rocket.

    [​IMG]
     
    #8 dc rock, Jan 14, 2021
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  9. Ziggy

    Ziggy QUEEN ANON

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    He's willing to forfeit money to win and play with real players and coaches.

    Tilman is not.

    Harden would rather lose money than play with this **** team and **** owner. Lulz.

    John Wall & Cousins? Lulz.
     
    #9 Ziggy, Jan 14, 2021
    calurker, weakfromtoday, malakas and 10 others like this.
  10. Dankstronaut

    Dankstronaut Way, way out here.

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    lol at state taxes...I know a lot of former athletes live here because of that reasoning but guys who are in the midst of million dollar contracts, career earnings like James Harden especially....13 out of what 120 he's about to make, let alone whatever stupid size extension he'll get after the chip too? When he's been making "extra" this whole time because of no state taxes...
     
    #10 Dankstronaut, Jan 14, 2021
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  11. TEXNIFICENT

    TEXNIFICENT Member

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    WHO CARES?????
     
    #11 TEXNIFICENT, Jan 14, 2021
    TheRealAllpro, treyk3, HillBoy and 1 other person like this.
  12. lnchan

    lnchan Sugar Land Leonard
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    Pig Miller is offended.
     
    #12 lnchan, Jan 14, 2021
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  13. Williamson

    Williamson JOSH CHRISTOPHER ONLY FAN

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    Y'all think a native Californian is afraid of state income taxes?
     
    #13 Williamson, Jan 14, 2021
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  14. Juxtaposed Jolt

    Juxtaposed Jolt Member

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    James Harden's reaction to this unsettling news:

    [​IMG]
     
    #14 Juxtaposed Jolt, Jan 14, 2021
    malakas, Invisible Fan, Bo6 and 1 other person like this.
  15. jimmyv281

    jimmyv281 Member

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    Someone very crafty I hope creates a thread of upcoming free agents for the next three years and attach our salary cap figures “updated” ..
    identity our free agent target
    Gather social info
    Assess person and situation
    Manage evaluate players
     
    #15 jimmyv281, Jan 14, 2021
  16. Sweet Lou 4 2

    Sweet Lou 4 2 Member

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    This was true of the NJ Nets, but not the BK Nets. Brooklyn will embrace the Nets over the Knicks easily as their is a bit of a rivalry between the two boroughs.
     
    #16 Sweet Lou 4 2, Jan 14, 2021
    Os Trigonum likes this.
  17. Os Trigonum

    Os Trigonum Member
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    that's already happened
     
    #17 Os Trigonum, Jan 14, 2021
  18. tinman

    tinman 999999999
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    Too hard to measure during a year where you can’t have fans
     
    #18 tinman, Jan 14, 2021
  19. Sweet Lou 4 2

    Sweet Lou 4 2 Member

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    Yes, that's true to a good extent, but now it will be a fever.
     
    #19 Sweet Lou 4 2, Jan 14, 2021
    Os Trigonum likes this.
  20. dmoneybangbang

    dmoneybangbang Member

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    Lots of candy commercials...

    [​IMG]
     
    #20 dmoneybangbang, Jan 14, 2021
    Ramo$e likes this.
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