Friday, July 13, 2012
National Public Radio, 'Sports Tax Man' Is a Financial Quarterback:
NPR's Kevin Leahy consulted an accountant who calls himself the Sports Tax Man. ...
KEVIN LEAHY: Last week, point guard Steve Nash was on the market. Nash is Canadian, beloved in his home country. And the Toronto Raptors wanted him badly. ...
RAY RAIOLA: The way I like to look at it, he'll receive 50 cents on a dollar.
LEAHY: That last voice belongs to Robert Raiola, CPA. On Twitter, he's known as Sports Tax Man. Raiola ignored the Prodigal Son storyline and referred to a new Canadian tax law.
RAIOLA: In 2012, the top rate in the province of Ontario is 48%. In 2013, the top rate will be 49.5%.
That means Nash would pay more tax in Toronto than if he signed in, say, California. Suddenly a big offer from the Raptors doesn't look quite as enticing. Raiola doesn't work for Steve Nash, but it's his job to think this way. He calls himself a financial quarterback. ...
As for Steve Nash, the Canadian? He wound up signing with the Los Angeles Lakers. He'll play with Kobe Bryant, soak up the sunshine and avoid those steep Canadian taxes.
(Hat Tip: Nicole Zumwalt.)