Manny signs with Padres

[TonySoprano]

If this report as well as the the SD numbers are correct, his agent gave him really bad financial advice.

 

 

9 minutes ago, Bahama O's Fan said:

Did anyone do a Machado appreciation thread?

[atomic]

10 minutes ago, TonySoprano said:

If this report as well as the the SD numbers are correct, his agent gave him really bad financial advice.

 

 

$300 million beats $250 million.  550 plate appearances is a lot a short injury or the team holding you out of games and you dont get your money.  The Padres deal had an opt out so if he is playing really well he can get more money.

[atomic]

20 minutes ago, scOtt said:

Big time state tax. Plus everything is expensiver there too. Gas is like a dollar more a gallon than here.

NYC has a big state tax as well but doesn't stop anyone from playing for the Yankees. I dont think the price of gas is noticable at that income.  He could always buy himself a Tesla or two as California has huge tax breaks on them.

[waroriole]

16 minutes ago, TonySoprano said:

If this report as well as the the SD numbers are correct, his agent gave him really bad financial advice.

 

 

I assume that kind of thing comes down to a desire to play somewhere. Beautiful weather vs freezing cold. 50M more guaranteed. Yeah the WS offer has higher potential but strong argument that SD has more value. Opt out after 5 years, can guarantee a higher total than the WS deal too

[TonySoprano]

6 minutes ago, atomic said:

$300 million beats $250 million.  550 plate appearances is a lot a short injury or the team holding you out of games and you dont get your money.  The Padres deal had an opt out so if he is playing really well he can get more money.

California taxes, compared to Illinois,  are going to eat away a portion of that $50M.  We have no idea whether/not Chicago also offered an opt-out, but they would have been fools not to do so.

Just now, waroriole said:

I assume that kind of thing comes down to a desire to play somewhere. Beautiful weather vs freezing cold. 50M more guaranteed. Yeah the WS offer has higher potential but strong argument that SD has more value. Opt out after 5 years, can guarantee a higher total than the WS deal too

 

Chicago had the in-laws...

[waroriole]

2 minutes ago, TonySoprano said:

California taxes, compared to Illinois,  are going to eat away a portion of that $50M.  We have no idea whether/not Chicago also offered an opt-out, but they would have been fools not to do so.

 

Chicago had the in-laws...

All the more reason to head west.

I know I know, Alonso is his buddy. 

[atomic]

Just now, TonySoprano said:

California taxes, compared to Illinois,  are going to eat away a portion of that $50M.  We have no idea whether/not Chicago also offered an opt-out, but they would have been fools not to do so.

Really some of this money is about bragging rights.

[tntoriole]

30 minutes ago, bobmc said:

Doesn't CA have a state tax also?  Not much to live on if you buy the mansion, the yacht and all the crew costs.  

12 percent, so that would be 3.6 million annual or 300,000 per month.  Down to scraping by on about 1.2 million EVERY month...lol.  

[backwardsk]

15 minutes ago, TonySoprano said:

California taxes, compared to Illinois,  are going to eat away a portion of that $50M.  We have no idea whether/not Chicago also offered an opt-out, but they would have been fools not to do so.

 

Chicago had the in-laws...

Some, but if he remains a Miami resident, then it's not as a big a deal.  He'll have to pay state income on his CA home games which will be 81 plus the Dodgers, Giants, A's and Angels.  

Be nice if there was a tax expert on here to explain better than I can.

Anybody remember McCutchin's pay stub?  It was pretty wild as he had line items for each of the states he played in.

[Can_of_corn]

11 minutes ago, tntoriole said:

12 percent, so that would be 3.6 million annual or 300,000 per month.  Down to scraping by on about 1.2 million EVERY month...lol.  

Actually you get hit with an additional 1% over one mil.

That being said Illinois looks to be at 9.3% so the difference is only 4%.

[backwardsk]

22 minutes ago, atomic said:

$300 million beats $250 million.  550 plate appearances is a lot a short injury or the team holding you out of games and you dont get your money.  The Padres deal had an opt out so if he is playing really well he can get more money.

I agree with this.  Though he has easily hit that target in all but 2014, you'd have to worry about them playing games with you in your 34, 35 year old seasons.  

[NashLumber]

23 minutes ago, TonySoprano said:

 

 

Chicago had the in-laws...

 

20 minutes ago, waroriole said:

All the more reason to head west.

I know I know, Alonso is his buddy. 

Yep. Folks don't stay married forever. Had he gone 10 years (or 8 as was reported offered) in Chicago, it might have felt like forever had it become "awkward". 

[backwardsk]

3 minutes ago, Can_of_corn said:

Actually you get hit with an additional 1% over one mil.

That being said Illinois looks to be at 9.3% so the difference is only 4%.

Really?  It says 4.95% here.

https://www.thebalance.com/illinois-individual-state-income-tax-3193262

[Can_of_corn]

4 minutes ago, backwardsk said:

Really?  It says 4.95% here.

https://www.thebalance.com/illinois-individual-state-income-tax-3193262

I'll go with what you found, I just did a quick google search.

I'm not a tax guy or from Illinois.

[backwardsk]

2 minutes ago, Can_of_corn said:

I'll go with what you found, I just did a quick google search.

I'm not a tax guy or from Illinois.

I'm in the same boat, just wanted to see if you came across better information.

I may be in the minority, but I'd love to hear a tax guy or financial planner break down these deals to compare and contrast.  I'd find that interesting.