Jaylen Brown Inks Record NBA Deal – Inside the Contract Numbers
The NBA world is making waves. Jaylen Brown inks a record NBA deal with the Boston Celtics. They have agreed to terms on a supermax contract. It’s a five year deal for $304 million making it the largest contract in NBA history. Even better for the 26 year old , two-time All-Star, the contract is fully guaranteed. It will start with the 2024-2025 season through the 2028-2029 season.
Obviously that’s a lot of money; especially to folks who work a regular 9 – 5 job for what seems like pennies a day. However, just like we pay our taxes so do professional athletes. And a lot of them. Besides the taxes, they also have other fees and expenses that they have to pay.
Let’s take a closer look at Jaylen’s payday with the breakdown (from Andrew Petcash’s tweet) listed below:
One year salary
$60.8M: Salary –
$22.5M: Federal Tax
$6M: NBA Escrow
$1.8M: Agent Fee
$1.4M: FICA/Medicare
$1.8M: Jock Tax (tax paid to the cities in which away games are played)
$2.7M: Massachusetts Tax
= $24.5M: Net Income
As you can see, after taxes and fees, Jaylen will take home about 40% of his salary. The average taxpayer, after taxes and benefits, takes home about 75% of their gross wages. So, in Jaylen’s case it’s a good example of a rich person paying his fair share of taxes. And the taxes he pays will benefit the people of both the city and the state.
Jaylen Brown Inks Record NBA Deal – Inside the Contract Numbers
Some people may feel that athletes are overpaid. Or undeserving of making a certain amount of money. But really who wouldn’t want to make a large salary for playing a sport that they love. After all, sports are big business all around the world. Fans pay for tickets to sporting events and buy merchandise. Corporations pay out the big bucks to sponsor sporting events and advertise to the masses.
Clearly sports are a huge revenue producing machine and the athletes should receive their rightful portion. At a time when workers are striking for better pay and benefits, maybe we should not begrudge the athletes who garner large contracts. I will celebrate anyone who is able to earn what he or she is worth no matter the profession. So congratulations to Jaylen, enjoy your success!
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