‘Financially Savvy’ Tyreek Hill Saved $2,700,000 in One Season by Landing in ‘Tax Haven’ Miami, Instead of Signing With the Jets

Superstar receiver Tyreek Hill, who is also one of the fastest sprinters in the league, came very close to signing a deal with the New York Jets last year. However, the 7x Pro Bowler changed his mind and joined the Miami Dolphins instead, a move that saved him around $2,700,000 in one season alone.

Needless to say, Tyreek liked the Jets, which is why he wasn’t too far away from inking a deal with them. Moreover, the Jets knew that they can benefit immensely by adding ‘The Cheetah’ to their roster. However, just when everything was lining up perfectly, the New Jersey tax laws ruined the entire equation.

Tyreek Hill Saved the Moolah by Opting for the Dolphins Instead of the Jets

Before signing a blockbuster $120 million, 4-year deal with the Dolphins, Tyreek, in his own words, “was very close” to landing in New Jersey. However, he was forced to “make a grown up decision” and explore other options, as the ‘financially savvy’ footballer wasn’t ready to lose out on millions by landing in New Jersey.

As explained in thorough detail by Jared Walczak of Taxfoundation.org, Tyreek, out of the $30,000,000 he made last year, would have owed a total of $3,191,968 in taxes, if he had signed with the Jets. Out of this, $2,984,409 would have gone to New Jersey and around $207,559 to other states.

At the same time, signing with the Dolphins was costing Tyreek just $474,519 in overall income taxes. He didn’t have to pay a dime in income taxes to Florida, simply because it doesn’t have a state-individual income tax. Just less than half a million in income tax, which he had to pay to other states, was all he had to give from his pocket while playing for the Dolphins.

Hence, in the end, Tyreek decided to go with the Dolphins which saved him roughly $2,700,000 in income tax alone. In fact, just a few days ago, Tyreek, on an episode of his “It Needed to be Said” podcast, once again explained why he opted for the Dolphins and not the Jets after leaving Kansas City.

Tyreek Hill Loves everything About Miami

“It was between the Jets and the Dolphins,” Tyreek said on the show, adding that along with the fact that taxes weren’t causing a hole in his pocket, what persuaded him to land in Miami is that he was getting a chance to be a playmaker of a unit which already has a strong offense and defense.

“Its the greatest city with with great weather, great food. You know fans are great, everybody, everything is just great in Miami. And I get a chance to be a part of that, then why not” Hill stated. Then coming to the ‘tax equation’, Hill stated, “I didn’t choose the Jets because of the state taxes. State taxes(in New Jersey) are crazy for real,” Tyreek added.

To ensure that they don’t lose out on talents like Tyreek Hill in the future because of excessive taxes, it will be interesting to see if franchises like the Giants and the Jets approach players with a higher threshold in mind, as far as the contract amounts are concerned.