$118 Million Rich Stephen Curry Lost $1,000,000 in 2018, Thanks to Michael Jordan and a Law That Came Out of Spite
Stephen Curry might have been at the height of his powers in 2018 but there is one thing even he couldn’t stop – the Jock Tax. Yes, an infamous taxation rule that plagues every athlete today. But did you know that the origins of the jock tax came about thanks to Michael Jordan?
Yes, thanks to MJ and his excellence back in the 1991 NBA Finals, the jock tax as we know it today came about. Not that professional athletes weren’t getting taxed or that they will be complaining.
It is funny to see that today, it is a matter of great discourse. We recently covered an article on how Steve Ballmer, a billionaire pays as much tax as LeBron James, an athlete.
Turns out nobody is immune to this law and even Stephen Curry from the Golden State Warriors had to pay his dues.
Stephen Curry, lost $1,000,000 to 20 states in the USA, thanks to Michael Jordan
Alright, that may be a bit of us tying all the loose ends together, but it is the truth. So, the jock tax came about when MJ came to Los Angeles and beat the Lakers. In the NBA Finals.
The State of California was not happy. They decided to penalize Jordan by taxing him for staying in the state. For just those few days. And thus the jock tax was born.
Over the years, several states, across the continental United States have introduced a tax similar to the jock tax. And in 2018, Stephen Curry had to fork out a cool, $1,000,000 out of his $118 million net worth to jock tax.
He paid this amount in a distilled manner to over 20 states in the US. Pity.
What exactly is the “jock tax”?
Okay, we have talked all about it but what exactly is the “jock tax”? It is a form of income tax that professional athletes must pay when they play games or perform in states other than their home state.
The tax is based on the amount of income the athlete earns while playing or performing in that state. Michael Jordan, one of the greatest basketball players of all time, brought about this rule in 1991.
Today, nearly every state that hosts professional sports teams has a form of jock tax in place, generating significant revenue for state governments.
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