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Remember when Bill Belichick

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about the millionaires tax keeping
top talent from joining the Patriots?

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Boston you know how we feel
about taxes around here.

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But is there some truth to the former
coach's reasoning?

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Columnist and host of the Say
More podcast, Shirley Leung

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opens up the playbook, on which NFL

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teams are actually sacked by taxes.

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Surely.

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Okay, what is the millionaires
tax here in Massachusetts?

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So the millionaires tax was passed
by ballot initiative in 2022.

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It's an extra 4% on incomes over $1
million.

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And it's been so far wildly successful.

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It has raised over $2 billion this year
alone for the budget.

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Okay.

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So this millionaires
tax great for the state. Yes.

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What about the professional sports team.

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Was Bill Belichick on to something
that players aren't signing

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because they're getting hit
harder with taxes here?

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It is true that NFL players

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looking at new England,
they're thinking about taxes, right?

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I don't think it's the driving reason,
but the number one reason

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why they're not coming to play
for the Patriots and I mean,

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I don't need to be a sports columnist
to to declare this.

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I mean, the reason
why they're not coming here

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is because
we don't have Tom Brady anymore.

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We don't have an ace quarterback.

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And so I think that's reason
why they're not coming.

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But it does come up
talking to tax accountants who specialize

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in dealing
dealing with sports players pro athletes.

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They say yes it does come up.

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But it's not the number one factor
they're looking at.

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You know, can what are my chances
of winning a Super Bowl or

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what about the weather.

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You know, that's that's what kind of comes
to the floats, the top of the list.

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And. Well, let's look at the numbers. 4%.

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Like over the span of a of a 20. Okay.

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So a $24 million contract over three years
averages out to 8 million a year.

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If you're making that here
in Massachusetts, how big of that?

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How big of a difference
is that in another state?

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So if you are in Massachusetts
and you play for the Patriots,

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you would probably pay about a little more
than $2 million in taxes.

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Now, if you went to a state that didn't
have an income tax, like Florida,

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like the Miami Dolphins, maybe your taxes
only exposure is about $100,000.

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That's a big chunk.

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That's a jump ship.

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Is it is. 2,000,200 grand.

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That's a big jump.

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But one of the things I was surprised by,

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you know, I looked at some analysis
from a group called the Tax Foundation

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and that actually we aren't
we don't pay the highest taxes.

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We don't have the the are the Patriots
players, don't pay the highest taxes.

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It's, you know, teams in California,
the players there, you know,

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think about the the San Francisco
40 niners, they pay higher taxes.

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also, think about even Minnesota, the.

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Minnesota.
The players there pay higher taxes.

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Baltimore Ravens,

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they pay higher taxes, of course,
the New York New Jersey teams as well.

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So now the millionaires tax
did move Massachusetts

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from kind of the middle of the pack
in terms of taxes to the top tier,

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but still we don't we are not the most
expensive place in terms of taxes.

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Okay.

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2 million and 100,000 is a is a is a jump.

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But I mean on a $24 million contract,
you ain't starving.

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But you can still feed yourself
and your family.

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Are are the athletes that I guess
bent out of shape over this tax.

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I mean, it can be hard to be sympathetic,
right, for players

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making millions of dollars.

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But as another tax accountant Point Abbot
pointed out to me, you know, this money,

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the average pro athlete, their careers
only maybe four years, or less.

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And so the money they make,
that money has to last a lifetime.

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That money has to last 20, 30, 40,
maybe 50 years for them.

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And so that's
why athletes are looking at their taxes.

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And that is one of their biggest expenses.

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Perhaps the biggest expense.

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Boston Globe columnist
and host of the Save More podcast,

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Shirley Leung,
thank you so much for joining us.

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Thanks for having me.

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For daily access to Boston Globe today.

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