Jeronne Maymon update

#251
#251
zansdad said:
Euro clubs pay American Taxes? You got any link that backs that up or is it just Internet gossip?
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It's not gossip it's called foreign tax credit, foreign income exclusion, and the foreign housing exclusion. The remaining US tax base is typically paid by the employer.

I worked as an ex-pat for a few years. You're foreign income is not US income and not subject to US tax laws if you reside outside the US. Which is what basketball players do, and that is also paid for by the club.
 
#252
#252
I hope he red shirts and comes back along with Stokes. New recruit Hubbs will be here with him and Golden is back could be one of the best teams ever at Tennessee next season.
 
#253
#253
Shaun1985 said:
Never heard about the tax thing but he could make some serious money playing overseas. I don't know how his family life is or expenses so it's hard to say. Won't he pretty much be done with his degree this season anyways?
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If he plans to play professionally it's an easy decision - go now. He'll be 23 after next season and there aren't many slots for guys his age. If he conceeds that his basketball career is over after his last game at UT he should come back for another season.
 
#254
#254
UT IE 95 said:
It's not gossip it's called foreign tax credit, foreign income exclusion, and the foreign housing exclusion. The remaining US tax base is typically paid by the employer.

I worked as an ex-pat for a few years. You're foreign income is not US income and not subject to US tax laws if you reside outside the US. Which is what basketball players do, and that is also paid for by the club.
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So I guess this law firm doesn't know what they're talking about.
General Discussion of Tax Matters for Overseas Basketball Players | Hess Law Group

Playing overseas doesn't make you except from US taxes. And if the club pays your local taxes, then that money too is taxable.
 
#255
#255
zansdad said:
So I guess this law firm doesn't know what they're talking about.
General Discussion of Tax Matters for Overseas Basketball Players | Hess Law Group

Playing overseas doesn't make you except from US taxes. And if the club pays your local taxes, then that money too is taxable.
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You are subject to the foreign income tax laws of the US code. The tax bracket is completely different, and frankly, the amount owed on insane amounts of money is not much. And that amount is covered by the club.
 
#256
#256
UT IE 95 said:
You are subject to the foreign income tax laws of the US code. The tax bracket is completely different, and frankly, the amount owed on insane amounts of money is not much. And that amount is covered by the club.
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Don't you still have a tax liability in the foreign country to qualify for the exclusion?
 
#257
#257
And I'm clearly not representing myself as a CPA or expert on taxes. My personal experience of working outside the US and everything I've read/heard living in an NBA city with players deciding to play overseas supports that their income is for all intents and purposes, tax free. What they are paid is what they are paid.
 
#258
#258
zansdad said:
Don't you still have a tax liability in the foreign country to qualify for the exclusion?
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Correct. My employer covered the local tax and that amount is exempt based on international double taxation laws. I can't be taxed again in the US on what I was already taxed on.

Otherwise you'd run into what some call global protectionism. No one would ever leave to work somewhere else or buy foreign goods or services.
 
#259
#259
UT IE 95 said:
And I'm clearly not representing myself as a CPA or expert on taxes. My personal experience of working outside the US and everything I've read/heard living in an NBA city with players deciding to play overseas supports that their income is for all intents and purposes, tax free. What they are paid is what they are paid.
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I understand, but I think they are oversimplifying things. If a US worker only saw their paycheck, without seeing FICA or withholding, they might believe they are working 'tax-free' (the company is paying the taxes before the worker gets his/her check) When in fact it is part of their income. If a Euro-club is paying a players taxes, then they are not playing tax free, someone is paying their taxes for them, and you can bet that comes off their net earnings. It would make it easier for the player, since he wouldn't have the hassle of dealing with foreign taxes, but they are still being paid "gross-taxes". Plus, the player can, and it appears, often does have a tax liability once he returns stateside.

It also appears that most players assume tax free means not having to file a return and they get into more trouble from that, than from the actual taxes owed.
 
#261
#261
UT IE 95 said:
Correct. My employer covered the local tax and that amount is exempt based on international double taxation laws. I can't be taxed again in the US on what I was already taxed on.

Otherwise you'd run into what some call global protectionism. No one would ever leave to work somewhere else or buy foreign goods or services.
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I see what your saying but having someone pay your taxes is not what I would call tax free. The taxes a are just being paid by a 3rd party. Very few things in "modern countries" are tax free.
 
#262
#262
zansdad said:
I see what your saying but having someone pay your taxes is not what I would call tax free. The taxes a are just being paid by a 3rd party. Very few things in "modern countries" are tax free.
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And I agree, it is taxed, just being paid by someone else.

My point is that when you make 200K in europe you don't pay 30% to the US government.

To attract US players, euro clubs pay their foreign and domestic taxes so that what they make is what they make.
 
#263
#263
UT IE 95 said:
And I agree, it is taxed, just being paid by someone else.

My point is that when you make 200K in europe you don't pay 30% to the US government.

To attract US players, euro clubs pay their foreign and domestic taxes so that what they make is what they make.
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I understand you now. I guess I just jumped on the 'tax-free' part a little hard. My apologizes.
 
#264
#264
zansdad said:
I understand you now. I guess I just jumped on the 'tax-free' part a little hard. My apologizes.
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No apology necessary - just happy to keep the discussion lively and civil.

And blendingtnorange could be right, Maymon may forego or delay his professional dreams and redshirt to play in college another year.
 
#274
#274
1. Get Maymon a girl he can't live without to convince him to stay (talking to all you current UTKers).

2. Look up Josh Childress if you don't believe the tax issue of playing overseas. He left the NBA for Greece (iirc) simply because of the net money from not having to pay taxes.
Posted via VolNation Mobile
 
#275
#275
roswellvol said:
1. Get Maymon a girl he can't live without to convince him to stay (talking to all you current UTKers).

2. Look up Josh Childress if you don't believe the tax issue of playing overseas. He left the NBA for Greece (iirc) simply because of the net money from not having to pay taxes.
Posted via VolNation Mobile
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I actually saw Maymon and his lady at a movie theater not long ago.

I remember thinking he was a lot shorter than I had originally thought. Dude is jacked though.
 
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