HomeTrending TopicsDavid Price wont pocket a big chunk of that $217M
Posted in Trending Topics on 6th December 2015

David Price wont pocket a big chunk of that 7M

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Uncle Sam is the winner of the Major League Baseball’s newest monster deal.

Pitcher David Price has signed a reported seven-year $ 217 million contract with the Boston Red Sox this week. Total value of the contract would make him the highest paid MLB pitcher.

Although the raw figures are eye-popping, the lefty will be significantly less pocket money as soon as the federal government, the states and locations they get cut. Using 2015 tax rates will see price about 56 percent of the amount, or $ 121.3 million, according to Robert Raiola, a certified public accountant with CPA firm O’Connor Davies, who work with athletes and artists.

Price, like most athletes, pay income tax in most of the states that he plays.

As of earlier this year, main house price was in Tennessee. Here Raiola is the rough approximation of how much money price would pay in taxes assuming he a native of Tennessee, who has not not remain a personal income tax.

Among those tariffs, Price would pay about 44 percent of his salary in taxes.

The total fees paid to not close his agent, Bo McKinnis. McKinnis’ office did not respond to a request for comment, but agents often between 3 and 5 percent of a contract, according to various reports. CNBC could not immediately track price directly for comment.

Jeff Beck, co-founder and managing partner of the office Proformance Baseball raise customers 1.5 percent. He negotiates presentations for MLB stars such as Jose Bautista and Billy Wagner.

He noted that agents levy the same rates that they charged in the 90s. Ever since player salaries have increased, on average, 600 percent.

“It is an industry that is totally matures disturbed,” said Beck, states that agency fees should normalized to reflect inflation. “The 5 percent fee in 1990 is the same as 1.4 percent today.”

While the National Football League Players Association caps agent fees at 3 percent and the National Association basketball restricted committees at 4 percent, the Major League Baseball Players Association does not impose a limitation.

“We want a deal with the prize done by one percent,” Beck told CNBC. “To make a $ 2000000 fee at a negotiation did before december? It’s incredible.”

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