Quote:
Originally Posted by caspper69
BS. He's an NBA player. His wages are withheld for Federal on the 1st and the 15th, and he has withholding from every state he plays in at the same time.
Athletes aren't entrepeneurs. They're salaried employees.
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The highest federal tax rate is 35%. The highest state rate is 13%.
He's wasn't bringing home $96 million -- more like $50 million.
Quote:
Originally Posted by caspper69
I'm guessing it's not his primary residence. If it is, you have to think that his money was going out due to "advances" from his managers/agents.
Seriously, it's simple. They loan-sharked the **** out of him, made the max allowable under the usury statutes (to the cent, I bet), and killed his cash flow.
Besides that, most athletes have no idea where their money goes at the end of the day. My father's an attorney for some *very* well known athletes, especially around here, and his checks are cut/printed by a clearinghouse. They're not even allowed to have debit/credit cards. You'd be surprised what some of these scumbag hangers-on do to their clients.
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Yeah, I know most of all that. (I also know Sprewell is likely not "bankrupt" in the literal sense.) Bottom line still is, Sprewell is a galactic-class idiot.