Why Prop 30 Will Decimate CA Pro Sports
Recently “my” San Diego Chargers lost to the Tampa Bay Buccaneers — employing the patented Charger second half meltdown. No surprise. But my concern is that this loss might be the harbinger of what we can expect in future years–for a surprising reason.
First some background: Our star Charger player Vincent Jackson recently became a free agent, and Tampa Bay won the bidding war. After Sunday’s Tampa Bay victory, Jackson was a classy guy, saying all the right things about respecting the Chargers while being happy with his new team–and home. I bet he is!
Jackson is now WELL paid for his services. He makes $5.2 million a year, guaranteed for 5 years. Depending on incentive payments for how well he performs, he can make as much as $11 million a year. The Chargers could not come close to matching that offer–or at least chose not to try. But there’s an additional reason Jackson is so broadly smiling all the way to the bank. IF he were still in CA, he’d be paying 13.3% state income tax (easily the highest in the nation) on most of his $55 million, 5 year salary … Read More