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How Personal Income Taxes Impact NHL Players, Teams and the Salary Cap

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How Personal Income Taxes Impact NHL Players, Teams and the Salary Cap HOME GUEST 0 10 HOME ICE TAX DISADVANTAGE? How personal income taxes impact NHL players, teams and the salary cap Jeff Bowes Research Director Canadian Taxpayers Federation November 2014 The Canadian Taxpayers Federation (CTF) is a federally ABOUT THE incorporated, not-for-profit citizen’s group dedicated to lower taxes, less waste and accountable government. CANADIAN The CTF was founded in Saskatchewan in 1990 when the Association of Saskatchewan Taxpayers and the Resolution TAXPAYERS One Association of Alberta joined forces to create a national taxpayers organization. Today, the CTF has 84,000 FEDERATION supporters nation-wide. The CTF maintains a federal office in Ottawa and regional offices in British Columbia, Alberta, Prairie (SK and MB), Ontario and Atlantic. Regional offices conduct research and advocacy activities specific to their provinces in addition to acting as regional organizers of Canada-wide initiatives. CTF offices field hundreds of media interviews each month, hold press conferences and issue regular news releases, commentaries, online postings and publications to advocate on behalf of CTF supporters. CTF representatives speak at functions, make presentations to government, meet with politicians, and organize petition drives, events and campaigns to mobilize citizens to affect public policy change. Each week CTF offices send out Let’s Talk Taxes commentaries to more than 800 media outlets and personalities across Canada. Any Canadian taxpayer committed to the CTF’s mission is welcome to join at no cost and receive issue and Action Updates. Financial supporters can additionally receive the CTF’s flagship publication,The Taxpayer magazine published four times a year. The CTF is independent of any institutional or partisan affiliations. All CTF staff, board and representatives are prohibited from holding a membership in any political party. In 2013 the CTF raised $3.9 million on the strength of 22,971 donations. Donations to the CTF are not deductible as a charitable contribution. 2 Americans for Tax Reform (ATR) opposes all tax increases ABOUT as a matter of principle. AMERICANS FOR We believe in a system in which taxes are simpler, flatter, more visible, and lower than they are today. The TAX REFORM government’s power to control one’s life derives from its power to tax. We believe that power should be minimized. ATR was founded in 1985 by Grover Norquist at the request of President Reagan. The flagship project of Americans for Tax Reform is the Taxpayer Protection Pledge, a written promise by legislators and candidates for office that commits them to oppose any effort to increase income taxes on individuals and businesses. Since ATR first sponsored the Pledge in 1986, hundreds of U.S. Representatives, more than fifty U.S. Senators and every successful Republican Presidential candidate have all signed the Pledge. In the 113th Congress, 219 U.S. Representatives and 41 U.S. Senators have taken the Pledge never to raise income taxes. Americans for Tax Reform began promoting the Taxpayer Protection Pledge on the state-level in the early 1990s. ATR works with state taxpayer coalitions in all 50 states to ask candidates for state legislature and constitutional office to sign the State Taxpayer Protection Pledge, which reads: “I _____ pledge to the taxpayers of the __________ district, of the state of __________, and to all the people of this state, that I will oppose and vote against any and all efforts to increase taxes.” Additionally, Americans for Tax Reform works with state- based center-right groups to help replicate ATR’s national Wednesday Meeting in the states. Currently, there are over 60 meetings in 48 states. These meetings bring together a broad cross section of the center-right community- taxpayer groups, social conservative groups, business groups, legislators, etc., to promote limited government ideals. Realizing that Americans not only need to be protected from higher taxes, but from higher spending; Americans for Tax Reform created the Cost of Government Center (CoGC). CoGC focuses on all issues related to fiscal responsibility and accountability, especially spending restraint. ATR is a nonprofit, 501(c)(4) taxpayer advocacy group. Contributions to Americans for Tax Reform are not tax deductible. The Americans for Tax Reform Foundation is a 501c(3) research and educational organization. All contributions to the Americans for Tax Reform Foundation are tax deductible to the extent provided for in federal law. 3 4 TABLE OF CONTENTS 1. About this Report Page 7 2. Executive Summary Page 9 3. Tax Rankings Page 10 4. Tax Contribution Page 13 5. Salary Cap Page 14 6. Trades Page 16 7. Free Agency Page 18 8. Appendix Page 19 Canadian Taxpayers Federation Americans for Tax Reform 803-116 Albert St. E 722 12th St NW Ottawa, ON K1P 5G3 Suite 400 Washington, DC 20005 5 6 ABOUT THIS REPORT There are a hundred reasons why some professional Whether capping the wages of labourers in a sports teams are successful and why some are not. free-market economy (or whether the NHL or any Coaches, players, general managers, trainers, injuries, professional sports league constitutes a cartel) is not schedule, luck, etc. all play into the equation. However, the subject of this report. But since the salary cap has not all reasons hold the same weight. Putting together been put into place, it would seem that teams have the right group of players is probably the biggest factor. been placed on a level playing field when it comes After all, even the best schedule and the best coach to negotiating with players to play on their teams. can’t make a team full of untalented players win. However, one major factor continues to advantage some teams and disadvantage others: personal income Why do players play on certain teams? taxes. Again, there are dozens of reasons. Where they were While NHL players and all North American citizens pay drafted, weather, family, opportunity, lack of options, a significant amount of taxes of all forms (property, money, etc. all can play into the reason a player is on sales, income, and even specific ‘jock taxes’), because a particular team. Early in their career in the National of their significant incomes (the average NHL salary Hockey League (NHL) most players are limited by last year was $2.3 million USD), income taxes have the rules in the Collective Bargaining Agreement (CBA) to largest impact on the take home pay of a NHL player. playing for the team that drafted them out of junior or college hockey. Later in their career, factors like money, This report looks at that impact. opportunity to play on a better team or play a more significant role, are much more important. Readers will be unsurprised to learn that both the Canadian Taxpayers Federation and Americans for Prior to 2005, the NHL had no salary cap, meaning that Tax Reform believe taxes matter. And they matter wealthy teams could afford to pay players significantly not just for highly-talented, millionaire professional more than poorer teams. Unsurprisingly, in the 1990s athletes, but for every talented citizen of North America. and early 2000s, wealthier teams tended to outperform Professional athletes have traditionally had more poorer teams. This continues to be the case in Major labour mobility (i.e. ability to pick up and move to a League Baseball and European soccer leagues. different province, state, country) than the average citizen of Canada or the United States, but times are However, in 2005 the owners negotiated a salary cap changing. with the National Hockey League Players Association (NHLPA). This ‘hard cap’ limited the ability of wealthy In 1950, average, every day families didn’t often pick up teams to pay players significantly more than poorer and move across the country to a different city. And if teams. It also forced poorer teams to pay their players a minimum amount. 7 they did, it was mostly out of desperation and it was located. The taxes considered include federal, state, a significant impact on their family. Today, thanks to provincial and city income taxes. They also include relatively inexpensive travel, and the ability to stay federal payroll taxes. In the United States that means in touch for free, in real time, with video, has made the Federal Insurance Contributions Act (FICA) moving across the country as accessible as moving taxes for Medicare and Social Security. In Canada, it down the block. includes payroll taxes for Employment Insurance and the Canadian Pension Plan (or Quebec Pension Plan). This trend will only speed up. Professional athletes have just been doing it longer and for higher pay. Especially for income tax, this is a simplification of the actual taxes a player would pay, as it only The purpose of this report is to show the impact that includes a personal deduction (no spousal or child tax taxes – personal income taxes in particular – have on credits) and doesn’t include deductions or tax credits labour mobility. While the numbers are more extreme for mortgage interest in the United States, retirement with NHL players, the concept is the same for millions savings, donations to charities or anything else. of North American families. The calculations also do not take into account specific Jurisdictions with high taxes will continue to lose contract structures, namely signing bonuses (which the most talented, highly-skilled citizens to lower tax can be taxed at a lower rate). jurisdictions. Taxes are calculated using the salaries paid to each Methodology and limitations: player for the 2013-14 season using 2014 tax rates. The salaries used are for players on the team’s active Taxes are complicated for everyone but professional roster, they exclude retained salaries, buyouts, and athlete’s taxes are exceptionally complex. Because contracts outside of the NHL.
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