Joe Flacco signed a brand new contract with the Baltimore Ravens that will make him the highest-paid player in NFL history, but after dealing with Maryland state taxes, the quarterback will make less per year than Drew Brees.
According to Yahoo.com, Flacco signed a six-year, $120.6 million contract that will pay him $50 million in guaranteed money, but since he lives in Maryland he will be subject to a 51.98 percent marginal income tax rate. The taxes in the state make Drew Brees with the New Orleans Saints the highest paid player per year in the NFL, as he will make $470,000 more than Flacco each year.
Brees signed a five-year $100 million contract last season with the Saints, which was trumped by Flacco after he led the Ravens to the Super Bowl and won the game MVP award. The analysis was put together by Washington-based Americans for Tax Reform, but did not include any money made from endorsements or other sponsorships.
Flacco would be the highest-paid player after taxes if he lived in a different state, including Texas with the Cowboys, or Florida with the Tampa Bay Buccaneers, Jacksonville Jaguars and Miami Dolphins, he would face no state tax.
According to the report, since Flacco plays football in Maryland, he will give back $10.44 million annually and after dealing with state and local taxes, he will make $52.32 million as his salary over six years.
Flacco will likely not want for anything and if his post-contract meal means anything, there is a good chance he will keep control of his money, as he celebrated the signing of his contract with McNuggets from a McDonald's in Maryland.
Flacco essentially bet on himself this past season after rejecting a contract extension from the Ravens and the team paid him handsomely to stay. Flacco did not throw a turnover during the playoffs and led the team to wins over the Colts, Broncos and Patriots before defeating the 49ers in the Super Bowl in New Orleans.
