We penned a piece on the absurdity of the so-called “Jock Tax”, a duty day tax calculation which assigns local taxes to athletes, referees, coaching staff, and waterboys that travel with a team – even though your doctor probably doesn’t pay anything similar when she attends conferences. Today we’ll discuss a disturbing trend which might […]
What, am I crazy? Peyton Manning of the Indianapolis Colts is probably a doubtful start for the rest of the 2011 season, and perhaps has made his last start of his Colts career (The Colts would owe Manning $28 million if they exercised his contract for another year at the end of 2011 – crazy to think about). He is also due to make at a minimum $23.4 million this year – $20 million as a signing bonus for his new contract and $3.4 million in guaranteed salary. Luckily I left myself an out – the problem with painting every sports contract with the “overpaid” brush is there is an army of athletes who will never touch the salaries which make us do a double take. As Frédéric Bastiat wrote in his essay What is Seen and What is Not Seen, “Let us accustom ourselves, then, not to judge things solely by what is seen, but rather by what is not seen.”This article requires a special shout-out to Nelson Smith at Financial Uproar who planted the seed – sorry I waited until the third week of NCAA football to write this!