Stephen Curry was in the news for his miraculous 50-point performance in game 7 of the series against the Sacramento Kings. He has proven time and again why he’s considered an all-time great in the NBA. Knowing the value that Curry brings to the team, the Golden State Warriors are paying him the big bucks. But recently it was surprising to see how much of the money Stephen Curry is losing out to taxes.

Stephen Curry has signed a massive 215 million dollar four-year contract with the Golden State Warriors. The Warriors star earns about a million dollars every two NBA games. He has also signed various multi-million dollar deals off the basketball court. It was recently reported that pro athletes lose up to fifty percent of their incomes and Curry has also become the victim of the taxation system.

Stephen Curry loses 15 million dollars in taxes

The athletes in the USA are subjected to pay a variety of taxes. It was reported by Andrew Petcash that Stephen Curry had to pay almost 15 million in taxes last season. He was ordered to pay over four million dollars in state or city taxes. The man who was partly responsible for the introduction of the state taxes is none other than the six-time champion Michael Jordan.

When the Chicago Bulls took on the Los Angeles Lakers in the 1991 NBA finals and won, the state of California demanded that Chicago players pay the tax on the money they earned from playing in California. Chicago in return thought that this was unlawful and not fair. They introduced their tax law called ‘Michael Jordan’s Revenge’.

According to the law passed, all the NBA athletes coming from the state of California have to pay a tax on the money they earned while playing in Chicago. After this, many other US states started following suit.

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This tax came to be known as a ‘Jock Tax’. Not just Stephen Curry but all the major athletes in the USA still have to face the consequences of what transpired three decades back.

Athletes are trying to escape the system

Some major sports personalities are doing everything they can to pay a minimum amount of tax. Tyreek Hill claimed the main reason he joined the Miami Dolphins over the New York Jets was the difference in tax rates. He might save up to several million dollars in the upcoming years. Boxer Floyd Mayweather is arguably the most famous athlete in his field. He scheduled every one of his boxing fights in his last 10 years as a boxer at Las Vegas because of its policy of zero Jock Tax. He saved an estimated twenty million dollars from doing so.

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What are your thoughts on the system of Jock Tax? Let us know in the comments section below.