Lakers Set to Pay Kobe Bryant Whopping $24 Million Lump Sum on Friday

[GMATCa]

after taxes it is only like $11,000,000.00

.

 

[GMATCa]

$10,900,000 is what he ends up with out of $24,000,000. Unreal how high taxes are in California.

Los Angeles Lakers paying Kobe Bryant $24 million lump sum - ESPN Los Angeles

Bryant's total take home of the $24.3 million check is subject to heavy taxes, which could total as much as 55 percent of his salary.

Most rich folks don't pay nearly the percentage that they're technically supposed to pay based on their base rate. For example, Obama, Biden, and Gingrich were all in the 35 percent (now back up to 39.6 percent) federal income marginal tax bracket, but none of them paid at a 35 percent clip. Mitt Romney, meanwhile, paid even less because he was making money off money, rather than through a salary.

John Hanger's Facts of The Day: Comparing Tax Rates Paid By Obama, Biden, Gingrich, and Romney

In other words, there's a big difference between formal tax rates and effective tax rates, at least for most wealthy folk (and big corporations). Of course, you factor in the state tax rates, too, but our tax codes are like Swiss cheese. Yes, Kobe Bryant could pay "as much as" 55 percent of his balloon payment in taxes and thus receive "as little as" $10.9M when the matter is said and done. But more likely, he will be taking various deductions, having his tax attorneys move his money around, and ending up with over half his salary.