Former Trail Blazer Craig Smith says he had just $85 in bank despite millions made

Discussion in 'Portland Trail Blazers' started by SlyPokerDog, May 23, 2015.

  1. BlazerWookee

    BlazerWookee UNTILT THE DAMN PINWHEEL!

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    "Just helping my teammates. That’s what it is about 100 percent. I believe they would give it up for me, all it was seeing the opportunity and taking advantage of it.”
     
  2. PtldPlatypus

    PtldPlatypus Let's go Baby Blazers! Staff Member Global Moderator Moderator

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    You assume too much. If he paid approximately half his earnings in taxes, then that would mean he "squandered" a little over 2.5M. Of course, we have no idea what other assets he might hold (real estate, securities, etc.), or what purchases he might have made for other members of his family, so really it's unreasonable to state that he "squandered" anything.

    Honestly, having $2M in liquid assets after a 9.4M career would be pretty damn good.
     
  3. jlprk

    jlprk The ESPN mod is insane.

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    Nobody pays half their earnings to taxes. That's an urban myth, just a political slogan.

    No one pays even a fourth.
     
  4. KeepOnRollin

    KeepOnRollin Well-Known Member

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    @magnifier661 would beg to differ.
     
  5. magnifier661

    magnifier661 B-A-N-A-N-A-S!

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    It's the truth. Jlpk did too many drugs in the 60's
     
  6. riverman

    riverman Writing Team

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    But he saved his money
     
  7. EL PRESIDENTE

    EL PRESIDENTE Username Retired in Honor of Lanny.

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    not quite 50% but close. :MARIS61:

    [​IMG]
     
  8. barfo

    barfo triggered obsessive commie pinko Staff Member Global Moderator

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    For some reason I'm reminded of cookware.

    A kettle, maybe a pot...

    barfo
     
  9. magnifier661

    magnifier661 B-A-N-A-N-A-S!

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    Why yes... But my drugs expand the mind! I see unicorns instead of visions of Hilary Clinton in a thong
     
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  10. riverman

    riverman Writing Team

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    so then, you're projecting this image of her in a thong because of drug influenced unicorns?
     
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  11. jlprk

    jlprk The ESPN mod is insane.

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    You know you didn't pay 51% of your total income to taxes. If you did, you must have been stoned. You would have gotten a refund.

    No one pays that much. You are either lying, self-deceived, deceived by a crooked tax preparer, stoned, or deceived by a stoned crooked tax preparer.
     
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  12. jlprk

    jlprk The ESPN mod is insane.

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    Tax withheld is not the same as tax he will owe on April 15. If his advisers are competent, he'll get a big refund on the 39% he's having withheld. As for the local jock taxes, it appears that 9 days ago, the Maryland Supreme Court stopped double taxation by 2 states on the same income. Maybe it will eventually go national.

    http://www.washingtonpost.com/local...92ee7a-d16f-11e4-ab77-9646eea6a4c7_story.html

    Magnifier, you can deduct a lot of expenses, you know. Who does your taxes, Bud Light?
     
    Last edited: May 29, 2015
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  13. Voodoo

    Voodoo An American hero

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    Does Craig Smith not realize that rhino horns are worth thousands of dollars on the Chinese black market?
     
  14. magnifier661

    magnifier661 B-A-N-A-N-A-S!

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    I get 25k refund each year, but pay out 135k for my 270k per year wage
     
  15. jlprk

    jlprk The ESPN mod is insane.

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    The 135K is tax on your gross income, not just your wage income. Your investment & business income must be over 300K.

    As for the baseball player's (McCutchen's) paystub, his agent is withholding the maximum 39% to force him to save. The player will get a refund, mailed to the agency, which the agent will stash into some investment before the player can waste it. It'll be there when the player retires.
     

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