Wonder what you would find if you frisked the fight between Manny Pacquiao and Floyd Mayweather Jr. that was suppose to take place in New York or New Jersey?
Answer: High state taxes make the fight impossible.
I believe the boxing referee is counting down, because New York and New Jersey are definitely getting knocked out on this one:
It appears the Tax Man is about to do to Manny Pacquiao and Floyd Mayweather Jr. what Oscar de la Hoya, Ricky Hatton and Miguel Cotto could not.
Namely, knock both of them out.
Out of New York, that is. And New Jersey, too.
Poor Yankee Stadium and Meadowlands:
But last night, Arum dropped the hammer on the fight taking place anywhere east of the Mississippi River.
“No chance,” Arum said. “Nothing would please me more than to have it at Yankee Stadium, but the way the tax structure in New York is set up, it’s impossible.”
It appears the fight will be at Jerry Jones’ new $1 billion-plus Cowboys Stadium! Wonder what’s the tax difference between the liberal East Coast and conservative Texas? Easy, there’s a lot of difference:
The answer is, no state taxes in Texas and a ton of them in New York and New Jersey. According to Arum, the fighters could lose more than $12 million in taxes if the fight takes place in New York and slightly less if it winds up in the Meadowlands.
Arum said that between New York State and city taxes and a tax levied on nonresident independent contractors performing in New York, the fighters – and the promoter – would lose 15 percent of all revenue generated by the bout.
“It’s just not economically feasible to do events like that in New York,” Arum said. “It’s ridiculous, really.”
The bright blue states just received an uppercut of reality, because no one likes taxes! It appears the East Coast lost out on possibly one of the greatest fights, but don’t worry… Texans will enjoy ALL the benefits and business that will come with the match.
Side-Note: With taxes shooting up faster than a firework display on the 4th of July, boxing promoters aren’t the only ones keeping an eye on taxes. Carlos Boozer of the Utah Jazz has also voiced his concerns in regards to state taxes.
As liberals spend frantically, I’d expect more of these situations to pop up in the future. Mark my words.