Taxes can reduce $100M contracts to under $50M
Carmelo Anthony explained how state and local taxes can significantly reduce the value of a $100M contract.
He noted that taxes can take 58 percent to 60 percent or 48 percent of the income.
This means that $10 million can be reduced to $5 million over a five-year period.
Lifestyle creep is another factor that can impact high-income individuals, making it difficult to build generational wealth.