Greg Norman must be sighing with relief. He’s not the only multi-millionaire sports figure to complain about high taxes. Manny Pacquiao has announced he will not fight in the United States because of confiscatory taxation. You know it’s bad when foreigners refuse to work in this country.
“But while promoter Bob Arum wanted it to happen, Pacquiao is now calling it a ‘no go’ due to the 39.6 tax hit he would take from the federal government [emphasis added],” the Washington Examiner’s Paul Bedard notes.
The Grover Norquist-founded Americans for Tax Reform weighed in on the Pacquiao exodus.
“Pacquiao’s concerns lie with the federal income tax. As Nevada is one of the nine states that do not have an income tax, Las Vegas has grown to become the home for major bouts because fighters do not have to worry about the state taking a bite out of their winnings or purse,” they told Bedard.
“Unfortunately, Nevada’s economic benefit is now overshadowed by the federal income tax rate,” the group added.
Expect a strongly worded letter from the Democratic Party, Mr. Pacquiao. Oh, that’s right you don’t have to care what these shakedown artist have to say.