The remarkable loophole that will save Juan Soto $8m in tax after signing his $765m Mets contract

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The remarkable loophole that will save Juan Soto $8m in tax after signing his $765m Mets contract

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Juan Soto's record-breaking 15-year, $765million contract with the New York Mets could pocket the 26-year-old $8million more than some expect thanks to a tax loophole. Soto currently resides in Florida, which does not collect tax on personal income. New York does, at a rate of 10.9 percent for any amount more than $25million. The now-Met received a $75million signing bonus, which will have federal income taxes taken out. Due to not living in the state where he plays, Soto will keep the $8million he would have surrendered to the state of New York.
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