Medvedev about earning in tennis... Numbers...

joekapa

Legend
A Go Fund Me page is definitely in order for Med.

He lives in Monte Carlo, thus paying no income tax at all, which saves him millions every year, he did neglect to mention that. Otherwise, he's earned his money. It's just a bit cringe that in the midst of a global pandemic he mentions his income when it's substantially more than 98% of people on earth.
It doesn't work that way exactly, my man.

In Monte Carlo you don't pay income tax, sure, which probably ensures he doesn't pay a lot of tax on his off-court earnings (endorsements etc). But you know what the sales tax is in Monte Carlo ? You know what the living costs are ? The land taxes ?

But his earnings at each tournament are taxed at the local rate..........In France, they are taxed like he is a local in France. In Australia, like he is a local in Australia. etc. etc etc....

Medvedev is right.......
 

joekapa

Legend
I will not shed any tears for these athletes. They are overly-indulged and make too much money as it is. Doctors and nurses saving people's lives make a miniscule amount compared to them. Society has it backwards.
I would agree for elite CEO's, or the "golden boys" of industry and politics.

But athletes NO ! They have worked for whatever they have. They took a gamble, and for the minority, it worked out for them. The others are coaches at clubs, resort hotels etc.
 

joekapa

Legend
They may take the basic rate of income tax off the earnings at source and then claim the rest at the end of the fiscal year, in which case you could theoretically get a rebate if your overall earnings fall short of the basic income tax rate once expenses are taken into account, but they don't actually tax the same income twice...

...unless you're American (and a few other countries) where the country you earn the money in gets to take their share and any shortfall between their taxes and America's own taxation levels America will tax you on, I understand. It's why Terry Gilliam eventually renounced his American citizenship as he kept having to pay additional taxes to America despite having not lived there for decades.

I don't know what it's like in other countries but I know a lot of people are very naive about taxation where I live because your tax is typically deducted via your employer's payroll before it gets anywhere near your bank account and thus people don't need to understand it properly. It's really not difficult to set aside money for tax purposes as you earn it and never think of it as "your" money. It is pretty galling, mind, when you receive enough in one go that it'll be almost entirely taxed at 40% to see it whittled away so dramatically.... particularly if your level of trust in the government is extremely low!



I think he'll have that covered: "Medvedev studied physics and math at a specialized school before graduating early and enrolling in economics and commerce at the Moscow State Institute of International Relations." He's probably the smartest guy, academically speaking, playing professional tennis right now.
By far the smartest, academically, on the tour right now.
 

Wurm

Professional
So when Medvedev won US Open in 2021, he got the full net amount of $2.5 million? Didn't he get taxed in the U.S since he won there?

He got taxed on it in the US.


By residing in Monte Carlo he avoids getting taxed on any other income beyond the prize money, which if he's earning millions from sponsorhips/endorsements means rather a lot of money staying in his pocket that would've gone out as taxes elsewhere.

Well, he avoids getting taxed on it except when playing Wimbledon as Britain's tax laws means they tax players on their sponsorship/endorsement deals at a percentage rate according to the period of time they're competing in Britain, thus seen by the British to be earning their sponsorship money whilst on British soil.
 
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