Buisness Insider

Increased Tax Rate Makes Jose Reyes The Biggest Loser In Marlins Mega-Trade

Miami Ballpark Miami Marlins Jose Reyes

Last night, the Miami Marlins essentially gutted its team (again), sending five players to the Toronto Blue Jays.

The biggest loser in the deal may be Jose Reyes, who will now have the $96 million left on his contract taxed at a much higher rate.

With the Marlins, Reyes was playing in tax-friendly Florida. And without a state income tax, Reyes would have paid just 39.6% in taxes, or about $38 million over the next six years. In Ontario, Reyes will pay over $43 million in taxes, based on a 45% tax rate cited by Darren Rovell of ESPN.com.

In other words, this trade will cost Reyes over $5 million in taxes.

Then again, the Marlins made this trade just one year after moving into a new $600 million stadium paid in large part by the citizens of Miami-Dade County. So maybe the Marlins fans are the biggest losers.

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