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The Best Bet For Wembanyama To save In Taxes Is Texas

The crown jewel of the basketball game at the moment Victor Wembanyama keeps getting hype around him as days go by.

He has been dubbed a generational talent with his unmatched skills and talents distinguishing him among the best young players getting into basketball this year.

Victor is highly touted to be the first overall pick on June 22, 2023, and we might have an idea where he would be going come that day.

Before the May 16, 2023, NBA draft lottery, the San Antonio Spurs, Houston Rockets and Detroit Pistons had the highest odds to draft to get the first pick at 14% but the Spurs were the lucky ones to win it.

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The Houston Rockets got the fourth pick and the Detroit Pistons closed up on the fifth position.

Victor’s next destination will most likely be San Antonio Spurs and for sure he will be a resident in the Texas-based city of San Antonio.

Wembanyama is set to bring a windfall to San Antonio and not only will he be essential on the court but also off the court.

Victor is set to add more than half a billion dollars to a franchise value alongside revolutionizing the area in terms of infrastructure and development.

His gifts are set to trickle down transitioning San Antonio into a booming Metropolis.

Despite him having the most positive impact on San Antonio, getting drafted to a Texas-based team would mean that he will be going to Texas and this is a blessing in disguise.

Wembanyama will sign a two-year deal with a team with an option for both his third and fourth years that is projected to be worth roughly $55 million, with $12 million paid in 2023–2024, as required by the NBA’s rookie wage scale because he was selected first overall.

Victor is also expected to reap big in endorsements with his projected value set to exceed what Zion Williamson got in his rookie year which was roughly $21 million.

Wembanyama will have to pay taxes on a substantial amount of his earnings, like most professional athletes, but his tax obligation is different because he is a French national operating in the U.S.

Victor might be eligible for a tax rebate for the taxes that he paid in the United States since he is a French resident, but he would still owe a large amount of money in French taxes.

A part of Wembanyama’s income above $579,000 will be subject to the highest federal income tax rate (37%) according to Yahoo Sports.

As a visiting player to some towns and states, he will also be subject to estimated athlete-targeted taxes in addition to payroll taxes such as Social Security, Medicare, and Medicare surcharge.

Going to Texas is crucial for Wemby since he won’t be subject to any state taxes there because Texas does not have an income tax. He will save a significant amount of money as a result.

In keeping with that, Wembanyama will want to make sure that the contracts he signed are controlled by American law, particularly Texas law.

However, these are just estimates and the values might change according to Wemby’s expenses.

The only fact that remains is that Texas is the best bet for him if he wants to avoid unnecessary tax and now that he is headed to San Antonio Spurs, things might just be going as he wished.