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Manny Pacquiao Beats Chris Algieri, But Tw...

Glax0r's Photo Glax0r 23 Nov 2014

Manny Pacquiao Beats Chris Algieri, But Two Tax Fights Loom

By Robert W. Wood, Forbes

Manny Pacquiao
has yet another victory under his belt, this one a decisive win over Chris Algieri in Macau, China. Pacman knocked his opponent down six times in the fight. And he achieved the unanimous decision win in the same venue where he defeated Brandon Rios, the Cotai Arena at the Venetian Macao Casino. It is hard to ignore Macau as a destination when the top tax rate is 12%. Compare that to the top U.S. rate of 39.6%.

Is it any wonder that Mr. Pacquiao would rather stay out of Las Vegas, where he used to fight? He is resilient, versatile and feisty, with world championships in eight weight classes. With career earnings well above $300 million, he is increasingly tax savvy too, though he still hopes for a KO in his long brewing tax fight.

He’s fighting the IRS and the Philippine tax authorities at once. In that sense, the $23 million purse for the Algieri fight could come in handy. His earnings between June 2013 and June 2014 totaled $41.8 million, putting him at No. 11 among the world’s highest-paid athletes. But taxed where?

Mr. Pacquiao is not a U.S. resident or U.S. citizen. As a nonresident alien, Mr. Pacquiao....

READ THE FULL ARTICLE ON FORBES.COM AT: http://www.forbes.co...ax-fights-loom/

boxalettice 's Photo boxalettice 23 Nov 2014

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