Is this true about Anthony Joshua taxes?

[_act_]

Is it true that Anthony Joshua made $91 million from his fight with Jake Paul but he has to pay $43 million in taxes?

Anthony Joshua made $91M from his fight with Jake Paul but he’s going home with $48M after taxes from both UK and US I’m mad on his behalf

I asked because I search for news for it but I did not see any yet but I believe this can be possible in such countries that are highly taxing their citizens.

If it is true, the tax is too much is my opinion.

[dzonikg28]

Is it true that Anthony Joshua made $91 million from his fight with Jake Paul but he has to pay $43 million in taxes?

Anthony Joshua made $91M from his fight with Jake Paul but he’s going home with $48M after taxes from both UK and US I’m mad on his behalf

I asked because I search for news for it but I did not see any yet but I believe this can be possible in such countries that are highly taxing their citizens.

If it is true, the tax is too much is my opinion.

When a hard working dad or mom has to pay close to 50% in taxes, you think that Anthony Joshua pays too much when he is making £69,000 per second? I am not sad for him. Do you think that the purse of $91 million is absurd or do you think that the taxes due for that amount are absurd? Poor Anthony Joshua only made $15.2 million gross per round and you feel bad for him because of his tax burden. Something is going very wrong in this world.

[Chibit01]

That might be true only that the figure are not, any fight that happens on the US is subjected to 30-40% tax on what ever the fighter earns be you US citizen or not, and Anthony will have to pay for this tax and still go back to the UK to be charged another tax, let’s not also forget about the insurance and other contributions that’s like a must pay which if all of this is subtracted he will have less than $70 million base on my estimate but that will be enough I believe most of this fighters are already aware of this, they are making heavy money and they also have to pay heavy taxes on them.

[Maslate]

I noticed there are two flags there, UK and US. Does that mean double taxation?
I don’t think so. Assuming the reported gross income is accurate, he shouldn’t be taxed in both the US and the UK at the same time.

As far as I know, these two countries have a tax treaty to avoid double taxation. AJ should only be liable for tax in the country where the income was actually earned, not pay twice for the same money.

https://www.gov.uk/tax-foreign-income/taxed-twice

Apply for tax relief before you get taxed on foreign income
You have to apply for tax relief in the country your income’s from if:

the income is exempt from foreign tax but is taxed in the UK (for example, most pensions)
required by that country’s double-taxation agreement

[Strongkored]

It seems that athletes who live in countries with high taxes struggle with this, for example tennis athletes will have their prize money deducted twice for taxes, the higher it is if the country hosting the tournament is also known as a country with high taxes, so big prizes are not entirely big for athletes because it is possible that the taxes they pay are greater than what they receive.

[Ziskinberg]

It seems that athletes who live in countries with high taxes struggle with this, for example tennis athletes will have their prize money deducted twice for taxes, the higher it is if the country hosting the tournament is also known as a country with high taxes, so big prizes are not entirely big for athletes because it is possible that the taxes they pay are greater than what they receive.

These taxes aren’t really a surprise. Fighters already know from the start what their net pay will look like after the fight, so this isn’t something new to them. They factor that in long before they step into the ring.

Even Pacquiao, who earned huge money fighting in the US, had tax issues in the Philippines before, which were eventually settled. He was still required to pay taxes in the PH even after being taxed in the US. That’s just how it works. At the end of the day, they’re still making big money, so it’s not like they’re really at a loss.

[Gozie51]

I think much of the reason he is paying such huge tax from the fight is found on this link. He is being taxed about $66m and that is because of double taxing from both countries of US and UK. However, what interest me is that in UK, he will be taxed under global income as his base country. Also paul earned as much as him from the fight but he would earn lesser after tax deductions. How they say the rich pay more than the poor but would it have been better being poor to avoid giving government huge tax remittance or not fighting at all and forfeiting about $74m for exchanging blows and breaking someone's jaw  

https://punchng.com/joshua-to-pay-66m-tax-from-140m-miami-earnings/

[$crypto$]

Yeah it's all over the news now, in the US he's taxed at 37% and in the UK he's taxed at $11 million global income and $2.8 million for insurance --- at least this is what I read on Finance Yahoo.

Don't the US and UK have high taxes? I don't know if this is reasonable or if the taxes are too high but if it's $43 million to pay taxes then obviously the taxes are high.

It becomes a double tax, the match in the US and back home in the UK is taxed again.

[Judith87403]

Very true, according to report both Anthony Joshua an Jake Paul had a big payday which is around $90–$93 million for their fight, but Joshua on the other hand owes a huge part to the US federal tax including the British tax as a result of his residence in the UK. Which can mean he has to pay tens of millions in taxes, then leaving him something less than $91 million to take home. Though the exact number may be different by source, yet heavy taxation in each of this countries is real.

In my perspective: those taxes are really high, yet for international superstars who earns nine-figure purses, it is always included in the deal.

[FinneysTrueVision]

We see a lot of headlines about how much money superstar fighters are making, but the reality is that a lot of that gets taken away from all their expenses and fees they have to pay. Maybe that’s why Terence Crawford didn’t want to pay his sanctioning fee to the WBC. The amount these athletes are required to pay might feel unfair to them. If I was in their position, I wouldn’t like it either and I would look for a similar arrangement that Bobby Bonilla has with the New York Mets, where it’s less money upfront but more in the long run.

[7juju]

Is it that Jousha didn't know that he will pay such amount of taxes before he went ahead with the fight in the first place? In my opinion I strongly believe he was already aware of those taxes he was to pay, so to me it's not a big deal. I would only have problem with him paying those taxes if he is just being told he will pay such an amount as taxes after winning the fight. If that's the case I believe he knows what to do, because this is not the first time he is finding himself in similar situation like this. Anyhow it ends I believe Joshua will be going home with big amount that many people can never make in their lifetime just in one day.

[mu_enrico]

I noticed there are two flags there, UK and US. Does that mean double taxation?

Technically, it is not double taxation, since one is a withholding tax (US) and the other is income tax (UK). Double taxation means being taxed twice on the same income without relief (tax credit). But I do not think that if AJ were taxed only under UK income tax he would earn more, since US tax can be claimed as a UK tax credit, meaning he would pay the same anyway if only UK income tax applied.

Total tax (UK) = UK income tax - US tax credit, so if he still pays tax after the credit, it means he pays the same overall anyway.

[Marvelockg]

It seems that athletes who live in countries with high taxes struggle with this, for example tennis athletes will have their prize money deducted twice for taxes, the higher it is if the country hosting the tournament is also known as a country with high taxes, so big prizes are not entirely big for athletes because it is possible that the taxes they pay are greater than what they receive.

These taxes aren’t really a surprise. Fighters already know from the start what their net pay will look like after the fight, so this isn’t something new to them. They factor that in long before they step into the ring.

The issue is not just about them knowing about the tax system or not, the concern is that the amount being taxed is quite outrageous if that's actually true that he stands to be taxed such huge amount. That's nothing less than 40% going into tax, what happens to other expenses he's going to sort out and the fact that he's going to sort out his teams and other things? With such taxable amount, it's going to discourage people from engaging in real income generating that's life threatening like boxing because it's as though you're risking yourself for something you will be sharing with the public.

I'm sure that apart from taxing his income from this fight, his asset and other aspect of his life still gets taxed. Isn't that too much for a single person regardless of how much he's earning?

[Shinpako09]

I saw this on social media, so I searched right away and it was really true. According to Yahoo, it’s approximately $66M. That is a very big cut from his payout. Although his take-home pay is still huge, his tax is also big. Isn’t he hurting a little from this tax, and other athletes as well? I mean, tax is normal, but it’s still a huge cut for me. Anyway, as long as they see where their taxes go, I think that’s the most important thing.

[YOSHIE]

If it is true, the tax is too much is my opinion.

I have seen official news about the tax imposed on Anthony Joshua.
12 hours ago almost all the news in the sports media was talking about a tax cut against Anthony Joshua or a victory over Jake Paul.

One of the latest news:
Anthony Joshua is preparing to hand over a substantial chunk of his earnings after knocking out Jake Paul in their heavyweight showdown.

In this situation, I think the tax is very high, whoever they are will be disappointed with this tax policy, yes, we don't know the detailed tax rules in England, but the tax deduction in my judgment is unreasonable from the total prize of £68.5 million of £32 million lost, half lost, who knows what boxer Anthony Joshua said.

[TopTort777]

No doubt that taxes are high, especially for those who earn from sport. But in situation with AJ, when he gets only half of his reward, I think media wasnt telling truth and made this "taxes" things to make article more attractive. AJ will no doubt pay a lot of taxes, but also his manage will get a nice %, team, camp cost money, stay in US. I think AJ has made a sum-up and announced his nett, but reporters understood (or made it on purpose) that taxes will cut half of his reward.

[Lannakosa]

Is it true that Anthony Joshua made $91 million from his fight with Jake Paul but he has to pay $43 million in taxes?

Anthony Joshua made $91M from his fight with Jake Paul but he’s going home with $48M after taxes from both UK and US I’m mad on his behalf

I asked because I search for news for it but I did not see any yet but I believe this can be possible in such countries that are highly taxing their citizens.

If it is true, the tax is too much is my opinion.

And why couldn’t this be true? I remember that after Usyk’s fight with Tyson Fury, I read a similar article saying, that Fury gave up half of his purse to pay taxes. It was also an enormous amount, measured in tens of millions. So I have no doubt that this could be true. On the other hand, AJ still keeps 50 million, which is an absolutely huge sum, and more than enough for him to live a comfortable and secure life without any problems. And I think he definitely knows the tax legislation, so even before the fight he knew how much he would have to pay in taxes, because I am sure he has his own accountant who manages his affairs.

[TastyChillySauce00]

When a hard working dad or mom has to pay close to 50% in taxes, you think that Anthony Joshua pays too much when he is making £69,000 per second? I am not sad for him. Do you think that the purse of $91 million is absurd or do you think that the taxes due for that amount are absurd? Poor Anthony Joshua only made $15.2 million gross per round and you feel bad for him because of his tax burden. Something is going very wrong in this world.

Agreed, that tax for Anthony Joshua is fair enough. He will be back home with 48 millions in the pocket after fighting an influencer who is bad at boxing. To think that's unfair by getting the double tax is not right. Even human who have the job who saved others life won't receive 48 millions in less than 30 minutes of fight.

[Ishicryptic]

It is no wonder that celebrities and top athletes that earns enomouus amounts of money evades tax because when they think about what they have to cough out from their huge earnings they will opt for cheating. Athletes ought to know that when they earn big they also have to dish out big potions of it as tax, I'm sure that Anthony Joshua, understands this part of earning big from fights. It is best for them to see half what what they will earn as the actual amount that will be their net earnings. I wouldn't worry for Anthony Joshua, he is still super rich despite all the tax deductions from from his latest fight.

[Die_empty]

If it is true, the tax is too much is my opinion.

Anthony Joshua has the money to hire the best tax officer in the world. Every country and profession has tax laws that should be followed. My take is that let him pay the correct amount because taxes are needed for the functioning of society.

When a hard working dad or mom has to pay close to 50% in taxes, you think that Anthony Joshua pays too much when he is making £69,000 per second? I am not sad for him. Do you think that the purse of $91 million is absurd or do you think that the taxes due for that amount are absurd? Poor Anthony Joshua only made $15.2 million gross per round and you feel bad for him because of his tax burden. Something is going very wrong in this world.

Do you know the after-effects of being a professional boxer? Many of them end up spending the latter part of their lives suffering from brain damage-related diseases. How many people will withstand such pains and wounds in the boxing ring? There are cases where some of them die on the ring.  I think the risk is commensurate with their earnings.