The Hidden Cost of Success

The Hidden Cost of Success

• News
• June 15, 2026

After helping lead the New York Knicks to a championship, Jalen Brunson was asked if he had anything against Texas. His response drew laughs: "I have nothing against Texas. I love Texas. I miss the Texas taxes."

Where you live can have a significant impact on how much of your income you keep.

 
Tax Insight: State and local taxes can vary dramatically across the country. For example, Texas does not impose a state income tax. New York residents, on the other hand, may face state and local income taxes that can push their combined rate well into double digits.

Business Thought: It's not just about what you earn. It's about what you keep. Many people focus on increasing income while overlooking the impact of taxes, fees, debt, and other financial obligations. Long-term wealth is often built by planning for the future. As earnings increase, consider: estimated tax payments, retirement contributions, and federal & state taxes.

News Reaction: Professional athletes often bring attention to tax policy because their earnings make tax differences highly visible. The same concepts apply to business owners and professionals. Whether you're an entrepreneur, contractor, or employee, where you live, work, and earn income can influence your overall tax burden. Understanding those rules can help you make more informed financial decisions. Need a tax planning strategy? Contact us.