A mural featuring Los Angeles Dodgers superstar Shohei Ohtani created by street artists Jonas Never and Droyce. Photo by Brian Rothmuller/Icon Sportswire via Getty Images
Baseball superstar Shohei Ohtani's new contract is rankling California's financial boss, Nathan writes.
State of play: The state's controller, Malia Cohen, wants Congress to close a loophole that she says unfairly allows Ohtani to limit the tax liability on his new 10-year, $700 million contract with the Los Angeles Dodgers.
Catch up quick: The pitcher-hitter phenom structured his deal to defer $680 million in compensation until after 2033 when he can presumably move out of California to avoid the state's high income tax rates.
As a result, the state would lose out on an estimated $98 million in tax revenue, according to California Center for Jobs and the Economy figures cited by the LA Times.
Between the lines: Cohen is calling on Congress to put a "reasonable" cap on deferrals for those in the highest tax brackets.
💠Nathan's thought bubble: You'd have a better chance of hitting an Ohtani fastball than getting Congress to take swift action on something like this.
