For millionaire sports stars, the decline in their marginal rate—from 39.6 to 37%—would be offset by eliminating the deductions on everything from training expenses to union dues to agent commission.

The reality is somewhat more complex. High-earning athletes are dramatically impacted by the new tax bill. But it all depends on where their team plays and where they live. If location, location, location represents the three most important words in real estate, it doubles as the slogan for tax implications.

Read the full article in Sport Illustrated