Cory Booker has likely not approached the NHL to plead left winger Ilya Kovalchuk’s case, but if he hasn’t yet, he should.
Kovalchuk of course is the Devils’ free agent who was signed back by the team earlier this week for a whopping $102 million over 17 years. The league has rejected the contract and the Devil’s – and Booker – are waiting for a final judgment.
Outside of the obvious benefit to Booker if the Devils have a successful season, Kovalchuk’s massive contract would also provide cold cash to the city.
Newark charges a 1 percent paytroll tax to all business in the city. The Devils, who will have a payroll in the neighborhood of $60 million next year obviously offer a nice chunk of change to the city.
Assuming Kovalchuk plays half his games on the road, roughly $51 million of his salary over the next 17 years will be taxed, accounting for more than $500,000 to the city. When you consider that an average salaried worker in the city makes roughly $40,000, Kovalchuk means more in payroll taxes every year than a new business with 15 employees.