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LeBronomics: Could High Taxes Influence James' Team Decision?
Business & Media Institute ^ | 7/8/2010 | Kyle Gillis

Posted on 07/08/2010 10:02:15 AM PDT by Arcy

While sports reporters have sought agents and teammates for the inside scoop on where NBA superstar free agent LeBron James will sign, there’s another person who may know The King’s next move: his accountant.

In a July 1 blog post, the New York Post warned that “dysfunctional lawmakers in Albany” could cost the state a chance to bring the coveted athlete to New York.

“If LeBron James goes to the Miami Heat instead of the [New York] Knicks, blame our dysfunctional lawmakers in Albany, who have saddled top-earning New Yorkers with the highest state and city income taxes in the nation, soon to be 12.85 percent on top of the IRS bite,” the Post said.

The tax savings for James in Miami over New York City would be staggering, according to the Post’s analysis.

“On a five-year contract worth $96 million -- what he'd get from the Knicks or the Heat -- LeBron would pay $12.34 million in New York taxes.” Florida has no state income tax.

(Excerpt) Read more at businessandmedia.org ...


TOPICS: News/Current Events
KEYWORDS: lebronjames; sports; taxes
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The worst enemy that American prosperity has is a liberal.
1 posted on 07/08/2010 10:02:17 AM PDT by Arcy
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To: Arcy

Liberals hate talent of any kind.

Oops, forgot, it appears that acting and singing talent is tolerated. Perhaps because that sort of talent does not often attach itself to intelligence.


2 posted on 07/08/2010 10:04:02 AM PDT by Da Coyote
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To: Arcy

High taxes drove Limbaugh out of NY and it has cost NY ever since!!


3 posted on 07/08/2010 10:04:02 AM PDT by Arcy
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To: Arcy

LeBron is smart if he picks Florida.


4 posted on 07/08/2010 10:06:37 AM PDT by pnh102 (Regarding liberalism, always attribute to malice what you think can be explained by stupidity. - Me)
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To: Arcy

I have to wonder why that rich Russian billionaire who bought the Nets wants to move them over to New York?

I guess the oppressive taxes in Jersey are just as bad as New York.


5 posted on 07/08/2010 10:08:12 AM PDT by Responsibility2nd (PALIN/MCCAIN IN 2012 - barf alert? sarc tag? -- can't decide)
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To: Arcy

Athletes from out-of state teams pay NY state and city income taxes on the % of their incomes “earned” when the play in NYC..Example..a Tampa Bay Rays player...who plays the Yankees 9 times a year, and earns $3 million...he “reports” earned income in NY of 9/162 of $3 mill...


6 posted on 07/08/2010 10:08:24 AM PDT by ken5050 (Save the Earth..It's the only planet with chocolate!!!)
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To: Arcy

Doesn’t matter where he goes, he’s a LOSER.

Go Lakers! Go Kobe, Pau, Ron, Andrew, Derek et al!


7 posted on 07/08/2010 10:10:04 AM PDT by Jvette
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To: Arcy
High taxes drove Limbaugh out of NY and it has cost NY ever since!!

NY Governor Patterson's response to Rush finally leaving New York after a tax increase: “If I knew that would be the result,” he said after a speech Thursday morning in Midtown, “I would’ve thought about the taxes earlier.”

8 posted on 07/08/2010 10:11:26 AM PDT by KarlInOhio (Gun control was originally to protect Klansmen from their victims. The basic reason hasn't changed.)
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To: Arcy

I suppose James could insist that the Knicks pay his state tax...you know pay an extra sum that will neutralize the ‘tribute’ that ny requires from its subjects......if he really wanted to play in NY and they really wanted him then money talks and bull$h!t walks...

of course I do not care who plays or why people like Thug-Ball....


9 posted on 07/08/2010 10:11:31 AM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: pnh102

Maybe he and Tiger can room together.....

; )


10 posted on 07/08/2010 10:14:54 AM PDT by Mac from Cleveland ("See what you made me do?" Major Malik Hasan)
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To: Jvette

James has the same “all about me” personality as zer0bama. Unlike “the one” he can actually play.


11 posted on 07/08/2010 10:16:41 AM PDT by MisterArtery
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To: ken5050
...who plays the Yankees 9 times a year, and earns $3 million...he “reports” earned income in NY of 9/162 of $3 mill...

funny, I use to travel for work, and never payed other states taxes...why do these guys pay, because people know who they are and they can get away with it I suppose....

I wonder if Yankees have to pay canadian income tax when they play Toronto....and vica versa???

12 posted on 07/08/2010 10:16:41 AM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: Arcy; All
Photobucket
13 posted on 07/08/2010 10:20:03 AM PDT by musicman (Until I see the REAL Long Form Vault BC, he's just "PRES__ENT" Obama = Without "ID")
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To: KarlInOhio

“If I knew that would be the result,” he said after a speech Thursday morning in Midtown, “I would’ve thought about the taxes earlier.”

####

So it is OK for a highly visible, elected official, more accurately identified as an unqualified, ignorant, race thug to PUBLICLY, personally attack a private citizen?

Well it should be OK then, if I publicly state that I advocate fiscal policies that would drive the inner city parasites and uncivilized savages out of my city.


14 posted on 07/08/2010 10:20:19 AM PDT by EyeGuy
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To: Arcy
The King’s next move...

What has LeBron done to be called "the King?"

15 posted on 07/08/2010 10:20:32 AM PDT by Cowboy Bob (Socialism: Subsidizing Chaff at the expense of Wheat)
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To: Mac from Cleveland

I am a Cavs fan. I will always be a Cavs fan. I was born in Ohio.

LeBron James is an amazing talent. But LeBron James only cares about LeBron James, not the Ohio fans that follow him. Spend their hard earned money to watch him.


16 posted on 07/08/2010 10:23:20 AM PDT by se_ohio_young_conservative
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To: MisterArtery

Yea, he can play, but I don’t think he is a winner. That he will never win a ring is a prediction I made a couple of years ago. Of course, I could be wrong.


17 posted on 07/08/2010 10:24:37 AM PDT by Jvette
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To: Arcy

While I agree that high taxes generally drive away business and the wealthy, in this particular case, I’m not sure NYS/NYC taxes will be a huge factor.

If James can increase his total income by playing in NYC, as opposed to Miami, by 15% he would break even. It is likely that his NYC income would be way more than 15% more than his Miami income, so if even with the ridiculous NY taxes, he’d almost certainly take home much more in NYC.

For a lesser known player, without his endorsement opportunities, the taxes might be a big factor, though.


18 posted on 07/08/2010 10:25:09 AM PDT by Above My Pay Grade
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To: Arcy
The lib/socialists in Albany gleefully make plans for spending all of that “extra” money that will pour into the NY treasury due to their tax policies. Then they all go, HUH!!!. Where are all the green shoots? Where is the money? Show me the money!! Idiots.
19 posted on 07/08/2010 10:26:13 AM PDT by JPG (Mr. Gore, or is it Mr. Stone or Mr. Woody? Whatever, you're under arrest.)
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To: Cowboy Bob

His mother named him “James”, so someone thought it was clever to call him King James, as in the King James Version of the Bible, I think.

He is a great player, but I agree he hasn’t earned basketball royalty yet, though he may well do so in the future.


20 posted on 07/08/2010 10:27:39 AM PDT by Above My Pay Grade
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To: se_ohio_young_conservative

I think Cavs fans are being a bit too hard on James. He has given them 7 great years, and honestly he doesn’t owe them anything. I get the feeling the attitude of entitlement among Cavs fans and the Cleveland media has helped to drive him away.

Why does any player owe anything to any city? If some other team had won the lottery that year, he would have gone to that team and been just as big (perhaps bigger) a atar and made just as much money.

He should do whatever makes him happy. If showing exceptional loyalty and making Ohio fans happy, makes him happy, more power to him. But, if he’d rather make tons of money in NYC or play with Wade and Bosh in South Beach, nobody has any right to call him “selfish” for making those choices either.


21 posted on 07/08/2010 10:32:52 AM PDT by Above My Pay Grade
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To: Arcy

I suppose taxes could affect his decision. But, I would think the endorsement value of a Knicks jersey over a Heat jersey would more than make up for the tax differential.

Taxes didn’t stop Alex Rodriguez from leaving Texas for New York.

SnakeDoc


22 posted on 07/08/2010 10:38:32 AM PDT by SnakeDoctor ("Shut it down" ... 00:00:03 ... 00:00:02 ... 00:00:01 ... 00:00:00.)
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To: Vaquero
I suppose James could insist that the Knicks pay his state tax...you know pay an extra sum that will neutralize the ‘tribute’ that ny requires from its subjects.

This is why I make the statement that the rich do not pay taxes. They have their income adjusted to offset the tax impact.

23 posted on 07/08/2010 10:42:07 AM PDT by Lockbox
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To: Arcy
In the NYC vs Miami decision...my understanding is 1)only those who *live* in the City of New York have to pay both NY State and NYC income taxes and 2)that Florida,although it doesn't have a state income tax,has a wealth tax of some sort which,IIRC,is a percentage of net worth...or something like that.

If,by chance,both parts of my assumption are correct the difference for him,tax-wise,might not be that great...assuming,furthermore,that he'd choose to live in Westchester,Nassau or New Jersey instead of NYC.

24 posted on 07/08/2010 10:42:17 AM PDT by Gay State Conservative (''I don't regret setting bombs,I feel we didn't do enough.'' ->Bill Ayers,Hussein's mentor,9/11/01)
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The team cannot pay his taxes. That would become income, and he would be taxed on them again.

I remember years ago when we hired some out of state contractors in a call center in Buffalo. The NY State Tax office contacted our company and told them that if we were doing business in NY, then the entire company income would be subject to NY state tax.

This was a $100,000 contract for a mutlinational corporation that made billions.

I learned to hate NY even more than I had before.


25 posted on 07/08/2010 10:48:32 AM PDT by Vermont Lt (I lived in VT for four years. That was enough.)
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To: Jvette

Not for nuthin’, but he is a loser because of MY Boston Celtics.

I bow to your superior talent this year. But we will see you again next June.


26 posted on 07/08/2010 10:50:01 AM PDT by Vermont Lt (I lived in VT for four years. That was enough.)
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To: Lockbox
This is why I make the statement that the rich do not pay taxes. They have their income adjusted to offset the tax impact.

????????

???????what are you talking about(was that suppose to be a sarc?)????

first of all who’s side are you on, the marxists?

second...the rich pay taxes(more than anyone)....you can look at your after tax salary the same way...you can say ‘I make X....I don't count my taxable income which is X + Y’...

this does not alter the fact that you pay taxes.

27 posted on 07/08/2010 10:51:46 AM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: SnakeDoctor
Taxes didn’t stop Alex Rodriguez from leaving Texas for New York

Texas paid his salary for the first few years...it was a win win for the A-rod and the Yankees....and a stupid move by Texas from square 1..

On February 15, 2004, the Rangers traded Rodriguez to the New York Yankees for second baseman Alfonso Soriano and a player to be named later (Joaquín Árias was sent to the Rangers on March 24). The Rangers also agreed to pay $67 million of the $179 million left on Rodriguez's contract.

28 posted on 07/08/2010 10:59:28 AM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: KarlInOhio

Governor Patterson’s tax attack on Limbaugh backfired and now the average New Yorker is having to come up with the money that Limbaugh used to pay on their behalf. Liberal solutions always hurt the American family.


29 posted on 07/08/2010 11:01:00 AM PDT by Arcy
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To: Above My Pay Grade

I hope he goes the way of Sam Bowie and Bill Walton.


30 posted on 07/08/2010 11:02:17 AM PDT by se_ohio_young_conservative
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To: Vaquero

The Rangers paying A-Rod’s salary wouldn’t have affected the taxes ... he’d still have to pay NY taxes on the salary. If a company in Texas pays you to work in NY, you still owe NY the taxes for earning money in their state.

SnakeDoc


31 posted on 07/08/2010 11:02:21 AM PDT by SnakeDoctor ("Shut it down" ... 00:00:03 ... 00:00:02 ... 00:00:01 ... 00:00:00.)
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To: Cowboy Bob

In a word, nothing.


32 posted on 07/08/2010 11:07:47 AM PDT by Jvette
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To: Vermont Lt

Granted, the Celtics did beat the Cavs, but they aren’t the reason Lebron is a loser. Just the latest beneficiaries of his inability to lead.

Dream on about next year.

My only worry for the Lakers is the Oklahoma Thunder team. They were the only ones who gave them any real trouble.

I was honestly afraid that they were going out in the first round.


33 posted on 07/08/2010 11:11:35 AM PDT by Jvette
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To: Arcy

“On a five-year contract worth $96 million — what he’d get from the Knicks or the Heat — LeBron would pay $12.34 million in New York taxes.” Florida has no state income tax.
Texas has no taxes either...He could land in Dallas, SA or Houston for that matter.


34 posted on 07/08/2010 11:12:05 AM PDT by richardtavor
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To: SnakeDoctor

I’m not an NBA fan but there is a ton of misinformation on this thread.

The NBA has a salary cap agreement with the players union.
LeBron can earn more more with the Cavs than he can any other place - about 30 million over the life of the contract.

In any event I hope this tax effect gets HUGE publicity.
I’m sure all these Baraq fans will enjoy paying more after the Bush tax cuts expire also.


35 posted on 07/08/2010 11:12:14 AM PDT by nascarnation
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To: se_ohio_young_conservative

“LeBron James is an amazing talent. But LeBron James only cares about LeBron James, not the Ohio fans that follow him. Spend their hard earned money to watch him”

Such is the culture of the NBA. All emphasis is on the individual and not the team.

Hip/hop culture, big endorsments/contracts are all that matter to the elite NBA players today.


36 posted on 07/08/2010 11:12:19 AM PDT by Hayzo
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To: Jvette

I know. We are getting old. I hope that we can squeeze one more year out of our guys.

If Ray Allen leaves, we are screwed.


37 posted on 07/08/2010 11:15:24 AM PDT by Vermont Lt (I lived in VT for four years. That was enough.)
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To: Arcy

I bet Reid and Pelosi will respond by imposing an Alternative Federal Tax on athletes and performers who work in states without an income tax


38 posted on 07/08/2010 11:16:35 AM PDT by Buckeye McFrog
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To: Vaquero
I'm not saying that the tax is not paid, I'm saying that the economic impact to a person who can dictate their pay is minimized. Someone such as a Hollywood star or Major Sports person factor in the tax effect when negotiate their pay. This ability to shift the tax burden is not available to the average working person. Look no further then Warren Buffet making the statement that his secretary pays more taxes then he pays.

Now if we had a wealth tax such as France, then we would hear Warren scream!

and no I am not for a wealth tax or any additional taxes. I like the concept of a Flat Tax. I also think there should be a Truth in Tax Law which would require all transactions to separately list each tax for the consumer to see the true impact of taxes.

39 posted on 07/08/2010 11:20:20 AM PDT by Lockbox
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To: Vermont Lt

It’s hard to hate a team with such talented players, but they are the Celtics and I am a Laker fan, therefore I must. LOL:)


40 posted on 07/08/2010 11:27:57 AM PDT by Jvette
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To: Jvette

“My only worry for the Lakers is the Oklahoma Thunder team. They were the only ones who gave them any real trouble.”

The Celtics were up by 13 points in the 3rd Qtr of Game 7. I guess you don’t consider that trouble.


41 posted on 07/08/2010 11:31:09 AM PDT by teddyballgame
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To: Vermont Lt

“If Ray Allen leaves, we are screwed.”

He just signed on for 2 more years.


42 posted on 07/08/2010 11:33:29 AM PDT by teddyballgame
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To: teddyballgame

Celtics just didn’t have it in them and Ron Artest was the hungriest players on the court. Kobe was almost too hungry for it and it nearly cost them. But, the fact that this went to seven games was more a problem the Lakers were having than that the Celtics were a better or problem team.

The Thunder, on the other hand, have a young strong team. They lost because of their youth and inexperience while giving the Lakers the fight of their play off lives.


43 posted on 07/08/2010 11:52:14 AM PDT by Jvette
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To: se_ohio_young_conservative

*LeBron James is an amazing talent. But LeBron James only cares about LeBron James, not the Ohio fans that follow him. *

Why should any professional athlete care about the fans? The fans can stop coming to the games at the drop of a hat.

Do private citizens take into consideration the “feelings” of their co-workers or customers when they consider a promotion or a job switch that will net them more money? Of course not.


44 posted on 07/08/2010 11:52:50 AM PDT by j-damn
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To: Lockbox
Warren Buffet and other lefty billionaires like Bill Gates have donated billions over the past few years to various charities...I can not imagine that they pay taxes for that and other reasons.

as far as a flat tax, I am not sure about that but a valued added tax is in the works....but it will be in addition to your income tax and not instead of it.

as far as a wealth tax....that is criminal...why should you pay taxes on money that you were already supposedly taxed on.

the current POS in Washington wants you to suffer.

45 posted on 07/08/2010 11:57:25 AM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: SnakeDoctor

*Taxes didn’t stop Alex Rodriguez from leaving Texas for New York.*

A-Rod was traded to the Yankees.


46 posted on 07/08/2010 12:00:10 PM PDT by j-damn
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To: SnakeDoctor
If a company in Texas pays you to work in NY, you still owe NY the taxes for earning money in their state.

If you work in Texas then your company sends you to NY State, somewhere, for a week or two, to fix whatever it is you fix....

...maybe you are SUPPOSE to pay tax, but I know lots of traveling repair people and none of them pay out of state taxes....and you would have to drag me kicking and screaming to pay those myself...

47 posted on 07/08/2010 12:02:23 PM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: Vaquero
a valued added tax is in the works....but it will be in addition to your income tax and not instead of it.

The only way I would support a VAT is removing other taxes first.

the current POS in Washington wants you to suffer.

Guess he wants all hard working Americans to pay for our evil country /S.

48 posted on 07/08/2010 12:03:28 PM PDT by Lockbox
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To: Hayzo

*Such is the culture of the NBA. All emphasis is on the individual and not the team.

Hip/hop culture, big endorsments/contracts are all that matter to the elite NBA players today.*

I find these kinds of statements hilariously hypocritical. In every other situation, Freepers are all for individuals who can make as much money as they can while the little guy can take a flying leap.


49 posted on 07/08/2010 12:06:37 PM PDT by j-damn
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To: j-damn

At his request ... and where he re-signed.

SnakeDoc


50 posted on 07/08/2010 12:17:15 PM PDT by SnakeDoctor ("Shut it down" ... 00:00:03 ... 00:00:02 ... 00:00:01 ... 00:00:00.)
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