Skip to comments.LeBronomics: Could High Taxes Influence James' Team Decision?
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, theres another person who may know The Kings 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 Posts 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 ...
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.
High taxes drove Limbaugh out of NY and it has cost NY ever since!!
LeBron is smart if he picks Florida.
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.
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 $3 mill...
Doesn’t matter where he goes, he’s a LOSER.
Go Lakers! Go Kobe, Pau, Ron, Andrew, Derek et al!
NY Governor Patterson's response to Rush finally leaving New York after a tax increase: If I knew that would be the result, he said after a speech Thursday morning in Midtown, I wouldve thought about the taxes earlier.
I suppose James could insist that the Knicks pay his state tax...you know pay an extra sum that will neutralize the ‘tribute’ that ny requires from its subjects......if he really wanted to play in NY and they really wanted him then money talks and bull$h!t walks...
of course I do not care who plays or why people like Thug-Ball....
Maybe he and Tiger can room together.....
James has the same “all about me” personality as zer0bama. Unlike “the one” he can actually play.
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???
If I knew that would be the result, he said after a speech Thursday morning in Midtown, I wouldve 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.
What has LeBron done to be called "the King?"
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.
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.
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.
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.
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.
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.
This is why I make the statement that the rich do not pay taxes. They have their income adjusted to offset the tax impact.
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.
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.
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.
???????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.
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.
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.
I hope he goes the way of Sam Bowie and Bill Walton.
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.
In a word, nothing.
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.
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.
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.
“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.
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.
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
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.
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:)
“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.
“If Ray Allen leaves, we are screwed.”
He just signed on for 2 more years.
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.
*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.
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.
*Taxes didnt stop Alex Rodriguez from leaving Texas for New York.*
A-Rod was traded to the Yankees.
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...
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.
*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.
At his request ... and where he re-signed.