I know many on this board have mentioned this aspect when it comes to free agency, but it is largely ignored by the national media. Bill Bradley mentions it here in this piece from The Sacramento Bee: Why is this issue getting no coverage in the media? I have my guesses, but I'm a crazy person. S.M. Oliva over at the Mises Economics Blog asks: I wonder what would happen if a LeBron James-type player actually came out and said, “Yeah, I considered the Knicks, but the high income taxes convinced me to go elsewhere.” Would it have any impact on the political culture? Anywho, I guess this is just one more reason as to why LeBron will choose Miami as opposed to New York. He wouldn't be the first major sports star to base his movement on taxes.
C'mon man, haven't you been watching/reading ESPN the past two years?!? If LeDiva goes to New York, he'll become a BILLIONAIRE just from the possible endorsements alone!!! Nathan's Famous will get him to sponsor their hotdogs like how Jordan did for Ballpark. NYPD will get him to be their new campaign guy against New York Violence! Broadway will create a play based on LeDiva's early years in Cleveland and call it the Cleveland Steamer. $$$$$$$ all around!!!!! *head expodes*
They don't have to pay income tax when playing in Memphis either. Tennessee does not tax wages. I should add the same was true for Seattle.
Pro sports players have to pay income tax in every state that they play in, if it has an income tax. So if they play in New York 6 times, they have to pay income tax to New York for all of those 6 games. When they play in Toronto, they have to pay Canadian and Ontario income tax. So while there is an advantage to playing in Texas or Florida over New York, it isn't the full 12%. *-It should be noted that being an accountant for a sports star is a very lucrative job.
Very true. But the Grizzlies stink, and thus they are not contending for big-name free agents. I would imagine. But the difference in income tax and the lack thereof is not* negligible, and as such it might be an important aspect in LeBron's decision. * I'm guessing, of course. I don't know for sure if LeBron's highly-touted "business-like" approach considers this, but if he does approach it as a businessman, then it ought to.
We've had professional athletes, but no stars at our office. One of our clients is an attorney that does sports contracts.
NBA superstar free agent would pay over $12 million in New York income taxes, none in Miami LeBronomics? I like.
