Did NYC's tax rate cost them Lebron?
I'm hearing that the oppressive tax rate of NYC played a major role in Lebron turning down the Knicks. He obviously loves the city, is good friends with Jay-Z, and even looked at apartments in manhattan. But in NYC the wealthiest people pay more than half of their earnings in taxes while Florida has no state or city income tax.
The Lebron episode is indicative of a much larger problem that NYC faces. The city is unable to retain top talent, and entrepreneurs are opting for the south and midwest, especially Texas, where they can keep most of their earnings. Unfortunately, Bloomberg doesn't get this and fiddles while NYC loses jobs and people every year.
Really? You think he made his decision based on tax implications? Come on. He's going to be a billionaire in a few years and he has more money than he knows what to do with even with the spendthrift habits of a professional athlete. He clearly thinks he's going to win in Miami.
I'd say it's possible but I'd have to agree with the above ^^^ that he probably hunks he can win in Miami. The tax rate may have been tipping factor if it was a close decision as he probably has a top agent advising him on these things.
No, it was a combination of two things: the crappiness of the Knicks organization and the douchiness of LeBron.
By the way, quantum, the anti-NY trolling is getting a bit tiresome. You are utterly incorrect to say that NY is losing population because it certainly is not. I am as huge a Chicago booster as anyone out there, but posting stupid and untrue things about one of the world's great cities isn't part of my m.o. Nor should it be yours. Stop it.
Ballparking heavily, in NYC he'd keep, what, 48 cents on the dollar? In Miami, 60 cents on the dollar? Let's say he makes $20MM pre, so $9.6MM vs $12MM.
But there's more to total comp than his contract with his team. What about endorsements? You've gotta figure that he'd at least make up the state/city tax difference there.
there is a rumor that he made an agreement with Wade, bosh, and C. Paul to all play together when they hung out at the olympics together
I think it is more likely to be A) Better team B) South Beach C) The Honeys that go along with south beach D) The cash money. He wants a championship and the odds weren't good with the Knicks.
if he was after money, he'd stay in cleveland.. they can offer more. its expected that he, wade and bosh will be taking slightly less than the maximum contract anyway so the franchise can actually afford a full team. not to mention, taxes arent necessarily paid by where you live.. theyre paid by where you play. so while half of lebrons games will be in miami, a lot will be in places where he does have to pay taxes anyway, so the tax saving is actually pretty negligible. he left to win.. thats pretty much it. if he wanted to win, he definitely woulda been a better fit in chicago than miami (best fit in his hometown.. oh well)
No offense to the Knicks or anything, but did anyone outside of NY believe they had a chance. They just don't have the pieces to win. The guy has so much money already, and I'd have to imagine playing with his best friends was a more appealing option.
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