(July 9) -- Perhaps LeBron James listened to his tax adviser, as well as his mom. Because while King James' supporters may praise the two-time MVP for taking less money in pursuit of winning championships, James actually stands to save money by moving to the Sunshine State, thanks to its lack of a personal income tax.
James looks to make an estimated $17 million next season by signing with the Miami Heat. Factor in endorsement deals with companies including Nike, Sprint and McDonald's totaling approximately $40 million, and James may find himself saving an estimated $25 million in state taxes over the next five years in Miami. Compare this with New York, where even if James signed a contract with the Knicks for an additional $1.5 million, he would be required to pay almost $1.7 million in state taxes, all on top of the additional income tax taken out of his endorsements.
Although the extra money alone was certainly not the only reason James is moving on from Cleveland -- he does have two friends named Bosh and Wade who will also live and work in the area -- public icons taking state income tax into account is actually nothing new to celebrity culture.
How Much Did Florida Tax Laws Factor Into LeBron James' Decision?
Jul 9, 2010 – 4:23 PM
Tagged: florida, lebron james, LeBron James Announcement, LeBron James Decision, LeBron James Free Agency, LebronJames, miami, miami heat, state taxes, tax, Taxation, taxes
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