LeBronomics: $12m in NY Taxes vs. $0 in Florida?
Business and Media Institute - "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."
Based on a $96 million, five-year contract, here's an estimate of what LeBron James would pay in state income taxes:
New York: $12.34 million
New Jersey: $10.32 million
Ohio: $5.69 million
Update: It's actually a little more complicated, and here's a more thorough tax analysis by Aaron Merchak of The Tax Foundation, concluding that "Even though LeBron's salary would be $10,000 more per game if he stayed in Cleveland, he would be paying $12,500 more in taxes. The rest of the road games are pretty much a wash between the two cities. When playing in California, New York and other destinations, players from Ohio and Florida pay the same, the tax rate of the state they're visiting."