I know, another LeBron post, but I thought this one deserved it's own thread because of the interesting (and different) debate that it could spark for those of us on the "tax nerd" side of things (and I know there are a lot of us who post here...). The key quote:
“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.
New Jerseyand Ohio, the other reported frontrunners to attract James, also have state income taxes, but they are not as his as in New York. Based on a $96 million contract, James would pay $5.69 million in state taxesif he re-signed with the Cleveland Cavaliers. If he signed with the New Jersey Nets, James would pay $10.32 million in state taxes.