Lebron James’ tax break | The Frugalista

Lebron James’ tax break

by frugalista on July 9, 2010

So, I am overjoyed that NBA star Lebron James picked the Miami Heat to be his new home. I am a big Miami Heat fan and I know his addition to the team will be awesome. Full disclosure: I live in South Florida. heheh!

Wallet Pop had an awesome article detailing how James’ move to Miami may also save him $25 million in taxes. Florida has no state income tax. Yay!

From Wallet Pop:
Assuming that James took just under $17 million from the Heat (which is probably pretty close to accurate), he would pay no state income tax, leaving him with the same $17 million. If he had gone to New York, even if he nabbed an additional $1.5 million (as the salary difference has been speculated),

I’ve been impressed with the way that James has carried himself as a professional athlete. It’s never easy to leave your first job, but I’m so glad that he is ready to break out and try new things. Also, if it’s true that he considered the tax breaks when choosing a team, my heart is fluttering.

I’m naming James a Frugalisto!

So what do you think about James moving to the Miami Heat? Was he disloyal to Cleveland? Was it perfect timing? Will he be the next Scottie Pippen? Will the Miami Heat go all the way next year? Is James’ girlfriend going to be a cast member on Basketball Wives now?

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