Will New York State Income Tax Cost the Knicks LeBron James?

[red states rule]

Why would anyone want to pay millions to play for the NY Knicks?






LeBron James would suffer local penalty


If LeBron James goes to the Miami Heat instead of the Knicks, blame our dysfunctional lawmakers in Albany, who have saddled top-earning New Yorkers with the highest state and city income taxes in the nation, soon to be 12.85 percent on top of the IRS bite. There is no state income tax in Florida.

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. Quite a penalty for the privilege of working in Midtown.

http://www.nypost.com/p/pagesix/local_penalty_gKjEuLeOZg4ot9W5yzxzDL

[Insein]

Lebron James would mean tons of money for the local economy too. Conservative estimates show that Cleveland would lose about $300 million in the local area if he leaves due to lack of interest in the Cavaliers then. Too bad New York's taken themselves out of the running because of idiotic politicians.

http://www.cleveland.com/business/index.ssf/2010/06/how_much_is_lebron_james_worth.html

[HogTrash]

I certainly hope so, even though the odds are that Lebron is a democrat who shares the same big government New York mentality that created these tax policies.

Instead of being a free-loading bum living off the labor of others, he will now be dishing it out...What irony these lifelong democrats experience when they become successful.

Now that Mr James has made it to the big time, does anybody think he's smart enough to figure out the lies the Democrat Party has been spoon-feeding him and his people?

[Sweetchuck]

NYS is a fucking catastrophe when it comes to taxes. I live in PA - about 15 miles from the NY border. We don't shop there. Gas is generally .50 or so more a gallon, beer/wine - more expensive. Sales tax a few percent higher.

I've heard horror stories about people trying to hire NY residents.

This is what liberal democrats bring to the table.

[red states rule]

Libs will never get it. Many cities and states have seen the producers flee due to increasing taxes

NYC is one of them. Which results in less revenue after a tax increase





New Yorkers are fleeing the state and city in alarming numbers -- and costing a fortune in lost tax dollars, a new study shows.

More than 1.5 million state residents left for other parts of the United States from 2000 to 2008, according to the report from the Empire Center for New York State Policy. It was the biggest out-of-state migration in the country.

The vast majority of the migrants, 1.1 million, were former residents of New York City -- meaning one out of seven city taxpayers moved out.

"The Empire State is being drained of an invaluable resource -- people," the report said.

What's worse is that the families fleeing New York are being replaced by lower-income newcomers, who consequently pay less in taxes.

Overall, the ex-New Yorkers earn about 13 percent more than those who moved into the state, the study found.

And it should be no surprise that the city -- and Manhattan in particular -- suffered the biggest loss in terms of taxable income.

The average Manhattan taxpayer who left the state earned $93,264 a year. The average newcomer to Manhattan earned only $72,726.

That's a difference of $20,538, the highest for any county in the state. Staten Island was second, with a $20,066 difference.

It all adds up to staggering loss in taxable income. During 2006-2007, the "migration flow" out of New York to other states amounted to a loss of $4.3 billion.

http://www.nypost.com/p/news/local/item_qb4pItQ71UXIc0i6cd3UpK