Business to Business Marketing

By choosing Miami Heat, LeBron James saves millions in state income taxes

When he announced his intent to sign a contract with the Miami Heat, Le­Bron James stressed winning championships, not cutting his taxes.

Even so, Florida economic boosters pounced on James’ decision as an opportunity to tout the state’s lack of an income tax.

"Make no mistake, Le­Bron James is as large as any corporation moving to our area," said Kelly Smallridge, president of the Business Development Board of Palm Beach County.

Smallridge noted that James will save millions over the life of the five-year contract he’s expected to sign.

James entertained pitches from teams in six states. Five of those states – Illinois, Ohio, New York, New Jersey and California – impose income taxes. The highest rates on individuals in 2010 range from 3 percent in Illinois to 10.55 percent in California, according to the Tax Foundation.

If James signs a deal totaling $96 million over five years, his state income taxes would range from nothing with the Heat to nearly $2.9 million with the Chicago Bulls, roughly $8.6 million with the New York Knicks or New Jersey Nets and $10 million with the Los Angeles Clippers.

And those bills could increase if tax-strapped states raise their income tax rates. But an income tax in Florida is a near impossibility in the next five years.

Don’t forget city income taxes. Cleveland has a 2 percent income tax on top of Ohio’s income tax, while New York City’s income tax tops out at 3.65 percent.

"We think that’s why so many millionaires move to Florida," said Edie Ousley, spokeswoman for the Florida Chamber of Commerce.

http://www.palmbeachpost.com/money/by-choosing-miami-heat-lebron-james-saves-millions-794079.html
GOD I LOVE FLORIDA!

Actually, this "hate the rich’ attitude is just too frequent. If someone finds a way to make money, what right have you to rob them ? Just because they have more than you ? That’s UnAmerican.
The real issue is that those that move to lower income tax states are doing so mainly obviously to avoid paying more of thier money out. But only those still making money do it. If your going to ‘hate the rich’ effectively, or get people to supposedly ‘pay thier fair share’, there are many of the rich whom don’t make all that much money through conventional means.
Take a look at the Aspen institute and the mean spirit toward Obama and the idea of taxing those with money but not making money and are rich.
Obama’s time is coming, choose which side of the fence you are on wisely.
Old people will have to pay more of thier dividends to the government as taxes increase form 15% to 40%
The responsible people earning a living will have to spend more on Obama care even though we were promised it wouldn’t increase our premiums. Not to mention this whole move the government has been making to eventually make insurance agencies insolvent and force them out of business.