1 Updates
MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty
Photo Credit: Getty Images

MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty

Sep 13 2013, 12:54am CDT | by

The New York Yankees are facing a record $29.1 million in luxury tax penalty, per USA Today Sports' Bob Nightengale.

The New York Yankees are facing a record $29.1 million in luxury tax penalty.  This is confirmed by USA Today Sports' Bob Nightengale, who says this figure is based on records obtained by the...

Filed under: news

YouTube Videos

 
 
 

44 weeks ago

MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty

Sep 13 2013, 12:54am CDT | by

MLB: NY Yankees to Pay $29.1 M in Luxury Tax Penalty Photo Credit: Getty Images

The New York Yankees are facing a record $29.1 million in luxury tax penalty, per USA Today Sports' Bob Nightengale.

The New York Yankees are facing a record $29.1 million in luxury tax penalty. 

This is confirmed by USA Today Sports' Bob Nightengale, who says this figure is based on records obtained by the newspaper. He also adds this amount roughly equals the payroll of the entire Houston Astros team, which is around $21.1 million, per Sports Illustrated's Scooby Axson. 

In Nightengale's words,"The Yankees currently have a $236.2 million payroll for purposes of the luxury tax, and must pay a 50 percent tax over the $178 million threshold as a repeat violator." 

The Los Angeles Dodgers are the other team which will be required to pay a luxury tax in 2013, although the amount won't be as high as the Yankees' since this is their first offense. They have a 2013 payroll of $234.5 million and will be taxed 17.5 percent for every dollar over the threshold. This means they will pay $9.9 million in luxury tax penalty.

All in all, no other major league team comes close to the luxury tax payments the Yankees have shelled out since 2003. The total is said to be around $253 million. Other teams which previously included the Boston Red Sox, Los Angeles Angels and Detroit Tigers have combined for roughly an eighth of that amount -- $32 million.

The luxury tax threshold will increase to $189 million in 2014, according to Yahoo! Sports.

With the Yankees hoping to reduce $47 million from their payroll by the time this threshold goes up, this development bodes well for them with "$100 million in contracts coming off the books after this season," says Nightengale.    

He also adds the Yankees stand to save $21 million in Vernon Wells' contract, which will be paid for by his former team,the Los Angeles Angels. 

 

 

Don't miss ...

 


Poch de la Rosa follows all major U.S. sports: NFL, MLB, NBA, NHL and the NCAA. His favorite teams are the Colts, Braves, Pacers, Sharks and Irish, respectively.

 

blog comments powered by Disqus

Latest stories

Bravo defends sending Pooran in Super over
Port-of-Spain (Trinidad and Tobago), July 24 (IANS/CMC) Red Steel skipper Dwayne Bravo has defended his decision to allow 18-year-old Nicholas Pooran to take on Sunil Narine in a Super Over against the Guyana Amazon last week.
 
 
Bolt blasts officials for reducing Gay's doping ban
Glasgow (Scotland), July 24 (IANS/CMC) Sprint super star Usain Bolt has criticised anti-doping officials for reducing Tyson Gay's doping ban after he tested positive for an anabolic steroid last year.
 
 
Superb Smith's century takes Tridents to victory
Bridgetown (Barbados), July 24 (IANS/CMC) A century by Dwayne Smith fired Barbados Tridents to their second win of the Caribbean Premier League (CPL), with a convincing 29-run triumph over St Lucia Zouks in their first home match.
 
 
Sidney Rice Retires From NFL
Sidney Rice Retires From NFL
Seattle Seahawks wide receiver Sidney Rice retired from the NFL on July 23.
 
 
 

Latest from the Network

Bravo defends sending Pooran in Super over
Port-of-Spain (Trinidad and Tobago), July 24 (IANS/CMC) Red Steel skipper Dwayne Bravo has defended his decision to allow 18-year-old Nicholas Pooran to take on Sunil Narine in a Super Over against the Guyana Amazon...
Read more on Sport Balla
 
Bolt blasts officials for reducing Gay's doping ban
Glasgow (Scotland), July 24 (IANS/CMC) Sprint super star Usain Bolt has criticised anti-doping officials for reducing Tyson Gay's doping ban after he tested positive for an anabolic steroid last year. Gay and Bolt's...
Read more on Sport Balla
 
Superb Smith's century takes Tridents to victory
Bridgetown (Barbados), July 24 (IANS/CMC) A century by Dwayne Smith fired Barbados Tridents to their second win of the Caribbean Premier League (CPL), with a convincing 29-run triumph over St Lucia Zouks in their first...
Read more on Sport Balla
 
Tim Cook Just Made The Case For A Low-Priced iPhone
During Apple’s earnings call yesterday, CEO Tim Cook was asked a seemingly harmless question about the impact of trade-in programs on iPhone sales. Cook’s wide-ranging response was that he felt trade-ins were good for...
Read more on Auto Balla
 
A Tech Company With An Auto Focus
When three guys from an accounting firm in Pune came up with the idea of offering IT services back in the late 1980s, they were entering uncharted territory. Personal computers were still getting popularized, and Indian...
Read more on Auto Balla
 
Natalie Imbruglia wants to join dating app Tinder
Los Angeles, July 24 (IANS) Actress-turned-singer Natalie Imbruglia, who is single, reportedly wants to sign up to the cult dating app Tinder. The 39-year-old has admitted that her lack of success in her love life...
Read more on Celebrity Balla
 
Nigeria's abducted girls not forgotten: UN chief
United Nations, July 24 (IANS) UN Secretary General Ban Ki- moon Wednesday voiced his full support for the worldwide vigils to mark 100 days since the abduction of schoolgirls in Nigeria by Boko Haram terrorists,...
Read more on Politics Balla
 
Colombian military kills 13 rebels
Bogota, July 24 (IANS) Colombia's ministry of defence said Wednesday the armed forces killed 13 Leftist rebels and captured eight in two separate operations. The first operation took place between the towns of Tame...
Read more on Politics Balla
 
Kerry wraps up Israel visit, no sign of breakthrough
Jerusalem, July 24 (IANS) US Secretary of State John Kerry left Israel late Wednesday after a day-long visit during which he tried to broker a ceasefire agreement to end the ongoing fighting between Israel and Hamas....
Read more on Politics Balla