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Yankees get stuck with US$28m luxury tax bill
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The New York Yankees were hit with a US$28 million luxury tax bill, pushing their total past the US$250 million mark since the penalty began in 2003.
According to Major League Baseball calculations sent to teams on Tuesday, the Los Angeles Dodgers were the only other team that exceeded the tax threshold this year and must pay US$11.4 million. Boston finished just under for the second straight year, coming in US$225,666 shy of the US$178 million mark.
Figures include average annual values of contracts for players on 40-man rosters, earned bonuses and escalators, adjustments for cash in trades and US$10.8 million per team in benefits.
Because the Yankees have been over the tax threshold at least four consecutive times, they pay at a 50 percent rate on the overage, and their US$28,113,945 bill was second only to their US$34.1 million payment following the 2005 season. The Yankees are responsible for US$252.7 million of the US$285.1 million in tax paid by all clubs over the past 11 years.
Yankees owner Hal Steinbrenner said he hopes to get under the threshold next year, when it rises to US$189 million. That would reset the team’s tax rate to 17.5 percent for 2015 and get the Yankees some revenue-sharing refunds.
Tax money is used to fund player benefits and MLB’s Industry Growth Fund.
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