
Chris Bosh and Dwyane Wade Put Florida's Secret Economic Weapon on the Map. Can it Lure in LeBron James?
Free agent Chris Bosh signing with -- and Dwyane Wade returning to -- the Miami Heat, not to mention the large possibility that LeBron James could be heading to South Beach, has brought attention to one of Floridas greatest economic strengths: there is no state income tax.
An AP article pointed out: Trendy spots, great weather and no state income tax make Miami a favorite of many NBA players.
I have no idea how this will all turn out, but the NBA free agent chase has put Floridas lack of a state income tax back on the map. Now if only my Orlando Magic could benefit from it (no, Magic fans, luring Chris Duhon and maybe getting J.J. Redick back does not count).
Even the Cleveland Plain Dealers Starting Block blog understands this lure and tries to argue that James would do better to stay with the Cavs.
Oh, BTW, Heat President Pat Riley isn't quite accurate when he says the lack of state and local income taxes will offset what James could get from the Cavs, writes Starting Block. James could get $125.5 million or so from Cleveland; the state and local taxes (before any deductions any good accountant this side of Bernie Madoff can find) would drop that to about $108 million, according to Ohio state tax tables, and really risky journalism math. But even by journalism math standards, that's higher than the $95 million LBJ could get from the Heat.
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