Skip to content

Brooklyn Nets tax bill could be $87 million for next season

Aug 1, 2013, 10:16 AM EDT

Newly acquired Net's Pierce, Garnett and Terry hold up their new jerseys as they pose for a photo with principal owner Prokhorov after a news conference in Brooklyn Reuters

The largely free market loving, Republican owners of the NBA teams pushed hard in the last Collective Bargaining Agreement for something that you would think goes against their nature — an increased and very stiff tax structure that sets up a more socialist system. (They would argue the system is needed for the growth of the overall sport.)

But the tax penalty only works if an owner is afraid to pay it.

Brooklyn Nets own Mikhail Prokhorov laughs at it. Or at least isn’t going to blink writing a very large check.

With the addition of Alan Anderson on a minimum deal, the Nets will have a payroll of $102,211,009 next season (figures via Hoopsworld). The NBA’s salary cap is set at $58.7 million for next season, the luxury tax line is $71.7 million (meaning the new escalating taxes start at that figures). Marc Stein of ESPN did the math from there for TrueHoop:

Adding Anderson on a minimum deal nudges those figures to $30,463,009 (dollars over the tax line) … and a mind-numbing $87,199,293 (in taxes due)

So the signing of a player due to make just under $1 million next season will cost Brooklyn more than $4 million in additional taxes under the league’s much more punitive tax laws that go into effect this season.

The tax the Nets will pay will be based on their salary figures on the last day of the regular season, so it is possible for the Nets to make moves to lower that number.

But it doesn’t look like Mikhail Prokhorov wants to — he wants to win at any cost. So he will write a big check at the end of the season. What kind of winning he will get for that remains to be seen, but I don’t think it’s the title he is looking for.

Latest Posts
  1. Report: Magic will name Scott Skiles coach this week

    May 26, 2015, 9:42 AM EDT

    Scott Skiles AP

    Not the most reliable report. Not the least reliable report.

  2. Watch James Harden drop 45 on Warriors in Game 4

    May 26, 2015, 8:30 AM EDT

    Golden State Warriors v Houston Rockets- Game Four Golden State Warriors v Houston Rockets- Game Four

    That’s three out of four games this series Harden has been fantastic.

  3. If NBA upgrades’ Dwight Howard’s blow to Bogut to a Flagrant 2, Howard will be suspended for Game 5

    May 26, 2015, 8:00 AM EDT

    Golden State Warriors v Houston Rockets - Game Four Getty Images

    Based on that Al Horford precedent, Dwight Howard should have gotten a Flagrant 2 and ejected.

  4. Elimination game Josh Smith is a thing, Rockets live to play another day

    May 26, 2015, 2:29 AM EDT

    Josh Smith AP

    In the four Rockets’ elimination games this season, Smith has 63 points on 22-of-34 shooting (64.7 percent).

  5. Rockets show it’s better to have James Harden than to not have Stephen Curry

    May 25, 2015, 11:59 PM EDT

    Getty Images Getty Images

    MVP runner-up shines while MVP misses substantial portion of Houston’s Game 4 win

  6. NBA will not move up Finals start date; June 4 locked in for Game 1

    May 25, 2015, 7:30 PM EDT

    Miami Heat Victory Parade And Rally Getty Images

    The league had been exploring moving Game 1 up to June 2.

  7. LeBron James calls for non-violence after Brelo verdict

    May 25, 2015, 4:30 PM EDT

    cd0ymzcznguwzdbhnduynddiytjhm2yyzthlmtjjotqwyyznptfhodazn2mxnwvmm2zknmq1mdljytayytg0mtuynwi4 AP

    Cavaliers star says he will research case further before saying more

  8. Rumor: Paul Pierce might opt out of contract with Wizards, join Clippers

    May 25, 2015, 2:59 PM EDT

    Atlanta Hawks v Washington Wizards-Game Six Getty Images

    Doc Rivers decided to offer his mid-level exception money last summer to Spencer Hawes instead of Pierce. He’d like that one over.

  9. LeBron James carries load, makes enough plays in Cavaliers win (VIDEO)

    May 25, 2015, 8:00 AM EDT

    Atlanta Hawks v Cleveland Cavaliers - Game Three Getty Images

    LeBron finished with 37 points, 18 rebounds and 13 assists .

Featured video

Will Klay Thompson get a little help on James Harden?
Top 10 NBA Player Searches
  1. K. Irving (6723)
  2. S. Curry (5810)
  3. K. Love (5670)
  4. D. Howard (5327)
  5. L. James (4413)
  1. D. Carroll (4292)
  2. K. Bryant (3704)
  3. P. Beverley (3600)
  4. K. Korver (3568)
  5. K. Durant (3558)