PHS SPORTS‎ > ‎Pro Sports‎ > ‎

Lebron loses half his salary this season

posted Jun 13, 2018, 7:09 AM by PHS Warrior Beat

By: Jordan Croswell

    The number in contracts are enormous, after taxes and agent fees are taken out, athletes are usually taking home close to half of their base salary. Lebron James is the second-highest paid player in the NBA this season, with $33 million. Based on Darren Rovell’s estimate, it’s less than half of that.

    According to Rovell, James was docked $11.9 million in federal taxes, $2.1 million in state and city taxes, $950,000 in agent fees and $18,000 in his 401(k). James also lost about $3.3 million to the NBA escrow. A 10% fee players pay to balance the basketball-related income split between themselves and the owners. He received some money back last year because revenues exceeded the forecast.

    In total, Rovell estimated that James made about $16.7 million this year. Luckily for James he makes money off the court. It’s estimated that he makes about $55 million in endorsements.

    Other professional athletes believe that their salary should be cut from the get-go because of taxes. Los Angeles Rams defensive end Ndamukong Suh told Business insider that the average person doesn't understand what athletes make and what expenses they have.

    This summer, James has a chance to become a free agent and the highest- paid player in the NBA.

Uploaded By: 6/13/18

Edited By: ST