Yesterday I wrote a column for Forbes titled Tax Advice for Lebron: Move your Domicile to Florida in which I point out that if Lebron does as he promised and keeps his home in Akron rather than move it to Miami, it will cost him several millions of dollars in state and city taxes:
[T]his could go down as one of the most expensive verbal blunders in the annals of American tax history. Ohio’s state income tax rate is 6.24% on income over $200,000 and the city of Akron tacks on another 2.25%. LeBron will owe Ohio and Akron taxes on all his income, although his Ohio tax bill will be somewhat reduced by what he pays other states with income taxes for his road trips.
[Of course], once LeBron’s tax advisors tell him how much money he stands to lose by not permanently relocating to Florida, I’m fairly certain he’ll stop waxing nostalgic about his childhood home.
Considering that Lebron is now about as welcome in Ohio as the bubonic plague, I can’t see him staying in Akron even there were no adverse tax consequences of doing so.
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