With a Combined Payroll of $847,628,744, Which Are the Five NBA Teams Set to Lose Millions in Luxury Tax?

Amidst the glitz and glamour of the NBA, where staggering salaries are the norm, it?s no surprise that basketball players rank among the highest-paid sporting icons globally. In the realm of financial marvels, Jayson Tatum stands poised to ink a monumental contract valued at approximately $300 million, solidifying his place among the league?s elite earners. Meanwhile, the remarkable Stephen Curry commands a jaw-dropping sum of approximately $50 million, a testament to his unmatched skill and unwavering impact in the basketball universe.

Taking note of excessive spending by the teams, the NBA has introduced luxury tax. But it’s hardly changing the existing game plan.

The number of teams paying the luxury tax

With multiple players having contracts worth well over $100 million it sometimes can get chaotic to manage the accounts book of an organization. The NBA has allotted a cap space of $165 million to every team in the league. Anyone going above the allotted cap space will have to pay an extra charge also called the luxury tax.

But the majority of the owners of the NBA sides are billionaires. That might be one of the main reasons the teams don’t think twice before going way beyond the cap space set by the NBA organization.

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Hoops Hype reported that there are five teams in the NBA that are set to pay a massive amount of luxury tax in the 23/24 NBA season. These are the Milwaukee Bucks, Miami Heat, Golden State Warriors, the Denver Nuggets, and the Atlanta Hawks.

These team are set to pay almost $850 million to their players and might need to shell out millions in luxury taxes.

One thing common in these teams is that all of them qualified for the NBA playoffs and the majority of them are amongst the title favorites.

Highest luxury tax payers in the previous year

Last year the NBA teams paid a total of $488 million in luxury tax. It was noted that there were two teams who paid more tax than the rest. The teams were the Golden State Warriors and the Brooklyn Nets.

The Warriors won the previous NBA season whereas the Nets despite having three major superstars weren’t able to do much damage to their opponents.

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All said and done, the basketball players effortlessly claim their place among the world’s most exalted and lavishly rewarded sporting luminaries. Perhaps regulations like luxury tax is hardly going to change that fact about the game.