Steve Metzenthin CPA, CFP, CFE, CVA
I must admit that I couldn’t resist, even after the daylong series of leaks indicating that LeBron James was headed south to the heat of Miami. It just doesn’t make sense to spend an hour watching a basketball player announce where he will play next year at a presentation equal parts weirdness, ego, bad taste, and charity.
But there I am in my living room taking it in and wondering why.
Much calmer apparently than Cleveland Cavaliers owner Dan Gilbert who really didn’t handle this very well at all, describing James’ decision to leave Cleveland as a “cowardly betrayal” who will be taking the “curse” with him down south where bad karma will plague him until he does right by Cleveland. Washington Post columnist Mike Wise described Gilbert’s reaction as “the kind of psycho, ex-girlfriend letter that certifies LeBron made the right decision.” The kind of reaction that makes Mark Cuban appear reasoned and sober.
Gilbert is no doubt concerned about the economics of the King’s decision. The Cleveland Plain-Dealer had published a story that downtown Cleveland businesses will lose $48 million dollars over the course of the NBA season without James. But LeBron had economic concerns of his own – Florida has no state income tax. By my rough reckoning he stood to save approximately $10 to $12 million in state taxes alone by going to the sunshine state. At least Gilbert was deserted for a prettier fiscal girl friend. Now if only our elected officials would understand that taxes indeed do influence our decision making.
cleveland cavaliers
