It looks like MJ’s taxed past won’t stop haunt him anytime soon. He may no longer be making those hectic heydays’ public appearances, but his quiet business moves remain under close observations. His one such deal is likely to cost him dear.
The Chicago Bulls legend is reportedly adding a new property in his Florida neighborhood. The Bull & Bear LLC, tied to Michael Jordan and his wife Yvette Prieto, has paid $16.5 million for a mansion in the Bear’s Club in Jupiter. They have been residing in the Jack Nicklaus’ exclusive Bear’s Club community since 2013. The taxes that MJ has to bear for this reported property will be around 0.980% according to Florida Tax rules. The amount when calculated comes to whooping $161,700 annually.
Jordan has shown he has the business acumen of the highest level. The latest Forbes 2024 report features MJ’s net worth to be $3.2 Billion. Forbes revealed that MJ earned $90 million in salary during his NBA career and received more than $1.8 billion in pre-tax dollars from endorsements like Nike and Gatorade.
It looks like MJ’s taxed past won’t stop haunt him anytime soon. He may no longer be making those hectic heydays’ public appearances, but his quiet business moves remain under close observations. His one such deal is likely to cost him dear.
The Chicago Bulls legend is reportedly adding a new property in his Florida neighborhood. The Bull & Bear LLC, tied to Michael Jordan and his wife Yvette Prieto, has paid $16.5 million for a mansion in the Bear’s Club in Jupiter. They have been residing in the Jack Nicklaus’ exclusive Bear’s Club community since 2013. The taxes that MJ has to bear for this reported property will be around 0.980% according to Florida Tax rules. The amount when calculated comes to whooping $161,700 annually.
Jordan has shown he has the business acumen of the highest level. The latest Forbes 2024 report features MJ’s net worth to be $3.2 Billion. Forbes revealed that MJ earned $90 million in salary during his NBA career and received more than $1.8 billion in pre-tax dollars from endorsements like Nike and Gatorade.
The Story Behind Michael Jordan’s Tax
After beating Magic Johnson and The Los Angeles Lakers, the City of Los Angeles implemented the tax 1991 final. According to Joseph Pompliano, the Jock Tax was introduced as a revenge mechanism against MJ. The rule stated that a non-resident income tax on visiting athletes would be mandatory.
Jordan was not residing in LA yet he had to pay the taxes. Illinois too passed the famous bill “Michael Jordan’s Revenge.” It was aimed at athletes from California and any other state that imposed a tax on Illinois residents.
Citing Stephen Curry’s taxes, Pompliano highlighted the Jock tax. “Curry paid nearly $1 million in taxes to nearly 20 US states during the 2018 NBA season. And California alone collects hundreds of millions of dollars each year in Jock Taxes, including $233 million in 2013.”
Now, almost every state that has a professional sports team has enacted a similar tax policy. So any professional athlete playing in the NBA, NFL, MLB, and MLS have to file multiple tax returns.
