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New York Yankees Hit with $18.9 Million Luxury Tax

December 15th, 2012 at 10:06 AM
By Daniel Sirianni

The New York Yankees have been hit with a luxury tax of $18.9 million by Major League Baseball, after finishing the season with the highest payroll in the league. 

'Luxury Taxes For The Rich' photo (c) 2011, Ken Teegardin - license: http://creativecommons.org/licenses/by-sa/2.0/

The Yankees finished the season with a $222.5 million payroll, as reported by The Associated Press. Payroll figures for tax purposes include salaries on each team's 40-man roster, cash acquired or paid in trades, and $10.8 million per team in benefits. 

This is the 10th consecutive year the Yankees will pay for spending too much. However, the Yankees are focused on lowering the team's payroll under $189 million by 2014 to avoid the luxury tax threshold and receive a return. 

Notable teams who came close to the 2012 tax threshold of $178 million are the Los Angeles Angels, with a payroll of $176.7 million, and the Philadelphia Phillies, with a payroll of $174.5 million. 

The Yankees have paid roughly $224.2 million in luxury taxes in the past 10 years. 

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Tags: Baseball, luxury tax, major league baseball, MLB, New York, New York Yankees

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