Jeremy Lin is no longer a New York Knick, but there’s a considerable financial upside for Lin now that he’s leaving New York.Not only is the cost of living in Houston significantly lower than in New York, but Lin won’t have to pay income tax!
According to Americans for Tax Relief, Lin’s state income tax rate in New York was 8.8 per cent, and living in New York City meant he was docked an additional city rate of 3.8 per cent.
Lin’s contract with the Rockets — which the Knicks chose not to match — is a backloaded deal worth $25.1 million over three years. If Lin would have stayed in New York, he would have owed $3.12 million over the life of his contract in income taxes.
In Texas, that money will stay in his bank account. Go buy yourself something nice, Jeremy.
NOW WATCH: Briefing videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.