| Luxury Tax (sports) |
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Currently in North America , Major League Baseball has implemented the luxury tax system; as of this writing it has seemed to have little impact on the free-spending ways of New York Yankees owner George Steinbrenner , who was largely regarded as its primary target. The National Basketball Association also has a luxury tax provision; its utility is somewhat limited by the fact that the league also has a Salary Cap provision. The "hard" salary cap of the National Football League has, at least to this point, prevented any need for a luxury tax arrangement there. It was widely assumed that the negotiations between the National Hockey League owners and players would have had to result in the implementation of a luxury tax, a salary cap, or some combination of both either under those or other names; most NHL teams were not financially long-term viable enterprises under the current arrangements. In the end, a hard salary cap was agreed upon. |
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