Step right up, ladies and gentlemen, for the greatest flop in baseball history! The New York Mets have made quite the splash with a record luxury tax bill of nearly $101 million. Ouch! That's gotta hurt.
Owner Steve Cohen's Mets finished in fourth place in their division with a tax payroll of $374.7 million, leaving them with a whopping tax bill of $100,781,932. Talk about a financial fumble! This surpasses the previous high set by the 2015 Los Angeles Dodgers, who owed a measly $291.1 million.
What happened to the Mets, you ask? Well, they stumbled their way to a lackluster 75-87 record, leaving fans and analysts scratching their heads. This expensive flop has left everyone in disbelief. Nobody expected such a hefty price tag for mediocrity.
But fear not, dear Mets fans! All hope is not lost. The team managed to save about $18 million with their summer selloff. Max Scherzer, Justin Verlander, David Robertson, Mark Canha – all traded away in an attempt to salvage something from the wreckage. Their projected tax payroll on June 30 was a staggering $384 million, but the additional $9.3 million in payroll would have only made matters worse.
In a twist of fate, the Mets did benefit from a tax credit of $2,126,471. Oh, how generous! It's a small consolation prize for a team that is now $131.6 million deep into the luxury tax pit.
The Mets are not alone in their extravagance, though. Seven other teams will also be reaching into their pockets to pay the piper. The San Diego Padres owe $39.7 million, the New York Yankees $32.4 million, the Dodgers $19.4 million, the Philadelphia Phillies $6.98 million, the Toronto Blue Jays $5.5 million, the Atlanta Braves $3.2 million, and even the World Series champion Texas Rangers owe $1.8 million. Yes, even the champions aren't immune to the taxing realities of the game.
It seems that exceeding the fourth threshold of $293 million, affectionately called the Cohen Tax, is quite the feat. Only the Yankees and the Mets managed to cross that line, earning themselves the dubious honor of being the lone outliers.
But let's not forget about history. The record for taxpayers previously stood at six teams, set in 2016 and again last year. This year, we've blown that record out of the park with a total tax amount of $209.8 million – more than double the previous record of $78.5 million set just last year.
In the end, it's the New York Mets who sit atop the luxurious throne of taxation. They must now regroup, reassess, and reevaluate their strategy for the upcoming season. With next year's initial threshold set at $237 million, they'll need to be careful not to step too far over that line. Otherwise, they'll be facing an even higher tax rate of 110% for any amount over $297 million.
So, buckle up, Mets fans! It's going to be an interesting offseason as the team looks to make some calculated moves to avoid another catastrophic financial blunder. Maybe, just maybe, they'll find a way to turn this costly lesson into a triumph on the field. Until then, let's hope they've learned their lesson – the hard way.
