The Milwaukee Bucks winning the second edition of the NBA Cup meant the players each took home $500,000 as cash prizes. Giannis Antetokounmpo and Damian Lillard‘s performances against the Oklahoma City Thunder ensured the team back to Wisconsin richer.
But exactly how much would they get from that cash prize is down to taxes they have to first pay to the state as well as the federal governments. Last season, Los Angeles Lakers players ended up losing more than half their winnings to such taxes and ended up with just a little over $230,000 each.
That was primarily due to the harsh California state taxes. But Wisconsin, home of the Milwaukee Bucks does not have such strict tax laws. However, they are still way ahead of some states that have low- or no-income tax rates.
As per the CBA, the Milwaukee Bucks players would take home $514,971 each. The reason it is higher than last season’s $500,000 amount is because of the provision of the Basketball Related Income (BRI) growth factor.
In the state of Wisconsin, the effective federal income tax rate is 28.05%. Add in the 4.08 % FICA as well as the effective state tax rate of 6.08%, and the net income tax deductions from that $514,971 would come to $197,803. That means, each Milwaukee Bucks player will receive $317,168 in their bank accounts.
BUCKS GOT A PAYDAY 🤑 pic.twitter.com/q9zZIph3Do
— NBA on ESPN (@ESPNNBA) December 18, 2024
It is still a much larger amount than what the Lakers players received, but even then, the tax deductions will leave them with a little more than half the winnings. But as Giannis Antetokounmpo said, the money will still mean a lot to the younger players on the roster.
Giannis Antetokounmpo and the Bucks celebrate winning $500K
After the NBA Cup Final win over the Oklahoma City Thunder, the Milwaukee Bucks players gathered in the locker room to celebrate their win. When Giannis Antetokounmpo and Damian Lillard entered with the trophy’s the Greek Freak said.
Hey! Hey! I’m so proud of everybody. Everybody got 500,000 right? Lemme hold some!
Giannis Antetokounmpo in the Bucks locker room
His teammates responded with a head nod and a ‘yup.’ He particularly was ecstatic for the younger players who are on far lower salaries than his current $175 million contract. It would mean the world to them just like it did for the Lakers two-way and rookie contract players.
“Everybody got $500,000 right?!” 🤑 pic.twitter.com/zQru6oBZ7O
— Milwaukee Bucks (@Bucks) December 18, 2024
After receiving their money, some of them purchased houses for their parents. Damian Lillard revealed he will share a portion of his winnings with the support staff. Once they receive their winnings, how players spend them will slowly come to light.
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