Huge tax figures of $890,000 that put Dwyane Wade's net worth into perspective
Dwyane Wade's decision to sign with the Chicago Bulls following the 2015-2016 NBA season shocked a lot of people. The future Hall of Famer had spent 13 years with the Miami Heat, winning three championships and establishing himself as a legend with the franchise. Take a look at how that decision affected the legendary shooting guard's net worth.
Dwyane Wade left the Miami Heat for the Chicago Bulls
Following the 2015-2016 season, the Miami Heat offered Dwyane Wade a two-year, $40 million contract extension. Wade, however, wanted a longer deal or an increase in salary after making $20 million in his final year with Miami. The Heat felt uncomfortable increasing the years or salary offered as the 13-time All-Star was coming off arguably the worst season of his career up to that point.
While Wade had interest from other franchises, most around the league expected him to return to Miami. The Chicago Bulls wound up offering Wade a two-year, $47.5 million contract. The increase in salary, combined with the opportunity to return home and play in the city he grew up in, was too great for Wade to pass up.
Dwyane Wade has informed the Bulls he plans to sign a deal with them, sources tell @TheVertical. Bulls sending out contracts now.
How did Dwyane Wade's decision to sign with the Chicago Bulls affect his net worth?
Despite the increase in pay, Dwyane Wade's decision to spurn the Miami Heat and join the Chicago Bulls did not affect his net worth in the way that many may have expected.
Wade would not have had to pay state taxes had he remained with the Heat, who play in Florida, where there is no state income tax. Joining the Bulls, however, meant that he had to pay Illinois' 3.75% income tax or near about $890,000 per year.
Furthermore, Illinois is the only state that doesn't give athletes tax breaks for the taxes that they pay to other states when they play on the road. While Wade still likely earned more money by joining the Bulls, the amount wasn't significant due to Illinois' state taxes.
How did Dwyane Wade's tenure with Chicago Bulls turn out?
Dwyane Wade's homecoming with the Chicago Bulls didn't go as planned. While the team made the postseason as the Eastern Conference's eighth seed, they were eliminated in the first round. Individually, Wade would have his worst season since his rookie season. His lone year in Chicago also marked the first time Wade failed to make the All-Star team since his rookie season.
Following the season, Wade wound up giving back $8 million of his salary to negotiate a buyout with the Bulls. He would join the Cleveland Cavaliers for half a season before being traded back to the Miami Heat for the final season and a half of his career.
Dwyane Wade gave back approximately $8M of his $23.8M salary to reach buyout agreement with Bulls, league sources tell ESPN.
Watch Wade's highlights below: