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For the luxury tax, I believe it is something like this. However much over the limit you are, you have to pay 50% of that amount as luxury tax. I think the limit is something like $115-120 million, so the Yankees would have to pay $35-37 million in tax.
Not chump change, but not necessarally a restriction on them.
Personally, I think that if they want to keep this system, they should at least make it a 200% tax or something. Steinbrenner might not worry about a $190 million payroll when he has to pay $35 million, but I think he'd be discouraged somewhat if he had to pay $140 million.
Of course, Bob Costas' plan from his book Fair Ball is even better IMO.
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"Final thought: I just rented Michael Moore's Bowling for Columbine. Frankly, it was the worst sports movie I've ever seen."
--Peter Schmuck, The (Baltimore) Sun
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