But give the all-star credit. He was correct in pointing out that nearly every serious contender has exceeded the luxury-tax threshold, set at about $70 million this season, when the Raptors spent about $68 million on salaries. It’s more expensive than it sounds because every dollar spent above the limit triggers a $1 tax and forfeiture of the proceeds of a luxury-tax kitty distributed to non-tax teams.
So give Colangelo credit, too. The GM said Thursday that if Bosh chooses to stay in Toronto the Raptors’ payroll will rise above the projected tax threshold, and that the team’s ownership is braced to spend the dough.
“The question is, to what degree do you become a tax team?” said Colangelo. “But the (MLSE) board of directors has authorized a certain level of spending that is clearly into the (projected) tax.”
So, would Colangelo be authorized to sign Bosh, re-sign fellow free agent Amir Johnson and — keeping in mind Bosh’s steep ante — spend yet more taxable dollars on another player or two via the mid-level exception, which this year was worth $5.8 million?
“How deep into the tax we go is going to be based on the scenario I present to the board,” Colangelo said. In other words, if he can make a compelling case to the money men, he can get the money.