Facebook Twitter

Yankees hit with $18 million luxury tax

SHARE Yankees hit with $18 million luxury tax

NEW YORK — The Yankees have been hit with an $18 million luxury tax on their major league-leading payroll. It was New York's lowest tax since 2003.

The financial information was sent to teams Tuesday and obtained by The Associated Press.

While the Yankees failed to repeat as World Series champions this year, they lowered their tax from nearly $26 million when they won the title last year.

The Boston Red Sox are the only other team that will have to pay despite having failed to make the playoffs. Boston exceeded the payroll threshold for the first time since 2007 and owes almost $1.5 million.