Suns' Luxury Tax Bill Revealed

The Phoenix Suns were one of eight teams to finish in the luxury tax this season.

Apr 12, 2024; Sacramento, California, USA; Phoenix Suns guard Grayson Allen (8) and guard Devin Booker (1) and guard Bradley Beal (3) and forward Royce O'Neale (00) and forward Kevin Durant (35) huddle up before the final seconds of the fourth quarter at Golden 1 Center. Mandatory Credit: Ed Szczepanski-USA TODAY Sports / Ed Szczepanski-USA TODAY Sports

PHOENIX -- The Phoenix Suns are set to pay just shy of $70 million towards the luxury tax for the 2023-24 season, according to ESPN NBA insider Bobby Marks.

Marks - on Twitter/X - revealed the unofficial tax numbers for all eight teams who crossed the threshold:

Unofficial luxury tax payments per team:

Golden St- $176.9M
LAC- $142.4M
Phoenix- $68.2M
Milwaukee- $52.5M
Boston- $43.8M
Denver- $20.2M
Miami- $15.7M
LA Lakers- $6.9M

The 22 teams below the tax are projected to receive $11.96M each.

— Bobby Marks (@BobbyMarks42) June 18, 2024

The Suns' exact $68.2 million tax payment fell short of the Golden State Warriors ($176.9 million) and Los Angeles Clippers ($142.4 million).

Other teams in the luxury for this past season include:

Milwaukee Bucks ($52.5 million)
Boston Celtics ($43.8 million)
Denver Nuggets ($20.2 million)
Miami Heat ($15.7 million)
Los Angeles Lakers ($6.9 million)

This now marks back to back seasons the Suns have paid luxury tax bills after not doing so in any year since 2009. If they maintain a luxury tax bill for next season, it will be just the second time in franchise history Phoenix was in the luxury tax for three consecutive seasons.

The Suns - currently in the second apron of luxury - are restricted in how they can assemble their team moving into this offseason. Phoenix can only sign outside free agents on veteran minimum deals while the Suns also are severely restricted on what they can do in the trade market (can't aggregate salaries, no sign-and-trades, etc.)

Per Spotrac, Phoenix's $205.8 million in spending leads all NBA teams entering 2024-25. Of course, those numbers could change either way, though the Suns are over $10 million from the No. 2 team in Minnesota at $193.2 million.

Suns owner Mat Ishbia hasn't been shy on spending power since arriving to the Valley.

“We’re trying to win a championship and we’re gonna try this year and then we’re gonna try to figure out how to do it next year,” Ishbia told reporters back in March.

“And signing free agents is what it’s gonna take. And having someone’s Bird rights gives you an advantage to be able to keep those players even if you’re into the luxury tax. We’re not frivolous with money and just spending money to spend money. What we’re trying to do is win a championship and build the best team possible.”