In the lectures, we learned that luxury tax is one of the tools the NBA is using to have a competitive balance. We saw that Nets had $101.29M in payroll and paid $83.29M as a luxury tax under the current tax rates in 2013-14 season. Suppose the luxury tax threshold is updated to $75M and tax rates are updated as follows. Amount Taxed ($) per Dollar over the Threshold Luxury Tax Threshold ($ millions) Up to a Payroll of ($ millions) $2.00 $75.00 $80.00 $3.00 $80.00 $85.00 $4.00 $85.00 $90.00 $5.00 $90.00 $95.00 $6.00 $95.00 $100.00 $8.00 $100.00 $105.00 What would be the luxury tax for Nets under the updated tax rates