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Yankees hit with $18M luxury tax

Updated: December 21, 2010, 7:53 PM ET
Associated Press

NEW YORK -- The New York Yankees lowered spending on players by $12 million this year, cutting payroll by $5 million and slashing their major league-leading luxury tax by more than $7 million.

New York was hit with an $18 million luxury tax Tuesday by Major League Baseball. The tax was New York's lowest since 2003 and down from $25.7 million last year, when the Yankees won the World Series.

"Atta baby. And right now we're in the $170s," Yankees general manager Brian Cashman ...

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