Via Joel Sherman, the luxury tax threshold will remain at $178M for the next two seasons under the Collective Bargaining Agreement. Teams will be taxed 40% on every dollar they spend over that amount. The threshold and tax will be raised to $189M and 50% in 2014, respectively.
The Yankees are the only team in baseball to consistently pay the luxury tax, but other clubs have had to pay on occasion. The Red Sox and Phillies will be awfully close to that threshold next year as well. The Yankees owed $18M last season and $25.7M the year before, bringing their total luxury tax payout to $192.2M since it was instituted in 2003. One of these days they’ll just rename this thing the Yankee Tax and be done with it.