Salary cap for 2015-16 season jumps to $70 million

The National Basketball Association today announced that the Salary Cap has increased by 11% to an all-time high of $70 million for the 2015-16 season.

The tax level for the 2015-16 season increased by 10.3% to $84.740 million.

The Salary Cap and tax level go into effect at 12:01 a.m. ET on Thursday, July 9, when the league's "moratorium period" ends and teams can begin signing free agents and making trades.