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Author Topic: Agents ponder effect of likely tax increase on clients' salaries  (Read 1377 times)

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Offline thundley4

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Agents ponder effect of likely tax increase on clients' salaries
« on: November 05, 2008, 08:15:43 PM »
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DANA POINT, Calif. -- Some baseball agents already are thinking about trying to beat a possible tax increase for their well-paid clients under an Obama administration.

 President-elect Barack Obama has proposed increasing the top federal income tax rate from 35 percent to 39.6 percent, where it was under president Bill Clinton.

If signing bonuses are paid before Jan. 1, they likely would be taxed at the current rate and would not be subject to any increase.

"It's something we'll consider," agent Craig Landis said Tuesday at the general managers' meetings. "Besides the federal issue, we have a state issue in some cases, anyway, where it's advantageous to take signing bonuses because of the state income tax. A Florida resident can take the signing bonus and not have to pay his team's state tax."

Obama's proposal would increase federal income tax on families earning more than $250,000 annually, money that would help finance a decrease for workers and families earning less than $200,000. It's also possible more income might be subject to the Social Security tax
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Offline ReardenSteel

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Re: Agents ponder effect of likely tax increase on clients' salaries
« Reply #1 on: November 05, 2008, 09:27:29 PM »
Elections have consequences.
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"When you see that trading is done, not by consent, but by compulsion - when you see that in order to produce, you need to obtain permission from men who produce nothing - when you see that money is flowing to those who deal, not in goods, but in favors - when you see that men get richer by graft and by pull than by work, and your laws don't protect you against them, but protect them against you - when you see corruption being rewarded and honesty becoming a self-sacrifice - you may know that your society is doomed."

- Ayn Rand
http://www.capmag.com/article.asp?ID=1826

Offline john c calhoun

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Re: Agents ponder effect of likely tax increase on clients' salaries
« Reply #2 on: November 06, 2008, 12:13:20 PM »
Quote from: ReardenSteel on November 05, 2008, 09:27:29 PM
Elections have consequences.

yep,

and the quickest way to turn people that really MATTER (people w/ incomes) against you is by TAKING THEIR MONEY....

wonder how many obama supporters in pro sports will still be obama supporters 2 years from now??

their salaries are most likely gonna be dropping once those new NFL rules kick in & now add in obama's theft....

I say the NFL tells them to choke on it & will not fork over the bonus's before the end of this year...

 
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