The Conservative Cave
The Bar => Sports => Topic started by: thundley4 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
more (http://sports.espn.go.com/mlb/news/story?id=3683448&campaign=rss&source=MLBHeadlines)
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Elections have consequences.
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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...