Money MLB agents ponder beating potential tax increase

bkkcoh · 11-05-2008, 12:29 PM

Link

DANA POINT, Calif. (AP) - Looking ahead to the possibility of an Obama administration, some baseball agents already are thinking about trying to beat a possible tax increase for their well-paid clients.

Democratic presidential candidate Barack Obama has proposed increasing the top federal income tax rate from 35 percent to 39.6 percent, where it was under the Clinton administration. If signing bonuses are paid before Jan. 1, they likely would be taxed at the current rate and would not be subject to any tax 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 annually.

Next year's major league minimum is $400,000. Agent Scott Boras, negotiating eight- and possibly nine-figure deals for free agents Manny Ramirez and Mark Teixeira, already has thought about the possibility of asking for larger signing bonuses payable this year in some of his contracts.

"There's some consideration to be had with the impact of the election," he said.

Free agents can't start negotiating money with all teams until Nov. 14. Only a relatively small percentage of contracts are finalized before Jan. 1.

Still, for a big-money free agent earning $10 million in 2009, Obama's plan could increase his federal tax by more than $400,000.

"There's some consideration to be had with the impact of the election," said Paul Kinzer, who represents free-agent closer Francisco Rodriguez.

With the general election Tuesday, many of the GMs said they had voted by absentee ballot. New York Mets general manager Omar Minaya said he could predict whether his counterparts supported Democrats or Republicans.

"I'm working out, I'm at the gym, I'm looking around, everyone's watching TV," he said. "And you can tell: A guy would be on the Fox channel, somebody would get off (the machine), and the other guy would just switch right to CNN. Or somebody would be on CNN, and the other guy would go like, OK, 'I'm not watching this stuff.'"

Minaya, who worked for the Texas Rangers when George W. Bush was controlling owner, said some of the GMs also turned to MSNBC.

Agents generally had thought about the possibility of a tax increase more than the GMs. Many of the club representatives said they likely wouldn't be able to determine until after Nov. 14 whether beating a tax hike was a trend.

"It's not off the wall," said Andrew Friedman, executive vice president for baseball operations of the AL champion Tampa Bay Rays. "We'd certainly be open-minded to it depending on what the rest of the terms of the deal are."
________________________________

Afterall, they do make more them $250,000, so that is ok, right?

Demonpenz · 11-05-2008, 12:35 PM

new law. If you get paid over 250,000 playing a kids game you get taxed a shitload

StcChief · 11-05-2008, 12:39 PM

why not work for less $250K and take remainder as annuity payments in future?

See Bruce Sutter contract to ATL....

Ultra Peanut · 11-05-2008, 12:39 PM

I'm going to be crying over Brian Cardinal's 3% tax increase.

BudLightBronco420 · 11-05-2008, 12:56 PM

Why did this bkkcoh douchebag post this crap? Do you think anybody here really gives a shit about those fairy ballplayers' bank accounts?

beavis · 11-05-2008, 01:02 PM

Quote:

Originally Posted by BudLightBronco420

Why did this bkkcoh douchebag post this crap? Do you think anybody here really gives a shit about those fairy ballplayers' bank accounts?

Please post a couple of more like this. The sooner you get banned, the better.

BudLightBronco420 · 11-05-2008, 01:04 PM

Quote:

Originally Posted by beavis

Please post a couple of more like this. The sooner you get banned, the better.

I thought this site was so lenient about posters getting banned. This site blows. You bitches have no backbone. And my team is in first place

bkkcoh · 11-05-2008, 01:15 PM

Quote:

Originally Posted by BudLightBronco420

I thought this site was so lenient about posters getting banned. This site blows. You bitches have no backbone. And my team is in first place

Then go back home and enjoy another 1st round loss in the f'n playoffs!!!!!!!!

Valiant · 11-05-2008, 01:21 PM

Quote:

Originally Posted by BudLightBronco420

I thought this site was so lenient about posters getting banned. This site blows. You bitches have no backbone. And my team is in first place

You are really bragging on your record and leading the West?? What the West has a combined 10+ losses in a row and you are trying to talk shit.. To the team that showed you as frauds without all the helpful calls of your previous wins?? Seriously??

**alanm** · 11-05-2008, 01:33 PM

Quote:

Originally Posted by Valiant

You are really bragging on your record and leading the West?? What the West has a combined 10+ losses in a row and you are trying to talk shit.. To the team that showed you as frauds without all the helpful calls of your previous wins?? Seriously??

Forgive him. He's a Bronco fan.

MIAdragon · 11-05-2008, 01:40 PM

Quote:

Originally Posted by BudLightBronco420

I thought this site was so lenient about posters getting banned. This site blows. You bitches have no backbone. And my team is in first place

Mecca · 11-05-2008, 01:41 PM

I feel so bad about guys who make multiple millions of dollars being taxed more...boo ****ing hoo.

Deberg_1990 · 11-05-2008, 01:46 PM

Quote:

Originally Posted by Mecca

I feel so bad about guys who make multiple millions of dollars being taxed more...boo ****ing hoo.

Well, somebody has to pay for your gas and mortgage payments.

11-05-2008, 12:29 PM
bkkcoh MVP Join Date: Aug 2000 Location: Lewis Center, Ohio USA Casino cash: $9805595	MLB agents ponder beating potential tax increase Link DANA POINT, Calif. (AP) - Looking ahead to the possibility of an Obama administration, some baseball agents already are thinking about trying to beat a possible tax increase for their well-paid clients. Democratic presidential candidate Barack Obama has proposed increasing the top federal income tax rate from 35 percent to 39.6 percent, where it was under the Clinton administration. If signing bonuses are paid before Jan. 1, they likely would be taxed at the current rate and would not be subject to any tax 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 annually. Next year's major league minimum is $400,000. Agent Scott Boras, negotiating eight- and possibly nine-figure deals for free agents Manny Ramirez and Mark Teixeira, already has thought about the possibility of asking for larger signing bonuses payable this year in some of his contracts. "There's some consideration to be had with the impact of the election," he said. Free agents can't start negotiating money with all teams until Nov. 14. Only a relatively small percentage of contracts are finalized before Jan. 1. Still, for a big-money free agent earning $10 million in 2009, Obama's plan could increase his federal tax by more than $400,000. "There's some consideration to be had with the impact of the election," said Paul Kinzer, who represents free-agent closer Francisco Rodriguez. With the general election Tuesday, many of the GMs said they had voted by absentee ballot. New York Mets general manager Omar Minaya said he could predict whether his counterparts supported Democrats or Republicans. "I'm working out, I'm at the gym, I'm looking around, everyone's watching TV," he said. "And you can tell: A guy would be on the Fox channel, somebody would get off (the machine), and the other guy would just switch right to CNN. Or somebody would be on CNN, and the other guy would go like, OK, 'I'm not watching this stuff.'" Minaya, who worked for the Texas Rangers when George W. Bush was controlling owner, said some of the GMs also turned to MSNBC. Agents generally had thought about the possibility of a tax increase more than the GMs. Many of the club representatives said they likely wouldn't be able to determine until after Nov. 14 whether beating a tax hike was a trend. "It's not off the wall," said Andrew Friedman, executive vice president for baseball operations of the AL champion Tampa Bay Rays. "We'd certainly be open-minded to it depending on what the rest of the terms of the deal are." ________________________________ Afterall, they do make more them $250,000, so that is ok, right?
Posts: 5,506

11-05-2008, 12:35 PM	#2
Demonpenz Woman should only make babies Join Date: Nov 2003 Location: Apartment "G UNIT!" Casino cash: $-463864	new law. If you get paid over 250,000 playing a kids game you get taxed a shitload __________________
Posts: 54,961

11-05-2008, 12:39 PM	#3
StcChief Playing for #1 Draft Pick Join Date: Oct 2003 Location: Just West of Lambs land Casino cash: $10004900	why not work for less $250K and take remainder as annuity payments in future? See Bruce Sutter contract to ATL.... __________________ sig test for this screwy schema
Posts: 25,901

11-05-2008, 12:39 PM	#4
Ultra Peanut v^V^v^V^v^V^ Join Date: Aug 2001 Location: Holland* Casino cash: $10005177	I'm going to be crying over Brian Cardinal's 3% tax increase. __________________
Posts: 39,518

11-05-2008, 12:56 PM	#5
BudLightBronco420 Banned Join Date: Nov 2008 Casino cash: $10004900	Why did this bkkcoh douchebag post this crap? Do you think anybody here really gives a shit about those fairy ballplayers' bank accounts?
Posts: 28

11-05-2008, 01:41 PM	#12
Mecca Hockey Town Join Date: Apr 2005 Location: Kansas City, Missouri Casino cash: $-782950	I feel so bad about guys who make multiple millions of dollars being taxed more...boo ****ing hoo.
Posts: 115,406