From the Mind of Splittfinger » Sick and wrong! The government has no right!

Sick and wrong! The government has no right!

http://sports.yahoo.com/mlb/news?slug=ap-bonds-ball

Preview:

NEW YORK (AP) -- Matt Murphy could become $500,000 richer if he sells Barry Bonds' record-breaking home run ball.

.....

Selling the ball for that amount would instantly put Murphy in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.

Even if he does not sell the ball, Murphy would still owe the taxes based on a reasonable estimate of its value, according to John Barrie, a tax lawyer with Bryan Cave LLP in New York. Capital gains taxes also could be levied in the future as the ball gains value, he said.

 

Posted Aug 22 2007, 01:37 PM by Splittfinger

Comments

Rcougar wrote re: Sick and wrong! The government has no right!
on 08-22-2007 3:30 PM
until the ball is sold it is worth only what the league paid for it. Assessing value to something before it is sold is wrong. The value is arbitrary until you actually have a buyer willing to pay what ever the price. This is no different than how property tax is assessed. I think assessing a value anytime other than when any property is bought and sold is wrong because just because someone assess a value to property they must have someone willing to pay at least that price for it.
Desechado wrote re: Sick and wrong! The government has no right!
on 08-22-2007 4:21 PM
This is an example of why I try to keep the government out of my personal business.
Splittfinger wrote re: Sick and wrong! The government has no right!
on 08-23-2007 9:26 AM
This is an amazing example of Government greed, and to top it off, the lawyers who perpetuate it.
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