Celebrities may be all for President-elect Barack Obama ruling the country. But the baseball variety are hard at work trying to avoid his anticipated tax policies:
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.
After all, political ideology goes so only so far.
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This is pretty common. Watch the politicians who’ll shift $$ as well. They obvious do what they can to optimize their taxes but think we’re suckers who won’t change any behaviors to avoid them.
Im going to quit my job { lay myself off } and apply for unemployment the ” O ” will take care of me ! ! !
Switzerland is under attack from the USA -IRSto show records of Americans hiding money. This could get real interesting.
#3 aw
The Swiss are also being pressured by the EU for the same reasons.
The real rich prolly hide their money in The Caymans or in Liechtenstein.
I want the government to stay out of my bedroom. Shhh, I hide my riches /sarc in the mattress.
This is only the beginning. Offshore Investments, Out of country banking. Even moving Corporate Offices to other countries is about to become the norm.
The “rich” have been planning on this for months. They are not the ones that will pay for the “chosen one’s” dreams….it’s right back on you and me. Probably you, ’cause I don’t have much to take from. I figure I’ll get in line with my hand out (not). At least, I hope not. Change and Hope? Guess we’ll see.
The wealthy have been abandoning the sinking US for years. See: http://www.actionamerica.org/taxecon/taxpats.shtml
Has anyone ever seen Ted Kennedy’s federal tax return? I think it would make interesting reading since old Joe Kennedy hid all the money he could in trusts and anything else where it wouldn’t be taxable.