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> This is what's wrong with our tax system

ffman
post Jul 12 2011, 12:18 PM
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http://www.nbcnewyork.com/news/local/Fan-W...-125406723.html

A fan gives back a ball he could have sold for $250,000+, and has to pay tax on what the Yankees give in return (tax he probably can't afford).

Meanwhile, multi-billion dollar corporations such as General Electric can manipulate tax loopholes to pay no tax at all.


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THUNDER9
post Jul 12 2011, 02:17 PM
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Sounds like he should take the deduction for charitable contributions for the value of the ball (Est. $250,000 - $300,000) then pay the gift tax on what the Yankees gave him.



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edgerrin32
post Jul 12 2011, 02:31 PM
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Everything is wrong with our tax system! The big one being its "illegal" to tax workers on there pay! There is no law saying you have to pay taxes on your income! And it is protected by out 16th amendment. But kinda messed up, don't pay it and the throw you in jail! But there you have a prime example of our "fine" system! blink.gif


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historian1974
post Jul 12 2011, 04:41 PM
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I bet Jeter and/or the Yankees takes care of it for this guy.





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yilduz
post Jul 23 2011, 07:38 PM
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I heard on ESPN radio that a company (can't remember which one) said they'd pay the taxes for the guy. The radio guys joked about that, though, saying the government would tax him on the gift from the company.



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