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Agents scheme for Obama's proposed tax increase

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Looking ahead to an Obama administration, some baseball agents already are thinking about trying to beat a possible tax increase for their well-paid clients. President-elect 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.

Associated Press

Scott Boras, Elsa/Getty Images Scott Boras, Elsa/Getty Images

Comments (58) Add A Comment

November 6, 2008  05:41 AM ET
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Sometimes, when I lie in bed at night and look up at the stars, I think to myself, "Man! I really need to fix that roof."

November 6, 2008  05:47 AM ET
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is there any other news besides this??

November 6, 2008  05:53 AM ET
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How does Boras sleep at night? Does he even have a social conscience? Does his moral compass point towards Fort Knox or Wall Street?

November 6, 2008  06:16 AM ET
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Boras is an attorney paid solely by his client to represent the best interests of that client. It does not matter in the slightest to him if his actions are good or bad for baseball teams, cities, reporters or fans. His only concern is securing what he and his client considers the most advantageous deal...for the client. There are no stories about Boras holding any guns to anyone's head and forcing them to sign one of his clients.

He sleeps just fine at night...

November 6, 2008  06:27 AM ET
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People voted with their heart - instead of their with their brain. Word to your mother.

November 6, 2008  07:02 AM ET
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QUOTE(#3):
Originally posted 05:53 AM ET  11.06 by The J Dog

How does Boras sleep at night? Does he even have a social conscience? Does his moral compass point towards Fort Knox or Wall Street?

He can afford really good sleeping pills

November 6, 2008  07:06 AM ET
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QUOTE(#4):
Originally posted 06:16 AM ET  11.06 by TeksMissingPower

Boras is an attorney paid solely by his client to represent the best interests of that client. It does not matter in the slightest to him if his actions are good or bad for baseball teams, cities, reporters or fans. His only concern is securing what he and his client considers the most advantageous deal...for the client. There are no stories about Boras holding any guns to anyone's head and forcing them to sign one of his clients.He sleeps just fine at night...

This is ALL true, but alas he's still a paramecium...........

November 6, 2008  07:25 AM ET
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QUOTE(#7):
Originally posted 07:06 AM ET  11.06 by Chasin' Utleys

This is ALL true, but alas he's still a paramecium...........

Second...

November 6, 2008  07:34 AM ET
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Stories like this make me realize that my problems aren't really so bad at all...

November 6, 2008  07:41 AM ET
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How does Boras sleep at night? Does he even have a social conscience? Does his moral compass point towards Fort Knox or Wall Street?

Well, Wall St. is pretty much bankrupt so Mr. Boras has been kind enough to loan them a couple billion from his personal storage shed aka Fort Knox

November 6, 2008  07:42 AM ET
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He is a scourge on Major League Baseball and, with Bud Selig, created their bloated salaries. We may be capitalists but we see what happens when the rich get richer. MLB was, and sort of still is, on their way to mirroring India's society, so I for one am happy to see smaller payroll teams make it and teams with giant coffers pilfer their chances at a championship because they have selfish players.

Players... not teammates.

November 6, 2008  07:51 AM ET
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Play in Japan?

November 6, 2008  08:14 AM ET
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Operative word there is "scheme" Agents would "scheme" for reduced cost sheet if it were possible.

Comment #14 has been removed
November 6, 2008  08:33 AM ET
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Ha! If this story is true, I guess we had a few Nostradamuses here on the baseball threads yesterday.

Nostradami?

November 6, 2008  08:37 AM ET
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what is 4.5% when you oare making millions...come on

November 6, 2008  08:43 AM ET
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"People avoid elevated taxation" Must be a slow news day.

November 6, 2008  08:45 AM ET
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QUOTE(#16):
Originally posted 08:37 AM ET  11.06 by #00 Out On Bail-Sofa King Hot

what is 4.5% when you oare making millions...come on

Well, at the minimum "millions," that being two, 4.5% would be 90 grand. I would eat snot out of that crack of yours for 90 grand right now.

November 6, 2008  08:50 AM ET
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"what is 4.5% when you oare making millions"

a lot of money

 
November 6, 2008  08:52 AM ET
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QUOTE(#18):
Originally posted 08:45 AM ET  11.06 by Atro Steals Yer Base

Well, at the minimum "millions," that being two, 4.5% would be 90 grand. I would eat snot out of that crack of yours for 90 grand right now.

Wow...

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