So he catches the ball and now has to pay for it???

http://sports.yahoo.com/mlb/news?slu...v=ap&type=lgns

He is lucky enough to catch the Bonds ball but will be taxed through the ying yang for it even if he doesn't sell it???

That's kinda sucks....

Quote:

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Originally Posted by manacsa

http://sports.yahoo.com/mlb/news?slu...v=ap&type=lgns

He is lucky enough to catch the Bonds ball but will be taxed through the ying yang for it even if he doesn't sell it???

That's kinda sucks....

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Hey! Without the ability to steal all of our money, all politicians would be out of work. Imagine, those without Daddy's Money would be forced to get a real job and work for a living! Oh, the horror...

Basically ... yes
Acquisition of an asset is deemed to be at market value.
So it becomes taxable at what the taxman says it's worth.

Same on my parents' house.
I owe tax at the 40% of their estimate of the acquisition value.
If I sell it for more I pay capital gains tax at 40% on the profit.

And on the rest of my inheritance?
My mother was taxed at 25% during her lifetime.
Income from his savings was taxed at 25% during hers lifetime.
My father was taxed at 40% during his lifetime.
Income from his savings was taxed at 40% during his lifetime.
After their death, I had to pay inheritance tax at 40% on what's left.

Who wins ?

The value is speculative, especially since the value will plummet if Bonds is indicted for steroid use. If I were him I'd pay the tax on the $15 ball it would cost if he bought it at an MLB store.
JS

That's why we need the Fair Tax. http://www.fairtax.org/site/PageServer