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Sports Memorabilia and Health Care Reform
Posted By: Michael Tasselmyer - 10/25/12

An article published in the Bradenton Herald on Thursday highlights one of the interesting, if not unintended, consequences of the new Medicare taxes that the Patient Protection and Affordable Care Act is set to levy beginning in 2013.

Sports memorabilia enthusiasts may have noticed the recent surge of high-dollar collectibles flooding auction houses: Bobby Knight's NCAA Championship rings; Don Larsen's New York Yankees pinstripes; even Evander Holyfield's heavyweight boxing championship belts.

Perhaps not so coincidentally, these valuable items are hitting the auction market right before January 1st, when a new 3.8 percent Medicare tax on investment income will take effect for high-income individuals. As mentioned in the article:

"And starting Jan. 1, there will be a new Medicare tax on income from investments for higher-earning people. The IRS hasn't issued rules yet, so money from the sale of collectibles may be subject to the new levy. "The 3.8 percent Medicare tax would probably be the thing that immediately popped into my mind in terms of what folks may be thinking about," said David Boyle, Americas director of personal financial services for the accounting firm Ernst & Young."

Currently, income generated from collectibles held for more than a year is eligible to be taxed at a rate of 28 percent. So, if I'm a wealthy individual who bought Babe Ruth's 1920 uniform for $4.4 million and sold it a few years later for $5 million, I could owe 28 percent of the difference in capital gains taxes. With the PPACA's passage, that amount could increase by 3.8 percent beginning in 2013.

The new Medicare tax, combined with the possibility of Bush-era tax cuts expiring and the estate tax, apparently has some athletes and sports figures more closely examining the benefits of cashing in on their most sought-after mementos sooner rather than later.

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The Late Edition: October 3, 2012
Posted By:  - 10/03/12

Today’s Taxpayer News!

In this article from American Free Press, NTU’s Pete Sepp delves into the relationship between the EPA’s Renewable Fuels Standard requirement which mandates that increasing portions of corn be diverted to ethanol, and the higher prices Americans could end up paying for food as a result.  

Just in time for tonight’s first Presidential debate, Fox News takes a look at five key tax increases put forth by President Obama that hinder the ability of small businesses to be successful.

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The Late Edition: 2 October, 2012
Posted By:  - 10/02/12

Today’s Taxpayer News!

NTUF launched its line-by-line analysis of the spending agendas for Ohio Senate candidates Sherrod Brown and Josh Mandel, finding the two swing-state candidates are about $110 billion apart.

A recent report by State Budget Solutions found that each state government carries an average debt load of $13,425 per capita, amounting to an astounding $4 trillion for the nation as a whole.

Are Obama claims about Romney’s tax plan accurate? The Tax Foundation hits back on charges of severe middle class tax hikes should Romney’s plan be implemented.

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The Late Edition: October 01, 2012
Posted By:  - 10/01/12

NTU’s Pete Sepp weighs in on the battle over defense spending and the cancelation of the costly F-35 fighter program.

According to a new report from the Tax Policy Center, 90 percent of Americans will be hit with higher taxes---equaling a jaw-dropping total of $536 billion for 2013---unless Congress acts to stop the batch of tax hikes and automatic cuts.

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Speaking of Taxpayers, August 31 (AUDIO): Social Media Tips for Taxpayers Groups
Posted By:  - 08/31/12

Subscribe to NTU's podcast "Speaking of Taxpayers" via iTunes!

     
   
   
   
   
   

NTU's communications manager and "Speaking of Taxpayers" co-host Doug Kellogg offers valuable tools for new taxpayer advocacy groups venturing into social media, the "Fiscal Five" returns with new tax-related issues from at home and abroad, and NTUF's Dan Barrett takes a closer look into Paul Ryan's voting record.

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The Late Edition: August 29, 2012
Posted By:  - 08/29/12

Today’s Taxpayer News!

NTU’s vice president Pete Sepp was featured in a recent article in the Washington Times examining the whereabouts of $1 million in federal stimulus funds that the Federal Communications Commission handed over to a London-based company in hopes of it creating jobs. Unfortunately for taxpayers, the company, SamKnows Ltd, created all of zero new jobs in the United States.

Good news for taxpayers still reeling from the General Services Administration’s reckless spending bout that resulted in $823,000 worth of taxpayer dollars wasted on a training conference. A recent article from the Washington Post  highlights the GSA’s self-reported savings of $11 million since April.

Rep. Tom Cole (R-OK) speaks out in US News against taxpayers being forced to fork over $18 million in 2012 to both the Democratic and Republican parties for their respective conventions.

 


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Speaking of Taxpayers, August 24 (AUDIO): Online Sales Tax Threat Looms in Washington
Posted By:  - 08/28/12

Subscribe to NTU's podcast "Speaking of Taxpayers" via iTunes!

      
   
   
   
   
   

NTU's Andrew Moylan joins the podcast to discuss the subtle forces mounting a push for federal mandated online sales taxation & NTUF's Demian Brady discusses the plethora of post office re-namings taking Congress' attention.
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The Late Edition: August 27, 2012
Posted By:  - 08/27/12

Today's Taxpayer News!

Forbes contributor Peter Ferrara cuts through the political chatter and assumptions about Mitt Romney’s tax proposal.

A recent analysis by the Congressional Budget Office note how 2012 will become the fourth year in a row that the Federal government will be operating with a trillion-dollar deficit. The report confirms the need for Washington to act now to reduce spending and rein in the deficit.

 

 

 

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Governor Kasich's Alternate Reality
Posted By: Lee Schalk - 08/27/12

It’s time for a reality check. Over at Opportunity Ohio, our friend Matt Mayer just released this report, listing 10 erroneous claims being made by Governor John Kasich to defend his severance tax hike plan. While the tax plan isn’t law yet, it’s already posing a serious threat to Ohio’s economic growth and has caused Ohio’s “attractiveness for energy exploration” ranking to plummet. We’ve also seen that Ohioans aren’t falling for the tax scheme. Yet somehow, Governor Kasich still insists on defending it. While this is a perfect time to reduce Ohio’s burdensome income tax, lawmakers should look at common sense trims to spending and avoid taxing the promising energy industry. The following excerpt from the Opportunity Ohio report explains why, fundamentally, this type of tax is not in Ohio’s best interest:

  • Kasich Claim #5: Higher taxes will result in more energy activity in Ohio.
    • Fact: As free market economist Milton Friedman and President Ronald Reagan both noted, if you want less of something, then tax it. It simply defies common sense that Ohio will get more oil and gas activity by increasing the taxes on that activity – even if this one tax remains lower than other states. If Ohio wants more oil and gas activity, it should leave the tax rate at its current level to ensure the gap between Ohio and other states remains as big as possible. Why risk chasing away energy companies, the jobs they will create, and the economic activity in hotels, restaurants, hardware stores, and other secondary goods and services providers? A Fraser Institute survey of energy company executives showed that Ohio fell from #2 to #14 in terms of attractiveness for energy exploration because of Governor Kasich’s severance tax hike plan.

Clearly, Ohioans deserve better than a tax plan that undermines investment and hurts job creation in their state. The growing energy economy has been estimated to generate over 200,000 jobs, increase output by over $22 billion and taxable wages by over $12 billion. Ohio’s leaders should strive to turn those estimates into a reality while reducing spending that grew by 43 percent (even adjusting for inflation and population growth) from 2000 to 2010. Let’s hope they come to their senses sooner than later.

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