February 25, 2007 |
The silence on Thursday was hardly surprising. Despite all the noise in the weeks leading up to the NBA's trade deadline - Pau Gasol is going to the Bulls! Jason Kidd is going to the Lakers! - at the end of the day, we had what we normally have: a few minor deals that will have absolutely no impact on the playoff race or June's draft. Teams are traditionally reluctant to do major deals during the season, fearing that the adjustment period for both incoming and existing players to one another may be too long.
August 27, 1993 |
Robert Healey has reason to be overjoyed by the passage of the Clinton deficit-reduction package early this month. Its passage finally laid to rest the 10 percent luxury tax on boats costing more than $100,000 - the kind that Healey's company, Viking Yachts Inc., makes in New Gretna, Burlington County. The tax and the recession together devastated the company, forcing shutdown of its plant in St. Petersburg, Fla., and a cutback in the number of employees from 1,451 in the late 1980s to 60 now. The effect of the tax, which was enacted in 1990 as part of President Bush's deficit-reduction package and took effect in January 1991, went beyond Viking Yachts, of course.
March 23, 1996 |
Details surfaced yesterday from the owners' proposal Thursday at the labor talks in Phoenix. The owners cutting back significantly on their demands and offered the union a plan that: Abandons their attempt to link a luxury tax to revenue. Drops their luxury tax rate from 50 percent to 40 percent. Increases the threshold where the tax would start from $44 million to $46 million. The luxury tax on high-payroll teams, which would help fund revenue sharing, would be in effect from 1998 to 2001.
May 17, 1991 |
Five new luxury yachts worth $5 million will set sail from the Philadelphia port tomorrow morning, bound for European destinations. Manufactured by Viking Yachts in New Gretna, N.J., the 200 tons of boats will be loaded onto a 392-foot-long freight carrier at the Penn Terminals in Eddystone and shipped to buyers in Italy and France. "Sales are off in the United States," said Kathy MacCausland, a Viking spokeswoman. "What has happened is the luxury tax has had a (negative) impact on our domestic sales, and international sales are our bright light.
April 18, 2002 |
After a discussion that focused mostly on baseball's drafts, the players and owners recessed their labor talks until Monday, still far apart on the central issues. The owners say they must have a luxury tax and vastly increased revenue sharing in the new basic agreement. In a March 13 counterproposal, the players ignored the call for a luxury tax and proposed only a small increase in revenue sharing. The union believes revenue sharing drains money from high-revenue clubs, which would cut spending on salaries.
January 27, 2010 |
Hornets trade guard The New Orleans Hornets will not have to pay the NBA's luxury tax this year after dealing reserve guard Bobby Brown to the Los Angeles Clippers. Yesterday's deal gave the Hornets a conditional 2014 second-round draft pick from the Clippers and brought New Orleans' player payroll below the $69.9 million luxury-tax threshold. The Hornets have shed millions in payroll through several trades this season, including Monday's deal that sent shooting guard Devin Brown to Chicago and earlier trades that sent guard Rasual Butler to the Clippers and center Hilton Armstrong to Sacramento.
January 19, 1996 |
The players' association gave the first indication of its response to the owners' new bargaining offer and it wasn't positive. "The proposal does not appear to differ significantly from the owners' proposals of last March," union head Donald Fehr said in a memorandum sent to players Wednesday. Owners made their proposal on Nov. 15, and the union is expected to give a formal response this month. Management's plan, which calls for a luxury tax that rises and falls depending on industry revenue, was its first response to the union's proposal of March 30, made the night before a federal judge issued a court order that caused players to end their strike after 232 days.
June 26, 2012 |
SEA ISLE CITY, N.J. — How many pretzels does it take to build a castle in the sand? How many cans of jalapeno dip does it take to build a $30 million mansion on the ocean so huge that it makes the neighboring $10 million beach houses look run-of-the-mill, even puny? Well, the lawsuits are over and the 14,000-square-foot beachfront mansion built by Utz potato chip and pretzel magnate Michael Rice and his wife, Jane, is up and running on top of the dunes in Avalon. The anti-mansion demonstrators are gone — some way gone, having moved out of town in disgust after failing to stop the building of a mansion on top of Avalon's High Dunes, a unique two-mile stretch of undeveloped maritime forests and sandy grasslands along the ocean, one of the few such pristine areas remaining along the East Coast.
May 6, 1991 |
Taxes could cost Randy Heffley his job. Heffley, a boat builder at Egg Harbor Yachts for more than 10 years, expects to be out of work in less than a month, once the last of a handful of yachts under construction rolls out of the factory. Egg Harbor Yachts, which makes boats that sell for more than $200,000 each, has no new orders to fill. And the firm has plenty of company. The boating industry nationwide is sinking fast. The industry says it was torpedoed not only by the recession but also by the new 10 percent luxury tax levied on the portion of a boat's price over $100,000.
August 9, 2006 |
The plan looked like a good one at the time. The 76ers entered the off-season armed with a $4.45 million trade exception, hoping it would help them obtain a player, preferably a tough-minded veteran who could provide a spark and get the team back into playoff contention. However, as the expiration date of the trade exception arrives today, Sixers president and general manager Billy King is going to allow it to run out without using it. The team acquired the exception from the New Jersey Nets last August in exchange for Marc Jackson.