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Luxury Tax

SPORTS
February 25, 2007 | By David Aldridge, Inquirer Staff Writer
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.
BUSINESS
August 27, 1993 | By William H. Sokolic, FOR THE INQUIRER
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.
SPORTS
August 4, 2012 | By Marc Narducci, INQUIRER STAFF WRITER
When he wasn't dealt by Tuesday's non-waiver trade deadline, righthander Joe Blanton thought he might be with the Phillies for the rest of the season. So when he heard Friday afternoon that he had been traded to the Los Angeles Dodgers for a player to be named or cash, he had a natural reaction. "I was pretty shocked," Blanton said, talking to reporters in the Phillies dugout moments after hearing the news. The trade was made after the Dodgers claimed Blanton off waivers.
SPORTS
March 23, 1996 | Daily News Wire Services
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.
BUSINESS
May 17, 1991 | by Jenice Armstrong, Daily News Staff Writer
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.
SPORTS
April 18, 2002 | THE INQUIRER
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.
SPORTS
January 27, 2010 | Inquirer wire services
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.
SPORTS
January 19, 1996 | Daily News Wire Services
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.
BUSINESS
May 6, 1991 | By William H. Sokolic, Special to The Inquirer
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.
SPORTS
September 15, 2010
Unable to swing a trade, the Charlotte Bobcats waived center Erick Dampier on Tuesday, voiding one of the NBA's most unusual contracts and avoiding the dreaded luxury tax. Dampier was in the last year of a seven-year, $73 million deal, but the $13 million for this season wasn't guaranteed because he failed to meet playing time requirements. The Michael Jordan -owned Bobcats, desperate to get their payroll under the luxury tax threshold of $70.3 million, traded center Tyson Chandler to Dallas in July in a five-player trade that included Dampier's contract.
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