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	Luxury tax (sports) - Wikipedia, the free encyclopedia
		A luxury tax in the sports sense is a surcharge put on the aggregate payroll of a team to the extent to which it exceeds a predetermined guideline level set by the league.
		The National Basketball Association also has a luxury tax provision; its utility is somewhat limited by the fact that the league also has a salary cap provision.
		It was widely assumed that the negotiations between the National Hockey League owners and players would have had to result in the implementation of a luxury tax, a salary cap, or some combination of both either under those or other names; most NHL teams were not financially long-term viable enterprises under the current arrangements.
	en.wikipedia.org /wiki/Luxury_tax_(sports) (304 words)

	Copyright (c) 2004 The Columbia Law Review (Site not responding. Last check: 2007-10-13)
		While these two versions of the luxury tax have varying components, their conceptual frameworks share one major feature: The entity taxed is required to pay a specified percentage of the margin by which its spending exceeds a mandated threshold.
		Luxury tax consideration was not dormant for long, as the NBA owners, who voted to reopen the collective bargaining agreement during the 1997-1998 season, n86 locked out the players on July 1, 1998, with intentions of garnering greater cost-control mechanisms.
		The tax, however, is applied to a team's total salaries as of the end of the just-completed season, so teams have no opportunity to precisely gauge the tax consequences of their spending in advance.
	www-unix.oit.umass.edu /~splaw488/nbaluxury.htm (8904 words)

	Excise Taxes on New Cars
		The other excise tax that applies to some new cars is a 4 percent tax (for 2001) on any portion of the sales price of a car that exceeds $38,000.
		If you paid luxury tax on a car you purchased this year, the amount of the tax is not deductible.
		If you purchase a vehicle that was designed to be an electric vehicle, the luxury tax applies only to the portion of the price that exceeds 150 percent of the ordinary luxury tax threshold, or approximately $57,000 for 2001.
	taxguide.completetax.com /text/Q13_2811.asp (419 words)

	ESPN.com: SPORTSBUSINESS - Owners' proposed tax might not guarantee competitive balance (Site not responding. Last check: 2007-10-13)
		Manfred also calls the tax "payroll regulation," a term that union officials believe is a pretty way of calling for a defacto salary cap, since the chance of the union agreeing to a hard cap hovers near zero percent.
		The NBA's luxury tax threshold is determined at the end of the season based on gross revenues of the entire league, an idea that the Major League Baseball Players Association soundly rejected in the 1994 negotiations.
		Baseball's justification for advocating a 50 percent tax on a fixed payroll amount is based on the 34 and 35 percent tax on high payroll teams from 1997 to 1999, a tax owners felt was ineffective (teams were taxed only on the payroll amount above the average of the fifth- and sixth-highest payrolls).
	espn.go.com /sportsbusiness/s/2002/0814/1418040.html (1175 words)

	Law change halts huge SUV tax break (Site not responding. Last check: 2007-10-13)
		The tax provision's original intent back in the 1970s was to enable small farmers and self-employed workers to buy a truck or van without having to fork over the luxury car tax that was then in effect and has since expired.
		That blatant abuse of the intent of the tax code didn't sit well with the Taxpayers for Common Sense, the watchdog organization that first cried foul on the high-styling urban cowboys.
		The deduction is claimed as a Section 179 expense, meaning you must be in business, filing a Schedule C or corporate tax return, to claim it.
	www.bankrate.com /brm/itax/biz_tips/20030403a1.asp (605 words)

	Luxury (Site not responding. Last check: 2007-10-13)
		luxury - something that is an indulgence rather than a necessity indulgence, self-indulgence - an inability to resist the gratification of whims and desires 2.
		luxury - wealth as evidenced by sumptuous living luxuriousness, opulence, sumptuousness wealth, wealthiness - the state of being rich and affluent; having a plentiful supply of material goods and money; "great wealth is not a sign of great intelligence" Adj.
		Sports Relating to a team's sponsoring institution or to the place where it is franchised: a home game; the home field advantage.
	www.floridaluxurywaterfronthomes.com /luxury.htm (948 words)

	USATODAY.com - Baseball tax man calls on Yanks and Red Sox (Site not responding. Last check: 2007-10-13)
		The Yankees were hit with a $34 million luxury tax and the Red Sox were told they owe $4 million to the commissioner's office.
		Checks for the competitive-balance tax, as it is formally known, are due at the commissioner's office by Jan. 31.
		Under the labor contract, the Yankees and Red Sox will be the only teams subject to the luxury tax next year and both will pay at a 40% rate on the amount over the threshold, which rises to $136.5 million.
	www.usatoday.com /sports/baseball/2005-12-21-luxury-tax_x.htm (561 words)

	Taxpayers for Common Sense White Paper
		The tax break given to small business owners that allows the entire purchase price of a sport utility vehicle (SUV) to be deducted is one of the most glaring examples of a good idea going in the wrong direction.
		These changes to the tax code, which were originally intended to spur capital investments by farmers and small businesses that rely on heavier vehicles, have made the purchase of heavy SUVs extremely lucrative for any small business owner, whether or not the vehicle is necessary in their work.
		The tax break has encouraged people from all lines of work, including real-estate agents, lawyers, consultants, and many others-for whom this provision was never intended-to purchase a luxury SUV instead of a luxury automobile, which is not eligible for the same deductions.
	www.taxpayer.net /TCS/whitepapers/SUVtaxbreak.htm (1244 words)

	Write Off $20,000 on a Business Vehicle in the First Year
		For most types of passenger cars, in 2000 the luxury tax on a new car would be 5% of the price that exceeds $38,000.
		Because of some rather complicated provisions in the tax laws (otherwise known as "loopholes"), these vehicles can be eligible for much more favorable tax write-offs when they are used for business purposes.
		But be careful: in order to be eligible for these special tax breaks, you'll have to be able to show that at least 50% of the use of the SUV was for business.
	taxguide.completetax.com /news/busvehcl.asp (597 words)

	Online NewsHour: Baseball Labor Agreement -- November 27, 1996
		So they would pay a payroll tax of whatever 35 percent of $9 million is. If you go--the next year, it goes up to $55 million as the cap and then $59 million.
		The payroll tax, same thing, because the players will give a little bit of money into the revenue-sharing program, which is also significant and we'll get to in a second.
		It will come from the luxury tax money that have to be paid, and the top 13 teams in net revenue will have to pay money into a fund.
	www.pbs.org /newshour/bb/sports/labor_11-27.html (1286 words)

	Possible Baseball Strike by Grayson Age 9 - Weekly News for ,
		The luxury tax issue has to do with how large the tax will be and when the tax will kick in.
		The players are afraid that the tax will affect the owners' ability to pay them as much money as they want.
		It is a little different from the luxury tax because it deals with sharing money between all the teams.
	www.kidsnewsroom.org /newsissues/082302/index.asp?page=Sports2 (326 words)

	Pro Sport Luxury Tax (Site not responding. Last check: 2007-10-13)
		Luxury tax has made free agency a bit less frenzied.
		The luxury tax threshold for the 2001-02 season is expected to be around $53...
		exceeds the luxury tax threshold, the following amount is added to the team's salary and is paid pro-rated during...
	prosport.impisport.com /prosportluxurytax (1034 words)

	Michael Gray, CPA's Tax and Business Insight June 2, 2003
		For example, the estate tax exemption equivalent recently increased from $675,000 to $1 million for 2002 and 2003, and will gradually increase to $3.5 million in 2009, before the estate tax is repealed for one year and the exemption reverts back to the old rules.
		The tax rate applying to long-term capital gains for certain low-income taxpayers is reduced from 10% to 5%, and 0% for 2008.
		Generally, the tax basis or "cost" used to determine gain or loss of inherited property is adjusted to the fair market value on the date of death or the alternate valuation date.
	www.taxtrimmers.com /bottomline/2003-06.shtml (2462 words)

	National Retail Sales Tax Alliance - Donald Lambro Commentary
		Daschle is a master of the art of demagoguery, and he was playing it to the hilt at his news conference last week in front of the Capitol.
		Bush would make the tax cuts retroactive to Jan. 1, 2001, taxpayers could be sent a refund or would see their tax withholding rates adjusted downward.
		Daschle doesn't say is that if that millionaire — or anyone else — bought a Lexus or another luxury car made in America as a result of the Bush tax cuts, it would help to put ordinary working people back to work on automobile-industry assembly lines across this country.
	www.salestax.org /library/lambro_2-15-01.html (947 words)

	Fool.com: New Tax Breaks for Small Businesses [Tax Q&A] June 27, 2003
		While most of the good news about the Jobs and Growth Tax Relief Reconciliation Act of 2003 applies to individuals, there are some beneficial provisions for the small-business owner.
		Under the old tax law, there was a special depreciation deduction of 30% of the cost of new (but not used) fixtures and equipment placed into service.
		If tax policy is little more than ways to encourage (or discourage) certain types of investments, it sounds like Uncle Sam wants every business owner in a gas hog.
	www.fool.com /taxes/2003/taxes030627.htm (971 words)

	ESPN.com: MLB - Owners: Baseball needs luxury tax, revenue sharing
		NEW YORK -- Baseball owners told players Tuesday that the union's failure to embrace a luxury tax and vastly increased revenue sharing was unacceptable.
		In their March 13 response, players ignored the call for a luxury tax and proposed increasing the amount of shared local revenue to 22.5 percent, using a different formula that would give a greater percentage to the low-revenue teams and take away less from the high-revenue clubs.
		Players don't want a luxury tax, which would slow the rate of salary growth, and they fear too much revenue sharing would drain money from high-revenue teams, which otherwise would spend it on players.
	espn.go.com /mlb/news/2002/0416/1369790.html (386 words)

	Welcome to Comcast SportsNet
		Boston and Anaheim must pay baseball's luxury tax along with the New York Yankees, according to final figures compiled by the commissioner's office.
		In 2003, the first year of the new luxury tax, the Yankees were the only team to pay, owing $11,798,357, according to the team's latest revised bill.
		For the luxury tax, which is based on 40-man rosters, the average annual values of contracts and includes benefits, the Yankees finished with a payroll of $203.9 million, while Boston was at $134.5 million and Anaheim at $124.6 million.
	philadelphia.comcastsportsnet.com /view_content_0p.asp?ID=2309 (795 words)

	swissinfo - China rejects Switzerland's request to abolish luxury watch tax
		The Chinese authorities introduced the luxury tax at the beginning of April on watches costing more than SFr1,600 ($1,322), leading the Swiss authorities to intervene.
		He added that the tax was introduced to "reduce social inequalities in Chinese society" and that it did not break any international economic agreements.
		When the tax was first imposed in early April, the Switzerland-based Swatch Group, the world's largest watchmaker, told swissinfo that their sales would be affected.
	www.swissinfo.org /eng/front/detail/Beijing_rebuffs_Bern_on_luxury_watch_tax.html?siteSect=105&sid=6767299&cKey=1149087685000 (463 words)

	NBA Inks Six-Year Labor Deal, New Collective Bargaining Agreement Includes Increased Salary Cap - CBS News (Site not responding. Last check: 2007-10-13)
		For the first time, teams will know before the season begins what the luxury tax threshold will be: $61.7 million.
		Teams with payrolls over that will have to pay a dollar-for-dollar tax on the amount of their payroll that exceeds the $61.7 million.
		Under the old luxury tax system, teams did not know until the season ended whether the luxury tax would even kick in, or what the threshold was.
	www.cbsnews.com /stories/2005/07/30/sportsline/main712863.shtml (627 words)

	Leasing Library - Just The Tax
		In addition to tax on the monthly payment, you must also pay tax on any cash down payment made because this is effectively a “purchase down” of the price of the vehicle and would not be captured in the monthly payment calculation.
		In cap cost states the total tax is often due at the commencement of the lease, meaning the lessor must pay it and either collect it from you up front or roll it into your lease.
		Since some sport utility vehicles exceed this weight, those of us who are not in the trucking business may find ourselves on the favorable side of this tax law.
	www.leasewizard.com /library/body_Taxes.cfm?id=187 (1037 words)

	SportingNews.com - NBA - Pacers waive Reggie Miller, avoid luxury tax
		Under a one-time "amnesty" provision of the league's new collective bargaining agreement, however, they can avoid the dollar-for-dollar luxury tax for exceeding the NBA salary cap.
		Under the new six-year labor agreement that was finalized two weeks ago, the salary cap was set at $49.5 million, an increase of $5.63 million from last season.
		The luxury tax threshold is $61.7 million, meaning teams must pay a dollar-for-dollar tax on the amount their payrolls exceed that figure.
	www.sportingnews.com /nba/articles/20050815/640048.html (451 words)

	ESPN.com - Luxury tax can curb spending (Site not responding. Last check: 2007-10-13)
		This solution includes a luxury tax system with a high-water threshold at $34 million per team, including salary and all bonuses (except for performance bonuses that will be capped at $4 million per club).
		As part of this luxury tax proposal, there will be a low-end threshold on team payroll set at $27.2 million.
		If the NHL wants to grow and find stronger footing on the landscape of professional sports, the owners must be more willing to share their revenues.
	sports.espn.go.com /espn/print?id=1900712&type=columnist (1947 words)

	BBC Sport \| Sport Homepage \| Other Sport \| US Sport \| Bettman stands firm in dispute
		NHL commissioner Gary Bettman has again dismissed proposals by the players' union for a luxury tax as the sport's lockout continues.
		A luxury tax system was the centerpiece of the most recent proposal by either side in the NHL's labour dispute, put forward by the NHL Players Association.
		But Bettman, speaking at a business function in Edmonton, claimed that a luxury tax would only serve to worsen the NHL's financial woes.
	news.bbc.co.uk /solpda/ukfs_sport/hi/newsid_4058000/4058467.stm?(none) (281 words)

	Weinrich uncertain of NHL's future
		Weinrich said he has heard rumors of a luxury tax, but doesn't know anything else about what may be different in the players' latest proposal.
		Reports are that the players are suggesting a luxury tax to the owners in which teams with a payroll over $40 million would have to pay a tax of 75 cents on the dollar.
		The players' association's previous proposal also included a luxury tax and that deal was rejected by the owners.
	kennebecjournal.mainetoday.com /sports/stories/193882277.shtml (676 words)

	China Raises Taxes to Curb Use of Energy and Timber - New York Times
		A new tax of 10 percent on yachts, golf clubs and golf balls, and a 20 percent tax on luxury watches, is squarely aimed at China's emerging elite of wealthy industrialists and well-connected Communist officials.
		China is reducing its tax on vehicles with engines of 1 to 1.5 liters to 3 percent from 5 percent, while leaving the rate unchanged for slightly more powerful engines.
		The finance ministry's statement on the tax increases on April 1 made no mention of such a gas-guzzler tax, however, and finance ministry officials could not be reached for elaboration.
	www.nytimes.com /2006/03/23/business/worldbusiness/23yuan.html?ex=1300770000&en=0f3add0a18b55371&ei=5088&partner=rssnyt&emc=rss (1086 words)

	CNNSI.com - Baseball - Baseball avoids strike with last-minute agreement - Tuesday October 01, 2002 04:53 PM
		Also, a luxury tax will be levied on high-payroll teams to try to curb the increase in player salaries.
		Teams will pay a tax ranging from 17.5 percent to 40 percent of total player salaries above $117 million in 2003, $120.5 million in 2004, $128 million in 2005 and $136.5 million in 2006.
		The money raised by the luxury tax will be used for player benefits and various player development programs.
	sportsillustrated.cnn.com /baseball/news/2002/08/30/labor_friday (1138 words)

	luxury car tax (Site not responding. Last check: 2007-10-13)
		Luxury car tax A federal excise tax assessed on vehicles with a gross vehicle weight of less than 6,000 pounds and a value exceeding a threshold amount, which is adjusted periodically for inflation...
		Luxury Car Tips and News Luxury Car Tips and News Home -luxury car tax loophole If you are chasing the best advice with reference to luxury car tax loophole.
		Taxes include: State and local sales tax luxury car rentals houston was over 17 percent.
	luxury.carsvehicles.com /luxurycartax (1017 words)

	New Zealand - Luxury Brokers (Site not responding. Last check: 2007-10-13)
		Be warned that some of the more popular tracks such as the Great Walks will be fairly crowded, especially in summer, so if you prefer solitude contact the nearest Department of Conservation office for further information on tramping in their area.
		There are a number of ski-package tours available and a variety of ski resorts scattered throughout both the north and south islands.
		A common thread that binds the entire population is its love of sport - especially the national game of rugby union - and outdoor pursuits such as sailing, swimming, cycling, hiking and camping.
	www.luxury.st /profiles.cfm?pa=newzealand (3507 words)

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