What a great country we live in. A college student gets to go to a MLB game and happens to be lucky enough to catch a home run ball, and now has to worry about the IRS knocking on his door. Matt Murphy caught Barry Bond's 756th career home run. The ball is estimated to be worth about $500,000. From an article on Yahoo Sports:
Selling the ball for that amount would instantly put Murphy in the highest tax bracket for individual income, where he would face a tax rate of about 35 percent, or about $210,000 on a $600,000 ball.
It gets even better. If the ball increases in value too quickly, he might be subject to capital gains laws. Does anyone out there think that a smaller less powerful government might be useful? You can read the whole story by going here.
