Congressman Says No To 'Home-Run Tax'
WASHINGTON (Sept. 8) -- Rep. Bill Thomas (R-Calif.) is wasting no time in response to reports that anyone returning a home run baseball to big-league sluggers Mark McGwire or Sammy Sosa would incur tax liabilities. Thomas says he will introduce legislation to prevent that from happening.
In a written statement, Thomas said, "I will introduce a measure shortly to keep the IRS [Internal Revenue Service] from sticking the fans with the 'McGwire/Sosa tax' ... I want all fans to know they can catch those balls without worrying that the IRS is going to tax them for returning it to American legends."
There have been news reports that someone catching a home run ball and returning it could be liable for a gift tax because of the value of the ball as memorabilia. Several fans have returned home run balls to McGwire, in exchange for a chance to meet him and get autographs, bats or jerseys.
McGwire and Sosa are both on a pace to break Roger Maris' single-season home run record of 61. McGwire tied the record Monday and Sosa has 58 home runs. The season ends Sept. 27.
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