The prospect of middle-class multimillionaire athletes having a slightly higher tax burden does not, in fact, make my grasp at my wallet in fear. I will, however, cross over to the other side of the street when I see Obama coming, but only because I really did want to go to the defunct Starbucks that used to be there. Three years ago.
The New York Yankees have a 2008 payroll of approximately $208 million. Under the twin Obama tax proposals, the 24 Yankee players would be hit with an aggregate increase in federal income taxes of just over $22 million, with slugger Alex Rodriguez single-handedly getting dunned with $2.6 million in additional federal taxes.
The owner of the Yankees would owe an additional $7.5 million of federal taxes. Ticket prices would need to be increased by about $65 million so that the owner and players could have the same after-tax income as before. The increase in ticket prices would amount to an average $16 per ticket. Given that the least-expensive ticket in Yankee Stadium currently is $14, this would more than double the cost of a seat in the bleachers.
There is perhaps no less sympathetic team in all of professional sports than the Yankees. Perhaps if the NFL’s now-defunct Milwaukee Granny Slappers were still in action, but alas, they’re now the Raiders.