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Tuesday, January 11, 2005 |
Tax Law Change Could Cause Weaver Signing
A change in the tax laws could cause the Angels to sign Jered Weaver, according to Baseball America. The Mets signed their first-round pick, Philip Humber, in part to take advantage of a rapidly closing window:
Humber’s agent, Michael Moye, and the Mets were motivated to sign now by a change in federal tax law, which make signing subject to FICA and Social Security taxes. “That put an artificial deadline on it,” said Jim Duquette, who was the lead man in negotiations for the Mets as the senior vice president of baseball operations. “It made us feel we wanted to get it done sooner than later.”Previously, from my understanding, signings were not subject to such taxes. The deadline goes into effect Wednesday.
Update: see Transaction Guy for an explanation of why this is important.
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