Taxing Jump Shots and Sex

April 2005
Journal of Financial Planning;Apr2005, Vol. 18 Issue 4, p18
Academic Journal
This article provides information on taxes that might affect some financial planner's clients in the U.S. Incomes of athletes and entertainers are often taxed by the states where they periodically play or perform, even though they are residents of another state. Maine imposes a 1.5 cent tax per pound of wild blueberries grown, processed or otherwise handled in the state. Even before sitting down to play poker, one will have to ante up ten cents in extra sales tax for a deck of cards in Alabama. If any of one's clients deal in illegal drugs or moonshine, be sure they pay the appropriate tax should they live in one of 23 states that impose stamp taxes on illegal substances. Utah imposes a 10 percent tax on top of its general sales tax of 4.75 percent for owners of establishment where people perform nude or partially nude.


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