Firearms Industry Addresses Rising Gun Sales;
November 11, 2008
Obama Administration Showing Anti-Gun Cards Early
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Alternative Minimum Tax 101
November 10, 2008
The alternative minimum tax (or AMT) is an extra tax some people have to pay on top of the regular income tax. The original idea behind this tax was to prevent people with very high incomes from using special tax benefits to pay little or no tax. The AMT has increased its reach, however, and now applies to some people who don’t have very high income or who don’t claim lots of special tax benefits. Proposals to repeal or reform the AMT have languished in Congress for years, but effective action does not appear to be on the horizon. Until Congress acts, almost anyone is a potential target for this tax.
The name comes from the way the tax works. The AMT provides an alternative set of rules for calculating your income tax. In theory these rules determine minimum amount of tax that someone with your income should be required to pay. If you’re already paying at least that much because of the “regular” income tax, you don’t have to pay AMT. But if your regular tax falls below this minimum, you have to make up the difference by paying alternative minimum tax.
To Learn more about AMT click hear:
INDUSTRY News from NSSF
November 4, 2008
INDUSTRY SALES UP IN SECOND QUARTER, BUT LONG GUNS FEEL ECONOMIC PINCH . . . Sales by firearm and ammunition manufacturers were up 5.1 percent in the second quarter of 2008, led by a 14.2 percent increase in ammunition sales and a 9 percent rise in handgun sales, according to the firearm industry’s best economic indicator. The statistics are taken from the latest Pittman-Robertson federal excise tax collection report. Excise taxes are calculated as a percentage of wholesale receipts, paid quarterly by firearm and ammunition manufacturers and earmarked for state wildlife conservation and habitat restoration programs. These statistics are based solely on U.S. civilian sales and do not include sales to military, police, etc. During the quarter, $80.5 million was generated for conservation through excise tax collections, compared to $76.6 million in the same period in 2007. From April through June, $23.2 million was collected for pistols and revolvers, $27.9 million for long guns and $29.3 million for ammunition. While ammo and handgun sales were up, long gun collections reported were down 5.5 percent, presumably affected by a slow economy. The latest tax collections suggest overall sales of $752.9 million, not including retail markup or final retail sales.
RUGER SALES UP 31 PERCENT . . . Gun maker Sturm, Ruger & Co. (NYSE:RGR) reported Wednesday that third-quarter sales jumped 31 percent to $41.8 million, compared to $31.9 million in the same period last year. The Southport, Conn.-based company said strong new product shipments contributed to the increase.
ATK REPORTS STRONG SALES . . . Alliant Techsystems Inc. (NYSE:ATK), maker of ammunition, propulsion systems and aerospace supplies, reported that strong sales helped second-quarter earnings rise 27 percent. In the company’s Armament Systems division, which includes ammunition, medium-caliber gun systems, energetics and accessories, sales increased 19 percent to $423 million, compared to $355 million in the prior-year quarter.
CABELA’S REPORTS THIRD-QUARTER RESULTS . . . Outdoor retailer Cabela’s Inc. (NYSE: CAB) reported Thursday that third-quarter sales increased 11.9 percent to $611.8 million, compared to $546.8 million for the third quarter of 2007. Same-store sales — sales at stores that have been open for more than a year — however, were down 9 percent.
OUTDOOR CHANNEL POSTS PROFIT . . . Outdoor Channel Holdings (NASDAQ:OUTD) reported a third-quarter profit of $2.4 million, or 9 cents per share, up from $1.5 million, or 6 cents per share, in the same period a year ago. Third-quarter revenues were $15 million, compared to $12.7 million last year. The Temecula, Calif.-based network said it generated double-digit advertising growth during the quarter.
ROCK RIVER ARMS EXPANDS FACILITIES . . . Rock River Arms announced it has expanded its manufacturing and warehouse facilities to 30,000 square feet in an effort to meet the growing demands of its customers. The Colona, Ill.-based company was started by brothers Mark and Chuck Larson in 1993 with five employees. Today, it employs 60 with plans to hire additional personnel in the near future.
