Miami Dolphins owner Wayne Huizenga is looking to run a hurry-up offense and unload a 45% share of his NFL franchise before 2008. Huizenga is eager to finish a deal as quickly as possible to sell 45%
or more of his stake in the Dolphins to co-owner Stephen Ross because
he anticipates a Barack Obama win in the presidential election could
result in a doubling of his capital gains tax bill, according to the
Sun-Sentinel.
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"If you do it this year or you do it next year, the difference is humongous because of the taxes," Huizenga told the Sun-Sentinel.
Huizenga claims that his capital gains tax from the sale would double under Obama. But the Obama camp disagreed, telling the Sun-Sentinal that the Democratic candidate's plans are to raise the capital gains tax maximum from 15% to 20%, an increase of 33%, not the doubling that Huizenga fears. The top rate would be for families earning more than $250,000 or individuals earning more than $200,000.
But Huizenga seems more than reluctant to give the government a bigger share of his gains.
"I'd rather give it to charity than to him [Obama]," Huizenga told The Associated Press. - Gerald Magpily
See Sun-Sentinel article
Comments
Bullcrap! He wants out because the value of these teams is declining.