Football Wayne Huizenga wants to sell Dolphins before Barack Obama raises tax - Page 2

KCJohnny · 10-28-2008, 07:29 AM

Wayne Huizenga wants to sell Dolphins before Barack Obama raises tax

Obama campaign disputes figures
By Sarah Talalay | South Florida Sun-Sentinel

Dolphins owner H. Wayne Huizenga said Sunday no date has been set for selling up to 45 percent more of the team to Stephen Ross, but the presidential election is among the issues weighing on his decision.

That's because a Barack Obama administration is expected to mean higher capital-gains taxes.

"He wants to double the capital gains tax, or almost double it," Huizenga said. "I'd rather give it to charity than to him."

Ross purchased 50 percent of the team and Dolphin Stadium for $550 million earlier this year with the intention he would eventually become majority owner. NFL owners approved the eventual transfer this month, meaning it can take place anytime.

"If you do it this year or you do it next year, the difference is humongous because of the taxes," Huizenga said.

But the Obama campaign disputed Huizenga's figures on Monday, saying the candidate's plans are to raise the capital gains tax maximum from 15 percent to 20 percent -- a 33 percent increase, not double. And the top rate would be for families earning more than $250,000 or individuals earning more than $200,000.

"Mr. Huizenga is wrong about Senator Obama's tax plan, which calls for a maximum capital-gains rate of 20 percent -- a third lower than the rate that President Reagan set in 1986," said Bobby Gravitz, Obama campaign South Florida spokesman. "Furthermore, Senator Obama's tax cut for 95 percent of working families will mean a whole lot of Dolfans will be better able to afford those ever-rising ticket prices."

Regardless of when he sells, Huizenga vows to maintain a 5-percent stake in the team.

"It's been 19 years and after 19 years, it's kind of time," he said. "I don't want to be one of those owners who gets real old and hangs in there, we know some of those stories already, I don't want to be one of those guys."

**mikeyis4dcats.** · 10-28-2008, 02:46 PM

Quote:

Originally Posted by whoman69

Wayne Hiuzenga has so much in common with Joe the Plumber

WOW! I know neither is a plumber, but I didn't know Wayne's real name was Steve...

**Dave Lane** · 10-28-2008, 02:46 PM

Quote:

Originally Posted by Hog Farmer

Maybe everybody that owns a business knows something you dont know!

Businesses wouldn't be so scared to death of their tax consequences with McCain as Pres.

I own a couple of businesses and I already voted for Obama. And I pay more taxes than the majority of people on here earn in a year.

Hog's Gone Fishin · 10-29-2008, 07:53 AM

Quote:

Originally Posted by Dave Lane

I own a couple of businesses and I already voted for Obama. And I pay more taxes than the majority of people on here earn in a year.

Well, do you think you will be paying more under Obama ?

**Dave Lane** · 10-29-2008, 07:56 AM

Its possible. I actually don't care. Giving the deficit the country currently faces at some point we will have to increase taxes and lower spending to get close to a balanced budget. If I need to pay some extra taxes to get the budget back in balance so be it.

Dave

KCJohnny · 10-29-2008, 08:00 AM

Quote:

Originally Posted by Dave Lane

Its possible. I actually don't care. Giving the deficit the country currently faces at some point we will have to increase taxes and lower spending to get close to a balanced budget. If I need to pay some extra taxes to get the budget back in balance so be it.

Dave

A true Biden Patriot.

whoman69 · 10-29-2008, 08:03 AM

Quote:

Originally Posted by KCJohnny

A true Biden Patriot.

So you just keep running up huge deficits? I've heard all this crap about how tax revenues are actually larger with tax cuts. That is only true if you don't allow for inflation.

Hog's Gone Fishin · 10-29-2008, 08:04 AM

Quote:

Originally Posted by Dave Lane

Its possible. I actually don't care. Giving the deficit the country currently faces at some point we will have to increase taxes and lower spending to get close to a balanced budget. If I need to pay some extra taxes to get the budget back in balance so be it.

Dave

I agree that a tax increase going towards a balanced budget is necessary, but with Obama that money will be spent on bullshit that won't accomplish that. You will have less money to spend on maintaining your business in a profitable and growing manner. Your capital gains tax will go up. Inheritance tax and so on. He's not good for the American people that want to WORK and prosper. He's only good for the lazy welfare sucking people that believe America Owes them.

bigbucks24 · 10-29-2008, 08:23 AM

Is this how it works?

Our Tax System Explained: Bar Stool Economics

Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this:

The first four men (the poorest) would pay nothing.
The fifth would pay $1.
The sixth would pay $3.
The seventh would pay $7.
The eighth would pay $12.
The ninth would pay $18.
The tenth man (the richest) would pay $59.

So, that's what they decided to do.
The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. 'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beer by $20.' Drinks for the ten now cost just $80.
The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free.
But what about the other six men - the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?'
They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer.
So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay.

And so:
The fifth man, like the first four, now paid nothing (100% savings).
The sixth now paid $2 instead of $3 (33%savings).
The seventh now pay $5 instead of $7 (28%savings).
The eighth now paid $9 instead of $12 (25% savings).
The ninth now paid $14 instead of $18 (22% savings).
The tenth now paid $49 instead of $59 (16% savings).

Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings.
'I only got a dollar out of the $20,'declared the sixth man. He pointed to the tenth man,' but he got $10!'
'Yeah, that's right,' exclaimed the fifth man. 'I only saved a dollar, too.
It's unfair that he got ten times more than I got' 'That's true!!' shouted the seventh man. 'Why should he get $10 back when I got only two? The wealthy get all the breaks!'
'Wait a minute,' yelled the first four men in unison. 'We didn't get anything at all. The system exploits the poor!'
The nine men surrounded the tenth and beat him up.
The next night the tenth man didn't show up for drinks so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill!
And that, ladies and gentlemen, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier.

David R. Kamerschen, Ph.D.
Professor of Economics
University of Georgia

Hog's Gone Fishin · 10-29-2008, 08:25 AM

That pretty much sums it up !

**Dylan** · 10-29-2008, 10:46 AM

Quote:

Originally Posted by Long Duk Dong

Here comes socialism

It's already here -- thanks to Congress & the Federal Reserve Cartel

10-28-2008, 07:29 AM
KCJohnny Blind, deceived homer Join Date: Sep 2000 Location: Maryland, USA Casino cash: $10004900	Wayne Huizenga wants to sell Dolphins before Barack Obama raises tax Wayne Huizenga wants to sell Dolphins before Barack Obama raises tax Obama campaign disputes figures By Sarah Talalay \| South Florida Sun-Sentinel Dolphins owner H. Wayne Huizenga said Sunday no date has been set for selling up to 45 percent more of the team to Stephen Ross, but the presidential election is among the issues weighing on his decision. That's because a Barack Obama administration is expected to mean higher capital-gains taxes. "He wants to double the capital gains tax, or almost double it," Huizenga said. "I'd rather give it to charity than to him." Ross purchased 50 percent of the team and Dolphin Stadium for $550 million earlier this year with the intention he would eventually become majority owner. NFL owners approved the eventual transfer this month, meaning it can take place anytime. *"If you do it this year or you do it next year, the difference is humongous because of the taxes," Huizenga said.* But the Obama campaign disputed Huizenga's figures on Monday, saying the candidate's plans are to raise the capital gains tax maximum from 15 percent to 20 percent -- a 33 percent increase, not double. And the top rate would be for families earning more than $250,000 or individuals earning more than $200,000. "Mr. Huizenga is wrong about Senator Obama's tax plan, which calls for a maximum capital-gains rate of 20 percent -- a third lower than the rate that President Reagan set in 1986," said Bobby Gravitz, Obama campaign South Florida spokesman. "Furthermore, Senator Obama's tax cut for 95 percent of working families will mean a whole lot of Dolfans will be better able to afford those ever-rising ticket prices." Regardless of when he sells, Huizenga vows to maintain a 5-percent stake in the team. "It's been 19 years and after 19 years, it's kind of time," he said. "I don't want to be one of those owners who gets real old and hangs in there, we know some of those stories already, I don't want to be one of those guys."
Posts: 6,347

10-29-2008, 07:56 AM	#19
Dave Lane Space Cadet and Aczabel Join Date: Aug 2000 Location: Kanab, UT, USA Casino cash: $9333275 VARSITY	Its possible. I actually don't care. Giving the deficit the country currently faces at some point we will have to increase taxes and lower spending to get close to a balanced budget. If I need to pay some extra taxes to get the budget back in balance so be it. Dave __________________ Thanks, Trump for the civics lesson. We are learning so much about RICO, espionage, sedition, impeachment, the 25th Amendment, order of succession, nepotism, separation of powers, 1st Amendment, obstruction of justice, the emoluments clause, conflicts of interest, collusion, sanctions, oligarchs, money laundering and so much more.
Posts: 40,584

10-29-2008, 08:23 AM	#23
bigbucks24 Starter Join Date: Mar 2005 Location: Las Vegas, NV Casino cash: $9698694	Is this how it works? Our Tax System Explained: Bar Stool Economics Suppose that every day, ten men go out for beer and the bill for all ten comes to $100. If they paid their bill the way we pay our taxes, it would go something like this: The first four men (the poorest) would pay nothing. The fifth would pay $1. The sixth would pay $3. The seventh would pay $7. The eighth would pay $12. The ninth would pay $18. The tenth man (the richest) would pay $59. So, that's what they decided to do. The ten men drank in the bar every day and seemed quite happy with the arrangement, until one day, the owner threw them a curve. 'Since you are all such good customers,' he said, 'I'm going to reduce the cost of your daily beer by $20.' Drinks for the ten now cost just $80. The group still wanted to pay their bill the way we pay our taxes so the first four men were unaffected. They would still drink for free. But what about the other six men - the paying customers? How could they divide the $20 windfall so that everyone would get his 'fair share?' They realized that $20 divided by six is $3.33. But if they subtracted that from everybody's share, then the fifth man and the sixth man would each end up being paid to drink his beer. So, the bar owner suggested that it would be fair to reduce each man's bill by roughly the same amount, and he proceeded to work out the amounts each should pay. And so: The fifth man, like the first four, now paid nothing (100% savings). The sixth now paid $2 instead of $3 (33%savings). The seventh now pay $5 instead of $7 (28%savings). The eighth now paid $9 instead of $12 (25% savings). The ninth now paid $14 instead of $18 (22% savings). The tenth now paid $49 instead of $59 (16% savings). Each of the six was better off than before. And the first four continued to drink for free. But once outside the restaurant, the men began to compare their savings. 'I only got a dollar out of the $20,'declared the sixth man. He pointed to the tenth man,' but he got $10!' 'Yeah, that's right,' exclaimed the fifth man. 'I only saved a dollar, too. It's unfair that he got ten times more than I got' 'That's true!!' shouted the seventh man. 'Why should he get $10 back when I got only two? The wealthy get all the breaks!' 'Wait a minute,' yelled the first four men in unison. 'We didn't get anything at all. The system exploits the poor!' The nine men surrounded the tenth and beat him up. The next night the tenth man didn't show up for drinks so the nine sat down and had beers without him. But when it came time to pay the bill, they discovered something important. They didn't have enough money between all of them for even half of the bill! And that, ladies and gentlemen, journalists and college professors, is how our tax system works. The people who pay the highest taxes get the most benefit from a tax reduction. Tax them too much, attack them for being wealthy, and they just may not show up anymore. In fact, they might start drinking overseas where the atmosphere is somewhat friendlier. David R. Kamerschen, Ph.D. Professor of Economics University of Georgia
Posts: 590

10-29-2008, 08:25 AM	#24
Hog's Gone Fishin Fish are scared of me Join Date: Nov 2001 Casino cash: $1530477	That pretty much sums it up !
Posts: 40,378