The owner of the Miami Dolphins is rushing along the sale of his team to avoid paying a heftier capital gains tax should Obama win.
Dealbook The owner of Miami Dolphins, H. Wayne Huizenga, is hoping to seal a deal to sell as much as 45 per cent of the team to Stephen Ross before a new administration is ushered in.
Mr. Huizenga told The Sun-Sentinel that he fears that a victory for Senator Barack Obama would mean a hefty spike in the capital tax he would forced to pay when he closed the deal.
“He wants to double the capital gains tax, or almost double it,” Mr. Huizenga told the newspaper.
Mr. Ross shelled out $550 million earlier this year to buy a 50 per cent of the team and Dolphin Stadium, with the aim of becoming a majority owner. And with deal already stamped for approval by NFL owners, Mr. Huizenga is in a hurry to get it inked.
Of course, there’s a few problems with what Mr. Huizenga is saying. First, Obama’s campaign says it would only raise the tax 33%. Second, this assumes that Obama will step into office and right off the bat raise the capital gains tax. Take your time, Mr. Huizenga, for all the change rhetoric, Obama will still have to get the legislation passed. Which isn’t an overnight proposition.
So what’s really going on here? We think this might be a higher profile “Joe The Plumber” case. A quick look on Opensecrets.org reveals that Huizenga leans heavily Republican donating $2,300 to John McCain on 5/31/08. That’s two days after he donated $28,500 to the Republican National Commitee. By making a public spectacle of his quick sale in Flordia, he turns his business sale into a political issue.
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