Thursday, October 30, 2008
Wall Street Journal editorial: Taxing the Dolphins: Another NFL Team Faces Obama's Tax Rush:
Don't think tax rates matter to business decisions? Ask H. Wayne Huizenga, the owner of the Miami Dolphins, who declared earlier this week that he intends to sell up to half his ownership in the NFL franchise before next year. Why? Because as he told a Florida newspaper, Barack Obama "wants to double the capital gains tax, or almost double it. I'd rather give it to charity than to him." ...
Mr. Huizenga also has NFL company. In July, we wrote about the Rooney family's musings about selling part of the Pittsburgh Steelers to avoid the 45% death tax rate. We saw a similar tax effect in 1992 when Bill Clinton raised tax rates.