Sunday, February 17, 2013
Yahoo! Sports: Manny Pacquiao Prefers to Fight Juan Manuel Marquez in China Because of High U.S. Taxes:
Manny Pacquiao's chief adviser insisted Monday that the Filipino
superstar's preference is for his next bout – a fifth fight against Juan
Manuel Marquez – to take place away from Las Vegas, with the off-shore
Chinese gambling resort of Macau emerging as the "favorite."
Michael Koncz told Yahoo! Sports that the 39.6 percent tax rate Pacquiao
would face if he were to fight again in the U.S. makes a fall bout in
Las Vegas "a no go."
Promoter Bob Arum is hopeful of arranging a fifth match between Pacquiao
and Marquez in the fall, potentially on Sept. 14. Arum's preference is
for the fight to be at the MGM Grand in Las Vegas, which is his
company's home base.
But Arum and Koncz say Pacquiao is balking at the additional money he'd
lose to the government if the fight were held in Las Vegas. Arum said
Pacquiao would not have to pay taxes if the fight takes place in casinos
in either Singapore or Macau.
"Manny can go back to Las Vegas and make $25 million, but how much of it
will he end up with – $15 million?" Arum said. "If he goes to Macau,
perhaps his purse will only be $20 million, but he will get to keep it
all, so he will be better off."
Breitbart, Like a Good Neighbor, State Farm Flees Illinois:
Insurance chain State Farm is reportedly buying up substantial workspace in Texas, which may signal a coming exodus from the company's home state of Illinois. ...
At the end of 2010, in a special session, the Illinois Legislature
passed a 67% hike in its corporate and personal income tax. The state is
struggling with a structural deficit and its credit rating was recently
lowered. The state now has the worst credit rating in the country. A
number of businesses have floated the idea of leaving the state. A move
by State Farm, however, would devastate the downstate economy.