We could not miss the opportunity to recognize President Obama's inauguration yesterday. I know some thought his speech was unspectacular. But try telling that to the throngs that turned out to hear it, or anyone who has the "audacity of hope." Bitchin' thought it was fantastic, and looks forward to seeing what happens in the first 100 days. Hopefully those of us who liked it can lift a line from it and use it to tell those of you who didn't "well, you were wrong."
In any event, there is a Dolphins connection here. H Wayne said he wanted to sell the team to Mr. Ross before Obama became president, to avoid additional capital gains taxes. And as we noted previously, the media has this wrong, because they are reporting what H is telling them, rather than looking into it themselves. The increase to H is a difference of 3% (increasing from 36% to 39%) assuming the legislation passes. That would equate to about $15 million additional that would be paid in taxes, over the half billion that's left on the sale.
And H commented he'd rather "give it to charity than to Mr. Obama," which we found amusing. Particularly because he wrote a contract for Bill Parcells that pays him $12 million guaranteed if he opts out under new ownership.
So, you're willing to give a guy a $12 million out, but reluctant to pay $15 million in taxes on money that's being given to you on the sale of the team?
And lest we forget, Mr. Ross isn't exactly off the hook with the administration either, since his company asked for a bailout while he paid a billion dollars for a sports team.