He's 81, and if he dies and passes the asset to his heirs, their asset will begin at the current market value, avoiding an immense tax burden.
That's Sterling's motivation to mount a time-consuming legal fight, even if it's one he ultimately loses. He's got $100+ million in taxes to save by dying before the team is sold. Not that you can take it with you. You can't. But if he cares about his family, or if he hates to see the government get all that money, he's going to fight like hell.
Does he care about his family? I see that he has 2 living children. There was a third child who died a little over a year ago, seemingly of a drug overdose.
There's some dispute over whether the hate-object-of-the-week Donald Sterling is a Republican or a Democrat:
According to Los Angeles County records, Sterling has been a registered Republican since at least 1998. Sterling has also made campaign contributions to at least three Democratic candidates as well — Sen. Patrick Leahy of Vermont, former California Gov. Gray Davis and former U.S. Sen. Bill Bradley of New Jersey, a former basketball star.I'm going to guess he's a Republican, because I think he's going to fight the forced sale like mad, and it's the Republicans who hate taxes.
A Democrat would humbly remit $100-200 million to the government in honor of the principle that taxes are good because government is good:
Franklin Delano Roosevelt once remarked that “Taxes, after all, are dues that we pay for the privileges of membership in an organized society.” And Oliver Wendell Holmes, Jr. expressed a similar sentiment when he said that “I like to pay taxes. With them I buy civilization."
पोस्ट्स
११५ टिप्पण्या:
LOL, I thought you were serious about that tax thing for a second there.
I assume you are joking.
Or you are auditioning for Stephen Green's job as a drunkblogger!
So Sterling had better hire a food taster for future family meals.
I don't see what Sterlings party affiliation has to do with this. As a business man he'll do what all good business men do, avoid paying as much in taxes as possible. That's what the majority of them do regardless of politics. As for FDR and his love of taxes, wasn't most of his money inherited wealth? People like that don't mind higher taxes because their money is protected.
But racism is still over, right?
Oh wait, Charlie Rangel said that instead of the N-word, Republicans now say "cut our taxes." This is yet another example of racism!
Folks, Ann was joking. There's not a rich person alive, Democrat or Republican, who agreeably pays significantly more in taxes than they're required.
For all the rending of garments from Bill Clinton (ok, terrible choice of words there) about how he'd happily pay more in taxes if only the GOP would agree to raise them, it must never have occurred to him that if you pay more than you're required the IRS won't make you take it back.
"Yep, government is good and paying taxes are great and unions are wonderful....(wait, you're trying to unionize here?! .... HELL NO!"
The true progressive way.
Republicans don't hate taxes - they hate unfair punitive taxes.
And they hate government waste.
"and it's the Republicans who hate taxes"
That's funny. Show me a billionaire Leftist who is voluntarily paying this type of tax bill, who is not lawyered up to the teeth and fighting the government on this point.
I have not been paying attention.
Could someone quote me the NBA owners' agreement that says that an owner can have his team taken away for saying stupid and offensive things?
A person who "registers" as a member of one party but only donates to the another party is for all intents and purposes a member of the second party.
"A Democrat would humbly remit $100-200 million to the government in honor of the principle that taxes are good because government is good:"
Democrat...humble. Two words that can never pair together.
And a Republican giving money to Patrick Leahy? Really?
" if he dies and passes the asset to his heirs, their asset will begin at the current market value, avoiding an immense tax burden."
Death tax?
All those millions will mean nothing when "Waterworld" comes.
St. George--I was wondering that myself. I'm assuming though that they wouldn't have announced these sanctions if they didn't have some contractual basis to go by. If it's a vague enough provision, this could result in some long litigation--Sterling certainly has incentive to fight it out.
So when do we start kicking out all the people who haven't been paying dues?
A Democrat would humbly remit $100-200 million to the government
As explained by the army of tax lawyers all these rich liberals employ.
That was quite funny.
Anyway, why do all these articles assume the sale of the Clippers is some sort of straight cash transaction leading to a few hundred million in capital gains taxes?
That isn't the way these deals work, and it is simpleton thinking.
Well, it's true that wealthy Democratic politicians claim that they don't mind paying higher taxes, but that's true only in the way that Steve Jobs didn't mind paying a higher price for his iPhone......That's the Democrat product line: exemptions from higher taxes. The higher the taxes, the more lucrative the exemptions.
With them I buy civilization.
Not with these idiots in the White House.
"and it's the Republicans who hate taxes"
Republicans hate paying taxes for Dear Leader to stimulate his bundlers: Kaiser of Solyndra ripped off $535 million, Buffett of A123 Battery ripped off $135 million... Insults to injuries: they closed down their money losing enterprises, wrote off their loses, their management shared millions of bonuses courtesy of the taxpayers, their workers got on the unemployment line.
Only idiots pay taxes without questioning where the money goes.
Given the windfall to federal coffers that a quick sale represents, and given this administration's cynical use of the levers of power, how long would fighting the "sale" have to drag out until the feds themselves start pressuring Sterling to close the deal. I wouldn't put it past Holder's DOJ to threaten some trumped up civil rights violation if they could think of one.
There's not a rich person alive, Democrat or Republican, who agreeably pays significantly more in taxes than they're required.
Mitt Romney did for one year, but that was more likely just another of his political stunts rather than an actual love of country.
"I like to pay taxes. With them I buy civilization."
So if I can pay 25% and get civilization I wonder what I'll get if I pay 100%? Utopia?
"Republicans don't hate taxes - they hate unfair punitive taxes."
Ah...but the catch is, they see all taxes as being unfair and punitive.
Early onset dementia setting in, better watch out Meade, those medical bills could end up eating into your pocketing of that sweet taxpayer money you didn't earn, or the sale of that house you live in that you didn't pay for.
And just think, Hillary! is even older than Althouse.
A Democrat would humbly remit $100-200 million to the government
hahahahahahahahahaha
deep breath
hahahahahahahahahaha
Like Turbo Tax Tim Geithner?
Or the hundreds of employees at the IRS who give political donations almost exclusively to the Democrat Party? Or Warrent Buffet who says taxes should go up while at the same time fighting not to pay current taxes?
Also, could Sterling fight the sale on grounds other than not wanting to pay capital gains taxes?
Have potential buyers form a new team, kick Sterling out of the NBA and he is out a billion dollars and he won't have to pay any taxes at all.
By the way, last I looked, Estate taxes started at 45% and went up to 55%. On estates valued at over 5 million. Guess who does the valuation?
Two government employees, Franklin Delano Roosevelt and Oliver Wendell Holmes, agreed that you should be forced to give them your money, the more the better.
"With them I buy civilization."
Financial incompetent FDR spent it on creating and extending a depression. A civilized depression.
Ha. If the lefties love taxes they can avoid all that messy tax work by filing a short form without taking deductions. Easy as pie. Plus save a bundle,on accounting fees.
Sterling is going to fight this hard. It is one thing to be up against the vast resources of the govt, but another thing to be up against a sports league which has reputational risk out the ass. He might have to watch the Clippers on TV but he will have a front row seat in the highly entertaining review of rich white owners squirming as they open their kimonas to discovery on many many fronts of attack. There will be building fear anout the existence and use of taped conversations. All the sanctimony will shrink into an envelope of self protection.
Much more interesting than Benghazi and more important in its own way, especially as it pertains to both privacy issues and free speech. Quite possible the gun of sanctimony can turn on one of the perceived righteous. And the what?
Democrats are really only interested in 'fairness' when it comes to taxes. They don't want to pay any taxes themselves, but they will, begrudgingly, if everyone else is forced to pay the same or more.
That's why Joe Biden and Al Gore and John Edwards and all of that ilk never voluntarily pay more on their tax forms than they are required to.
He needs to set up a Family Charitable Foundation, or leave it to the wife to avoid his Estate Tax, and she then avoids the capital gains tax, but then her Estate (the kids) lose more than half of it all to Feds and State Estate Taxes.
Jay
"Anyway, why do all these articles assume the sale of the Clippers is some sort of straight cash transaction leading to a few hundred million in capital gains taxes?"
How do they work, Jay? No simpleron thinking, please. Would love to know the skinny on how these deals transact. Are they asset sales? Stock for stock? Earn ups? How do they comport with the rules of the Association? Fill us in.
"A person who "registers" as a member of one party but only donates to the another party is for all intents and purposes a member of the second party."
A billionaire who donates a couple thousand a decade to candidates of a particular party is providing approximately zero evidence of his commitment to that party.
If Sterling cared about taxes he wouldn't own a team in California. I'd be surprised if he owned 100% of the shares in his own name. But who knows.
A Democrat would humbly remit $100-200 million to the government in honor of the principle that taxes are good because government is good.
So when John Kerry tried to register his yacht in Rhode Island instead of his home state of Massachusetts, he must not have known that he was saving $500K in taxes by doing so.
Yeah, that's the ticket.
"Early onset dementia setting in, better watch out Meade…"
An early sign of dementia may be the inability to perceive humor, so you be careful too, old Mom-Jeans.
"… those medical bills could end up eating into your pocketing of that sweet taxpayer money you didn't earn, or the sale of that house you live in that you didn't pay for."
The taxpayers bought some first-class civilization in Althouse, including some law-related humor that challenges you to think.
Think, Mom-Jeans, think!
It will take only a few more weeks for Sterling to be "revealed" as a Dixiecrat-Republican in good standing.
It is necessary for the narrative.
Ah...but the catch is, they see all taxes as being unfair and punitive.
Overly simplistic.
I know some republicans. They like having their streets plowed.
But I guess you've bought into the leftist "Republicans are for dirty water and dirty air!!!11!!!!" meme.
Try thinking for yourself and not swallowing MSNBC's approved talking points.
Remember when Steinbrenner died in the year when the Death Tax was 0%! The joke was that God must love the Yankees!
Tell me again, where did Apartheid John Kerry park the yacht?
Methinks the old lady doth protest too much.
The taxpayers certainly are getting ripped off, feminist blather and politically correct racial and sexual nonsense have zero value for "civilization."
I don't take too much stock in the opinion on humor of someone who thinks L. Dunham is witty and entertaining.
I do find it somewhat chuckle-worthy to be called old by someone more than double my age, so you have that going for you.
I'm waiting for Sterling's wife to file for divorce and claim half of the team, like the former Dodgers' owner. This sale is going to be jammed up so long Gitmo will be closed before this happens.
Ann says that a wealthy person who's registered as a Republican, but donates a few thousand (remember Sterling is cheap) to the Democrats is showing zero commitment to the Democrats.
Okay--but the fact that Sterling didn't donate anything to the Republicans would then indicate that he has less than zero commitment to the Republicans? I mean that's where Ms. Althouse's logic takes us.
The reality is that the west side of Los Angeles is a Democrat world. Donald is cheap, but he has to throw a few bucks in the political hopper, and he gets zero cred (and probably a lot of grief) for donating to the GOP. So he goes with the flow and donates Democrat.
What he likes to do is to give money to local entities, and then take out ads in the Los Angeles Times trumpeting the donations and announcing what a hell of a fellow Donald T. Sterling is.
Sort of reminds me of another "Donald" who's good at self publicity. But Trump was never dumb enough to let Ivana record him.
Drago said...
It will take only a few more weeks for Sterling to be "revealed" as a Dixiecrat-Republican in good standing
A Dixiecrat-Republican, a big donor-bundler who pushed for Jim Crow laws.
@Mom-Jeans
Have you ever noticed that commenters who begin with "methinks" never say anything worthwhile?
@Skeptical I assume rich businessfolk contribute strategically and in their own self-interest.
But this guy just isn't a contributor.
I'm surprised he's on record — if he is — as a registered Republican. Why expose yourself to negative opinion? He doesn't give the Republicans any money.
Based on the scanty evidence, I'd say he doesn't like politics and doesn't like either party.
Note that even if you overlook the differences between taxes and actual dues, the argument only works if you assume it's impossible for dues to ever be excessive.
Ann Althouse: "Based on the scanty evidence, I'd say he doesn't like politics and doesn't like either party."
Hilarious!
The left needs him to be a Republican. If they can morph that into "conservative" (which they will try), they will.
And in the end, any attempt on the part of the right to say "gee, I'm not sure he really should be classified as a "right-winger" will be viewed as "ugly" and forcing women/minorities even further into the democrat camp.
Think it can't be done?
Li'l Jay Carney was just on the other day telling us directly that a Benghazi labeled email was not about Benghazi.
And the media ate it up.
Even better, it appears that MSNBC is pushing the line that "Animal Farm" is really all about income inequality.
There is nothing the left won't say regardless of how absurd.
They understand their base very very well.
And so this Sterling guy will magically, mystically, become the latest in the never-ending series of "leader of the Republican Party".
Yeah that guy Shakespeare certainly never contributed anything worthwhile.
He was probably a racist who hated gay marriage too.
Goddamn white male, I bet he told his whore not to bring any moors around the playhouse.
This billionaire appears to be characterologically corrupt and seems at ease affiliating with other morally debased individuals and appealing to everyone's fraudulent side.
In light of his pathogenic personality, as he fights the NBA and its billionaire owners for control of the Clippers, I expect him to be quite comfortable exploring some of the deepest recesses of the gutter.
What I don't get is that proof positive of being a Republican isn't also proof positive of being a Democrat.
I don't donate to pols since I can't give enough for it to make sense for me.
This billionaire appears to be characterologically corrupt, seems at ease affiliating with other morally debased individuals, and has the resources to appeal to almost everyone's fraudulent side.
In light of Sterling's pathogenic personality, as he fights the NBA and its billionaire owners for control of the Clippers, I expect him to be quite comfortable exploring some of the deepest recesses of the gutter.
"the argument only works if you assume it's impossible for dues to ever be excessive."
I might consider it excessive if I joined the garden club and found out my dues were going for a private security force and company car for the club president.
Other words used by Shakespeare: "you," "are," "dumb."
A billionaire who donates a couple thousand a decade to candidates of a particular party is providing approximately zero evidence of his commitment to that party.
Nope, when the donations run only one way it’s a clear and unambiguous statement of party preference.
The Party identifies. it's wealthy donors and sends them demands for money for every new Senate candidate they are running in the USA. The Party's message is keep giving the husband/wife maximum and start up bundled friend groups or lose all of the influence you might think you bought last election cycle.
So, no. Sterling is not really a democrat supporter. He is a crafty man that still enjoys living in a gone with the wind world where demeaning black men is acceptable group think.
let's start a rumor: Donald Sterling is actually the Koch's long lost brother. A little photo shop can prove he attended the Koch Family reunion with black slaves.
Obviously President-Mom-Jeans is another one of Shakespeare's sock puppets. You can tell because they both use the same words.
Such an excellent retort Ann, is that another example of your amazing "humor?"
I see you fondly quoted Oliver Wendell Holmes in your post, here are some other words used by your progressive hero, and I will even cite where they come from, rather than your childish attempt at using Shakespeare's words. How much of the taxpayers money should go towards buying his version of civilization?
"It is better for all the world, if instead of waiting to execute degenerate offspring for crime, or to let them starve for their imbecility, society can prevent those who are manifestly unfit from continuing their kind. . . Three generations of imbeciles are enough."
Buck v. Bell, 274 U.S. 200, 207 (1927).
Ha Ha Ha, liberal eugenics are so funny!
"Law suits I hope succeed" tag
Debating which political party he may or may not affiliate himself with is beyond tiresome.
That said: A billionaire who donates a couple thousand a decade to candidates of a particular party is providing approximately zero evidence of his commitment to that party.
TWO "Lifetime Achievement Awards" by the NAACP to a republican?
"I do find it somewhat chuckle-worthy to be called old by someone more than double my age, so you have that going for you."
She was probably being concise for "old enough to know better". Or maybe she was using "old" in the sense of old... tired... worn... dull... boring... You know — like Fred4President?
Or maybe she is becoming "feeble-minded" due to her age.
Where is Oliver Wendell Holmes when you need him? He would know what to do.
Michael said...
How do they work, Jay? No simpleron thinking, please. Would love to know the skinny on how these deals transact. Are they asset sales? Stock for stock? Earn ups
LAC Basketball Club, Inc owns and operates the Clippers franchise. It is a private company.
This transaction won't involve the step of "Here Mr. Sterling is your check for one billion dollars"
Rather, the payments will be deferred and some will likely go to an annuity trust [4 of these could be setup, 1 for wife, 2 for kids, 1 for Don], some of the payments will go to Sterling's newly created company in Bermuda, some may come in the form of stock one of the buyers puts up allowing Sterling to further defer the compensation as he won't have to sell the stock. He could also gift the stock to a trust.
Sterling could also incorporate himself in California allowing payments to go to the new company and he will draw a small wage.
The fact of the matter is that the people doing these deals make more than $1,000 an hour for a reason.
"I see you fondly quoted Oliver Wendell Holmes in your post"
Only because you are not a careful reader.
The Sterling tape: illegal or senile?
"...she told friends the Clippers owner WANTED her to record him and he knew he was being recorded ... partly because he frequently forgot what he said and the tapes refreshed his memory...
So,
A. Either the tape everybody in the world is so outraged about was illegal
or
B. The tape was legally recorded because the octogenarian gave permission because he is going senile, and thus the whole planet is up in arms over what a senile man was coached into saying ..."
Where did you "see" it, Mom-Jeans? In your mind's eye?
HAMJEANS: Thrift, thrift, MEADO! the funeral baked meats did coldly furnish forth the marriage tables.
Would I had met my dearest foe in heaven
Or ever I had seen that day, MEADO!
My father!--methinks I see my father.
MEADO: Where, my lord?
HAMJEANS: In my mind's eye, MEADO.
Thorley Winston notes...
Nope, when the donations run only one way it’s a clear and unambiguous statement of party preference.
In mathematics, it's called vector analysis
"Could someone quote me the NBA owners' agreement that says that an owner can have his team taken away for saying stupid and offensive things?"
It's right there in an emanation of a penumbra.
traditionalguy said...
He is a crafty man that still enjoys living in a gone with the wind world where demeaning black men is acceptable group think.
Oh, I see he is not a democrat supporter, he is an actual democrat!
> I'm going to guess he's a Republican, because I think he's going to fight the forced sale like mad, and it's the Republicans who hate taxes.
Yes, like that noted Republican Al Gore, who made considerable effort to sell CurrentTV before capital gains rates went up.
Did they teach economics when you were in school?
After the $5M mark, death taxes are 55% of the remainder. That is why Peter O'Malley sold the Dodgers to Fox and gifted the proceeds to his children, so that they would only get hit with a 20% gift tax instead.
If Sterling gave a crap about his kids, or anyone or anything other than himself, that's what he would do.
> I'm going to guess he's a Republican, because I think he's going to fight the forced sale like mad, and it's the Republicans who hate taxes.
Yes, like that noted Republican Al Gore, who made considerable effort to sell CurrentTV before capital gains rates went up.
Apparently, "careful reader" is shorthand for "uncritical, unthinking sponge for spoon-fed propaganda".
Like people who read the New York Times.
Ann Althouse said...
I'm surprised he's on record — if he is — as a registered Republican. Why expose yourself to negative opinion?
There's an eye opener.
While it's nice to see you reading something other than the back of a bag of Scott's Turf Builder Meade, don't you know that the author was a racist old white man who never contributed anything worthwhile?
You would be better off reading the pre-nup that your meal ticket made you sign.
Feed the lawn on the on the property you didn't pay for, feed it!
"With taxes I buy civilization."
Ann should have remembered that Holmes uttered those words at a time WHEN THERE WAS NO INCOME TAX! The US govt lived off of trade taffiffs almost exclusively..
Browndog: "TWO "Lifetime Achievement Awards" by the NAACP to a republican?"
Give that one 2 weeks and it will never have happened.
Ever.
And saying otherwise will be deemed racist.
"I'm going to guess he's a Republican, because I think he's going to fight the forced sale like mad, and it's the Republicans who hate taxes."
Tim Geithner loved taxes so much he "forgot" to pay all of his.
Along with Charlie Rangel.
We are still allowed to mention things like that, aren't we?
Crunchy Frog said: "Did they teach economics when you were in school?
After the $5M mark, death taxes are 55% of the remainder. That is why Peter O'Malley sold the Dodgers to Fox and gifted the proceeds to his children, so that they would only get hit with a 20% gift tax instead. If Sterling gave a crap about his kids, or anyone or anything other than himself, that's what he would do."
You might want to be more careful about how you speak. With that disrespectful tone, you'd better be sure you are right.
From the article at The National Post which is linked at the link that's in my post:
"The issue is all about capital gains. If Sterling, who is 80, were to simply leave the Clippers to his heirs, they would only have to worry about estate taxes. That’s because inherited assets get a “step-up in basis,” which wipes out any potential capital gains. But if Sterling is forced to sell, he will personally have to pay a hefty capital gains bill to the government. Then when he finally croaks, his heirs will still have to deal with the estate taxes. And as Philip Holthouse, managing partner at the accounting firm Holthouse Carlin & Van Trigt, explained, that one-two punch could be very expensive."
Couldn't stripping Sterling of his wealth be seen as a form of reparations?
Wait for it...
So according to that logic, tax cheat Tim Geithner must have been a Republican. Riiiiiiight.
Marshal: Ann Althouse said...
I'm surprised he's on record — if he is — as a registered Republican. Why expose yourself to negative opinion?
"There's an eye opener"
Not in the slightest.
Entirely predictable and expected.
There are no Democrats in an estate settlement.
Jay
FYI. If you are given stock you owe tax on the value of the stock on the date of issuance to you in the year of the grant. You then have the stock and pay tax again on the sale of the stock assuming a gain. You might be thinking about OP units which could have a book-up event at some future date which would not create a tax at the time of the exchange but then the seller would take the risk of no book up event occurring. If you take stock it taxed at the ordinary rate. Dumb move.
Deferring payments on an installment transaction subjects the seller to the risk of non-payment and, in the instant case, without recourse. Deal problem.
Death is his solution to capital gains as the article points out.
"A Democrat would humbly remit $100-200 million to the government in honor of the principle that taxes are good because government is good."
Haw Haw Haw.
Roosevelt "gifted" his Hyde Park estate (actually parts of it) to the federal government partly to avoid the ruinous estate taxes that would have been payable.
All this assumes that he actually owns the Clippers outright. The prudent philander often has a more complicated structure in mind. Mrs. Sterling is probably aware that California is a community property state, as well.
With rational people, even under these circumstances, all of this would get worked out.
With rational people.
Crunchy Frog needs a little refresh on his tax skills.
Some back of the envelope calculations:
Death taxes on $1.5B (conservative valuation of team): $825M
Capital Gains tax on $1.5B at %20: $300M
Income Tax to heirs on remaining $1.2B at top 39.6% rate: $475M
Total tax of sale + gift: $775M
Still a better deal, even assuming he does nothing to incorporate any amount of tax sheltering for the $1.2B he would be left with post-sale
Robert Cook said...
"Republicans don't hate taxes - they hate unfair punitive taxes."
Ah...but the catch is, they see all taxes as being unfair and punitive.
Not use taxes, and fees.
chickenlittle said...
Couldn't stripping Sterling of his wealth be seen as a form of reparations?
Wait for it...
No. His wealth is not being stripped, but his "place" in society is.
Sorta like if the Board of Regents voted that Althouse had to sell sell her home in the Lilly White neighborhood to a black UW professor....at market value.
Jay said...
Michael said...
How do they work, Jay? No simpleron thinking, please. Would love to know the skinny on how these deals transact. Are they asset sales? Stock for stock? Earn ups
LAC Basketball Club, Inc owns and operates the Clippers franchise. It is a private company.
This transaction won't involve the step of "Here Mr. Sterling is your check for one billion dollars"
Rather, the payments will be deferred and some will likely go to an annuity trust [4 of these could be setup, 1 for wife, 2 for kids, 1 for Don], some of the payments will go to Sterling's newly created company in Bermuda, some may come in the form of stock one of the buyers puts up allowing Sterling to further defer the compensation as he won't have to sell the stock. He could also gift the stock to a trust.
Sterling could also incorporate himself in California allowing payments to go to the new company and he will draw a small wage.
The fact of the matter is that the people doing these deals make more than $1,000 an hour for a reason.
I'm willing to bet there is a farm team or two in the offer. Losses he can write off the year they incurr.
Death is his solution to capital gains as the article points out.
And the Obama revived estate tax is the solution to that.
No. His wealth is not being stripped, but his "place" in society is.
@Browndog: "Place" as in Place de la Concorde.
Donald Sterling is an old plaintiffs' personal injury lawyer. It is how he won his stake to begin dabbling in Southern California real estate.
Forget taxes. Forget abortion. Forget gay rights. There's no cleaner dividing line in American politics, than the trial lawyer divide.
Crunchy, your most recent post just after mine again shows you have no idea what you are talking about. Stop embarrassing yourself.
Death is his solution to capital gains as the article points out.
"Certitude is Donald Sterling's comfort"
~Benjamin Franklin
Ann said:
I'm going to guess he's a Republican, because I think he's going to fight the forced sale like mad, and it's the Republicans who hate taxes.
My god, will the liberal straw-man ever end? I would expect this from Kos, but the professor?
Robert Cook said...
Ah...but the catch is, they see all taxes as being unfair and punitive.
Typical slimy leftist. Where do you get this drivel? How many actual Republicans have you talked to? Where is your scientific method?
Obviously when Alex Wagner tucked in Robert Cook, and read him Animal Farm...it made a long lasting impression.
Hoho- "It's republicans who hate taxes". Yeah, and it's democrats who love taxes for other people, but not them. Can't remember all the way back to 2009, when Obama was assembling his cabinet, and one after the other democrat candidates were found to be tax cheats, from Sebelius to Daschle to McCaskill to TurboTax Geihtner. After awhile democrats were pre-emptively recusing themselves from the process because they didn't want their corruption and deceit made public- but mostly cause they didn't want to pay what they owed. You know, their "Fair Share".
David: "You're wrong," does not a rebuttal make. You don't like my numbers, fine. Let's see yours, genius.
Is Mom Jeans really Fred4Pres? I wondered what happened to Fred4Pres.
How do you keep track of all the sockpuppets?
tits.
There might also be an estate tax hit by selling now if the proceeds are parked in easily valued instruments/cash, as opposed to a squishier valued ball club. His estate might low ball the club price if he can hold on.
Sterling has to do some interesting calculations, then.
At 81, he has on average 7.6 years to go, but he's rich and seemingly healthy, so probably more like 10.
He has to measure the capital gains hit to the risk that the value of his enterprise will decline if he drags this out, and, if he loses in court, the NBA's legal bill he will have to pay pursuant to the league's constitution.
The joy of making a fuss probably has some value to him too.
Anyway, some good might come out of it all. If the step-up in basis can be labeled racist, maybe they'll get rid of it. It's an unjustifiable give away, and it motivates people to act for tax reasons, and not for desirable economic ones.
Titus: "How do you keep track of all the sockpuppets?"
Step 1: identify the IP's used by "Inga" and other lefties.
Step 2: ............
Actually, you don't really need a step 2.
"I'm going to guess he's a Republican, because I think he's going to fight the forced sale like mad, and it's the Republicans who hate taxes."
Am I the only one who read this as deadpan humor? To conclude otherwise requires believing that the professor does not know or has forgotten about John Kerry's yacht, Tim Geithner's Turbo Tax troubles, et cetera... I don't think that concluding she has forgotten/doesn't know is a reasonable position.
Franklin Delano Roosevelt once remarked that “Taxes, after all, are dues that we pay for the privileges of membership in an organized society.” And Oliver Wendell Holmes, Jr. expressed a similar sentiment when he said that “I like to pay taxes. With them I buy civilization."
And Vito Corleone expressed similar sentiments to his constituents.
I pay taxes as I have to. Otherwise I'll go to jail and the roads will go to hell.
Actually, Democrats hate taxes with a passion. They want the democratic leverage afforded by controlling high-density population centers; but, they are incapable of fulling financing, and they are unwilling to full subsidize (i.e. tax), to compensate for the structural disparities in that design. Not even the abortion/murder of over one million Americans annually is sufficient to control the costs and preserving stability in their districts. There is a simple reason why they waited for a national platform to pass health care "reform": national capital, sovereign debt, and uniform laws of abortion/murder.
Am I the only one who read this as deadpan humor?
Yes,You are.
He's really that clueless.
Matt: "Am I the only one who read this as deadpan humor? To conclude otherwise requires believing that the professor does not know or has forgotten about John Kerry's yacht, Tim Geithner's Turbo Tax troubles, et cetera... I don't think that concluding she has forgotten/doesn't know is a reasonable position."
That was my first impression as well.
But then I recalled that Ann, in all seriousness, believes the Dixiecrats of the 1960's were equivalent to the republicans of decades later and I realized that it probably was not deadpan humor.
Crunchy Frog said...
David: "You're wrong," does not a rebuttal make. You don't like my numbers, fine. Let's see yours, genius.
I'm not going to do your numbers for you. But look up the top estate tax rate, and you will see that you are incorrect by a considerable margin. You failed to deduct your assumed capital gains tax from the value of the estate in calculating the estate tax. And you seem to believe that the inheritance is taxable income to the heirs, which it is not.
Other than that, you were spot on.
For a Republican racist, he sure donates a lot to the NAACP.
Democrats like to think everyone else should pay their taxes.
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