Hey Wayne, I was right
You may remember, back in October, when H. Wayne Huizenga was trying to sell the Miami Dolphins, he made a crack about getting the deal done before then-candidate Barack Obama doubled the capital gains tax.
Huizenga didn't have his facts straight, I pointed out in a blog at the time. What Huizenga said didn't match what the Obama campaign was saying.
Today, in President Obama's budget, we have the facts. And there is no doubling of the capital gains tax in sight.
According to reports on Bloomberg and in Congressional Quarterly, Obama's budget proposes to raise the tax rate to 20 percent from 15 percent on capital gains and dividends, but only on the highest income families. That would be singles with $200,000 or more in income and married couples with $250,000 or more.
That's a 33 percent hike for the rich. And it is a return to what the capital gains tax rates were six years ago, under President Bush.
Huizenga was wrong, but I can understand rich folks feeling miffed at this point.
Obama would also restore higher tax rates for top income families and his budget would cut back on some of their deductions, including mortgage interest.
All in all, tax bills for those at the top of the income scale do go up under Obama's plan, if Congress approves it.
But Wayne's deal is done. He sold the Dolphins in January in a $1.1 billion transaction. My colleague Sarah Talalay tells me he completed the deal the morning of Jan. 20, the day Obama was inaugurated.
Was that just to be safe? You think?POSTED IN: Taxes (41)