Dolphins owner H. Wayne Huizenga’s concern that Barack Obama will raise capital-gains taxes if he’s elected president, has created a little stir.
As Huizenga explained briefly before Sunday’s Dolphins victory over the Buffalo Bills at Dolphin Stadium, the presidential election is one of the issues weighing on his mind as he ponders when to sell up to 45 percent more of the Dolphins to Stephen Ross. Huizenga said Obama wants to “double” or “almost double” capital-gains taxes, which could mean an extra hefty bill.
The Obama campaign, however, says their candidate’s plan raises the capital-gains tax maximum from 15 percent to 20 percent – a 33 percent increase -- and that’s only for the top earners – families who earn more than $250,000 or individuals earning more than $200,000. For more on Obama's plan and whether it can happen, read Harriet Johnson Brackey’s It’s Your Money blog.
Regardless of the actual increase, there’s no question Obama plans to raise taxes for the nation’s wealthiest citizens – and yes, Huizenga would be among them. Ross bought 50 percent of the Dolphins, Dolphin Stadium and the surrounding land earlier this year for $550 million. This month, NFL owners approved allowing the eventual transfer of up to 45 percent more of the team to Ross, which means it could take place anytime.
Huizenga said he plans to keep a 5 percent stake in the team. He said he’ll be talking with Ross about the transfer.
“We’ll see what happens,” he said. “No decision made.”