From the WSJ: Pittsburgh Stealers
How about Wall Street Jagoffs?
Why does this paper thinly hide its presidential choice behind scare tactics that are so outlandish that they are absurd? It's almost as if the WSJ has taken up Bushian tactics to force public opinion in one direction, using an argument that is based on wrong assumptions.
Here are a few quotes from the article:
How about Wall Street Jagoffs?
Why does this paper thinly hide its presidential choice behind scare tactics that are so outlandish that they are absurd? It's almost as if the WSJ has taken up Bushian tactics to force public opinion in one direction, using an argument that is based on wrong assumptions.
Here are a few quotes from the article:
The citizens of Pittsburgh are getting an unpleasant lesson in the consequences of punitive taxation, courtesy of their beloved NFL franchise. Inside the Pittsburgh Steeler boardroom, a fraternal squabble is under way over future ownership—thanks in part to a sacking from the realities of estate and capital gains taxes.A couple of logical notes to this propaganda:
Daniel Rooney, the eldest brother who runs the team, is offering to buy his four brothers out of their shares. He has said he will do "everything possible to ensure my father's legacy" and keep the team in family hands, and in Pittsburgh. Good luck to him.
Adding urgency to the Pittsburgh transaction is the prospect of a Democratic President in 2009 who opposes repeal of the death tax and wants to raise the tax rate for capital gains. Barack Obama has promised to raise the rate from 15% to at least 25%, and perhaps the
Clinton-era peak of 28%. The artificial timeline adds appeal to a buyer like Mr. Druckenmiller who has the dough to complete a transaction before the end of this year.
When taxes force a family to sell a business, the losers are often the community as much as the next generation, as teams leave and neighborhood fixtures fade away. Mr. Obama is planning to accept his nomination for President in the football stadium of the Denver Broncos in August. The irony will be noted in Pittsburgh, which may lose the Steelers thanks to a tax regime that forces thousands of American families to sell their businesses.
- The Rooney's are being forced to restructure now because the NFL has asked them stop mixing gambling and football (a whole other topic for discussion). Taxes and estate planning are part of it but were not the driving force to make this happen now and in public view.
- Dan Rooney is a vocal supporter of Barack Obama so he is clearly not too worried about the impact of his proposal to increase capital gains tax rates.
- No matter how this plays out, the Steelers are not leaving Pittsburgh. For the WSJ to suggest it is stooping to Bushian levels of scaredom to garner support for their political view. In this case, sports and politics so not mix and the WSJ should issue a restatement, this time with the facts included.
