Millionaires become millionaires by anticipating events and preparing for them.
Miami Dolphins owner Wayne Huizenga said last Sunday he is preparing to sell up to 45% more of the team to co-owner Stephen Ross.
Huizenga said the presidential election is among the issues weighing on his dcecision. That’s because a Barack Obama administration is expected to mean higher capital gains taxes.
“He wants to double the capital gains tax, or almost double it,” Huizenga said. “I’d rather give it to charity than to him.”
“If you do it this year or you do it next year, the difference is humongous because of the taxes,” Huizenga said.
The Obama campaign disputed Huizenga’s figures, saying the candidate’s “plans are to raise the capital gains tax maximum from 15 percent to 20 percent — a 33 percent increase, not double. And the top rate would be for families earning more than $250,000 or individuals earning more than $200,000.”
That should make Mr. Huizenga and the rest of happy. Instead of a 50% increase in the capital gains tax, it’s only a 33% increase.
And if you believe that, I have a bridge for sale in Brooklyn.