Some credit to the media (Full Version)

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gonefishin -> Some credit to the media (7/14/2008 12:57:23 PM)

I must give some credit to the media on one subject at least.   Just 10 days after the story first broke, some media outlets have figured out the key reason why the Pittsburgh Steelers are for sale.   It is the good old estate tax.   Thanks to Congress the estate tax returns to a 55% level after 2010 if Congress takes no action.  The heirs to the Rooney brothers would be saddled with an estate tax payment in excess of $10M each (maybe more by then) due to inheriting a rather illiquid asset.  Most would be bankrupted by having to come up with cash from other resources.   If the Rooney's sell in the near future, the heirs will inherit more liquid assets and be able to pay their respective estate taxes.  This misfortune of success occurs in small businesses and farms all the time.  This event will happen with other NFL franshises as well.  Don't be shocked if the Washington Redskins are some day owned by a Saudi oil sheikh.  Or, would Congress possibly not let that happen?   Time and lack of action will tell.     



ROCKHARD -> RE: Some credit to the media (7/14/2008 3:31:26 PM)

yes thats just one of the many tax increases we are in for,this increase are a modest one but a very stick it to em increase,, i just hope wash. makes the profits they are expecting for their programs,cause qwe are going to see a massive enrollment inthese govt programs once businesses start dropping daily and jobs are lost at a higher rate than now,due to these increases



Liverache -> RE: Some credit to the media (7/15/2008 8:37:16 AM)

The main reason the Steelers "might" be for sale is that some of those heirs to the Rooney fortune would like to get into the gambling business and as the steelers are a family business it would have to be sold because of the NFLs rules concerning gambling, it has nothing to do with any taxes.So lets not give the media too much credit, they are probably wacko conservatives anyway



ROCKHARD -> RE: Some credit to the media (7/15/2008 10:36:37 AM)

liverache,believe me,when on tv,definately not conserv.,



John 3:16 -> RE: Some credit to the media (7/15/2008 12:34:06 PM)

Crazy tax system. 



FlashDance -> RE: Some credit to the media (7/15/2008 6:38:04 PM)

quote:

ORIGINAL: Liverache

The main reason the Steelers "might" be for sale is that some of those heirs to the Rooney fortune would like to get into the gambling business and as the steelers are a family business it would have to be sold because of the NFLs rules concerning gambling, it has nothing to do with any taxes.So lets not give the media too much credit, they are probably wacko conservatives anyway


They aren't 'looking' to get into the gambling business, they already are. They own several race tracks.

The Steelers original franchise was purchased from the NFL with gambling winnings.



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