Company Save Aging Entrepreneur from Losing Family Business to Death Tax

Carl Herrera · Feb 16, 2011

Heart warming story illustrating the tyranny of Obama's IRS depriving people from passing the fruit of their heart work to their family.

If not for this deal, an old man would have been forced to choose between losing the family business to the tax man or having to die in 2010.

http://www.sportsbybrooks.com/billion-dollar-tv-deal-saves-team-for-buss-family-29495

While this is big news for Lakers fans, the more important part of this story is what it will mean to the ownership of the team.
From Flint:
Witmer said the move to get into business with the Lakers is part of its overall desire to “control our economic destiny.”
Translation: Lakers Owner Jerry Buss now officially has the financial wherewithal to transfer the franchise to his children - who currently run the team’s day-to-day operation.
In 2009, Buss told L.A. Times Magazine:
“It’s a severe economic issue for me. It’s an ongoing one, and I’m addressing it as best I can. I’m prepaying the taxes, and I’m keeping my fingers crossed that I live long enough to accomplish the whole thing.”
Ironic in that, god forbid, had Buss died in 2010 there would’ve been no inheritance tax. But since that loophole has now closed, Buss needed TWC’s enormous cash infusion to ensure the Lakers would stay in the Buss family.
With that in mind, if paying a little more for cable means the Lakers live on as a Buss production, most Lakers fans I know here in L.A. view that as a bargain.
Click to expand...

If Larry H. Miller had not died when he did in 2009 but rather under the present regime, his family would have lost the Utah Jazz and maybe the team would have been forced to move out of Utah. Tragedy.

Who is John Galt? Indeed.

Bandwagoner · Feb 16, 2011

Oh joy.

Major · Feb 16, 2011

Carl Herrera said:

If Larry H. Miller had not died when he did in 2009 but rather under the present regime, his family would have lost the Utah Jazz and maybe the team would have been forced to move out of Utah. Tragedy.
Click to expand...

What makes you think that? There was an estate tax in 2009. 2010 was the only year without one. That was decided back in 2001 and has nothing to do with Obama.

If Larry Miller died today, he'd actually be better off than at any time from 2001 to 2009 - the exemption ($5MM) is larger than it was any of those years.

The Real Shady · Feb 16, 2011

Republicans already won the estate tax deal.

http://blogs.forbes.com/hanisarji/2...x-rate-and-5-million-exemption-for-two-years/

Obama Announces Estate Tax Deal With Republicans: 35% Tax Rate And $5 Million Exemption, For Two Years
Dec. 6 2010 - 7:07 pm | 24,168 views | 1 recommendation | 27 comments

On December 6, 2010, President Obama announced that a tentative deal has been reached with Republicans to extend the Bush Tax Cuts.

Significantly, the estate tax would come back in 2011, but at an exemption and rate that many Republicans have been arguing for. Under the deal, the estate tax exemption would be up to $5 million for individuals and $10 million for couples. The tax rate would be at 35%. The exemption and rate would be in effect for two years.

American Farm Bureau Federation has been backing a $5 million exemption and a 35% tax rate. This is the exemption and rate that was proposed by Sens. Blanche Lincoln [D-AR] and Jon Kyl [R-AZ].

But many Democrats are opposed to a tax rate of 35%. Just a few days ago, Sen. Baucus proposed legislation with a permanent estate tax rate of 45% and an exemption of $3.5 million for individuals and $7 million for couples. Sen. Baucus’ proposal failed to get the 60 votes in the Senate that are needed to break a filibuster.

In his announcement, President Obama said that even he does not like “the extension of the tax cuts for the wealthiest Americans and the wealthiest estates.” He said, “Republicans have asked for more generous treatment of the estate tax than I think is wise or warranted.” But he finds consolation in the fact that the “generous treatment” is “temporary.”
Click to expand...

Carl Herrera · Feb 16, 2011

Major said:

What makes you think that? There was an estate tax in 2009. 2010 was the only year without one. That was decided back in 2001 and has nothing to do with Obama.

If Larry Miller died today, he'd actually be better off than at any time from 2001 to 2009 - the exemption ($5MM) is larger than it was any of those years.
Click to expand...

You are right. I was mistaken. Mr. Miller's family got screwed but bravely kept the Jazz in the family and in SLC for the good people of Utah.

glynch · Feb 16, 2011

Does anybody know if this thread is supporting the inheriatance tax or a sarcastic attempt to ridicule conservative theories that decry it?

Sweet Lou 4 2 · Feb 16, 2011

glynch said:

Does anybody know if this thread is supporting the inheriatance tax or a sarcastic attempt to ridicule conservative theories that decry it?
Click to expand...

Dude, obviously sarcasm.

AroundTheWorld · Feb 16, 2011

Major said:

If Larry Miller died today, he'd actually be better off than at any time from 2001 to 2009
Click to expand...

Forums

Company Save Aging Entrepreneur from Losing Family Business to Death Tax

Carl Herrera Member

Bandwagoner Member

Major Member

The Real Shady Member

Carl Herrera Member

glynch Member

Sweet Lou 4 2 Member

AroundTheWorld Member

Share This Page

About ClutchFans

Rockets Content

Support ClutchFans!