Tax Payers help Steeler’s Owners avoid Capital Gains Tax

First thing this morning I caught a story on the local Pittsburgh news. Seems the Rooney family, owners of the Pittsburgh Steelers, are rushing to get a deal through on the sale of the Pittsburgh Steelers. A quick search generated this story

http://www.google.com/hostednews/ap/article/ALeqM5hp1K4jq_4SVukDahKgDvPqOmvqJQD94F5L9G2

And here is the money quote from the article-

Art Rooney Jr. said the brothers hope to get the deal wrapped up before a board meeting in December.Both sides want to get a deal done by then because they are worried about possible higher taxes once the Obama administration is in office.

It seems that Dan Rooney is looking to PNC Bank for an estimated $280 million in loans to buy out his brothers.  And oh lookie lookie- http://www.baltimoresun.com/business/bal-bz.pnc25oct25,0,5153143.story

NEW YORK – PNC Financial Services Group Inc., which acquired Baltimore’s Mercantile Bankshares last year, said yesterday that it is acquiring Cleveland-based National City Corp. for $5.58 billion, becoming the first bank to use fresh investments from a federal bailout program to make an acquisition.

The deal came within hours of PNC Financial receiving approval for $7.7 billion in cash from the government under the $700 billion government program aimed at relieving the continuing credit crisis.

NICE! WOOT! Our tax dollars enable PNC to buy up National City and BONUS! help the Rooneys (who by the way supported Obama) avoid an anticipated increase in the capital gains tax.  Damn it must be nice to be rich!

I’ll leave you with this nice little quote from Art Rooney Jr, credit KDKA in Pittsburgh http://kdka.com/steelers/Steelers.Ownership.Rooney.2.861418.html

Like the fans who pack Heinz Field, Art Rooney, Jr., says he bleeds black and gold and he’s embarrassed to even talk about the multimillion dollar ownership dealings in this economy.

“Here we are the Rooney boys, have a loaf of bread under each arm, and guys don’t know if they are going to stay in their house, you know the fans they don’t know if they are going to be able to stay in their house, send their kids to college next year or make ends meet,” he said.

Apparently not too embarrassed to take bail-out money through the back door.
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3 Responses

  1. Hey,

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    — Cam

  2. Wealthy people have always played by their own rules, that’s why they are rich and do not pay taxes. That’s how George Bush became president, and that’s what made Ted Kennedy so very remarkable.

  3. I’ve been included in taxations for longer then I care to acknowledge, both on the individualized side (all my employed lifetime!!) and from a legal point of view since satisfying the bar and following tax law. I’ve put up a lot of advice and rectified a lot of wrongs, and I must say that what you’ve put up makes utter sense. Please continue the good work – the more individuals know the better they’ll be outfitted to comprehend with the tax man, and that’s what it’s all about.

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