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View Full Version : Sen. Day wants an exit toll for McCombs



PurplePharaoh
03-26-2005, 12:58 AM
Last update: March 25, 2005 at 12:16 AM
Sen. Day wants an exit toll for McCombs
Conrad Defiebre, Star Tribune
March 25, 2005 DAY0325



Vikings owner Red McCombs shouldn't be allowed to avoid Minnesota taxes on the profit from his prospective sale of the NFL team, Senate Minority Leader Dick Day said Thursday.

The Owatonna Republican presented draft legislation to impose a 7 percent "transfer tax" on the estimated $375 million gain McCombs would reap from selling the team, which he bought in 1998 for a reported $250 million. As a San Antonio resident whose corporate holdings are based in Texas, McCombs apparently wouldn't have to pay Minnesota capital gains tax of 7.85 percent under current law, Day said.

His proposal could bring state coffers more than $25 million, which he said could go to schools, other priorities or even a new Vikings stadium.

"It seems to me that Minnesota's been really good to Red," Day said at a State Capitol news conference. "Asking him to leave fans and taxpayers a small share of his proceeds on his way out of town only seems fair."

McCombs declined to comment on the proposal, but Vikings lobbyist Lester Bagley criticized it.

"Senator Day has always been a friend of the Vikings and our stadium efforts, but we're disappointed that he's unfairly targeting one individual," Bagley said. "It may not be constitutional to do something like this on the eve of a sale."

Day said he thinks McCombs would be liable for a federal capital gains tax of 15 percent on profit from the proposed sale to Arizona businessman Reggie Fowler. Minnesota taxpayers who financed construction of the Metrodome and other government services such as streets leading to the stadium should get something back, too, Day added.

"Essentially, we've been stockholders in the Vikings' success," he said. "I think I owe it to taxpayers to close this corporate tax loophole."

But Bagley said it was McCombs, not the taxpayers, who put a winning team on the Metrodome field. "He shouldn't be penalized for making a good investment," Bagley added. "I'm not sure it will help people want to do business in Minnesota."

http://www.startribune.com/stories/510/5311265.html

collegeguyjeff
03-26-2005, 02:25 AM
red should pay fornot paying to make the team better

PurpleAndy
03-26-2005, 04:42 PM
Quimby: Uh, there's a $1000 leaving town tax.

http://www.snpp.com/episodes/2F17.html

vikings_fan66
03-26-2005, 04:47 PM
"PurpleAndy" wrote:

Quimby: Uh, there's a $1000 leaving town tax.

http://www.snpp.com/episodes/2F17.html


hahahahahaahah ....... thats classic

sitandbehitski
03-26-2005, 04:59 PM
"Hmm..... we have a chance to rape him before he leaves, let's do it!!!"

Anahiem_Vikings
03-31-2005, 11:58 PM
Why should the profit not be taxed? The Vikings franchise is a Minnesota Corporation, isn't it? A tangible asset that has increased in value.

If Red treated his customers better he might do better with politicians.

If Red can move the franchise maybe he doesn't pay the tax.

cajunvike
04-01-2005, 12:02 AM
"sitandbehitski" wrote:

"Hmm..... we have a chance to rape him before he leaves, let's do it!!!"

We'll let you handle the actual raping, sit! :lol: