Upper Left Coast

Thoughts on politics, faith, sports and other random topics from a red state sympathizer in indigo-blue Portland, Oregon.

Friday, May 30, 2008

Merry Christmas to Oregon

Phil Knight has sold 25 percent of his Nike stock in the last three years -- more than 30 million shares -- and those sales have brought in almost $2.4 billion to the company founder.

No wonder he can give hundreds of millions of dollars to the Ducks.

But as part of that windfall, he's paid $215 million to the state of Oregon in the form of capital gains taxes.

Two hundred and fifteen million dollars. One man paid for more than a week of public schooling for every kid in the state of Oregon.

But the rich don't pay enough taxes.

1 Comments:

  • At 5/31/2008 12:06 AM, Anonymous Klockarman said…

    Yes, I read that this A.M. too. They failed to mention that the Bush tax rate cuts most likely increased tax revenue in the case of Knight.

    In a liberals mind if the federal capital gains tax were still 28% instead of today's 15% would have meant that the federal government would have made $672 million, instead of the measly $360 million at the 15% rate. However, a more realistic person (conservative perhaps) would likely be correct that the odds that Knight would even bother to cash in his stock at the nearly doubled federal rate would go waaaaay down. And if he didn't the federal take would have been $ZERO.

     

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