MikesVikes Posted March 25, 2005 Share Posted March 25, 2005 Here is what Minnesota politicians think about Texas whiners.... 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." Day said the transfer tax would apply as well to the other big league team that plays in the Metrodome, the baseball Twins, although it would be waived if regular capital gains taxes could be collected from Twins owner Carl Pohlad, who lives here. Owners of the NBA Timberwolves and NHL Wild wouldn't be affected in the draft bill's current form, but the senator said he would consider whether public subsidies for their arenas should warrant the same treatment for them. Day said he knew of no precedent in Minnesota or elsewhere for his proposal, which he also called "an alternative minimum tax for sports franchises." Asked if Gov. Tim Pawlenty would sign such legislation in light of his no-tax pledge, Day added: "I guess we could call it some kind of a fee." Conrad deFiebre is at cdefiebre@startribune.com. Quote Link to comment Share on other sites More sharing options...
Savage Beatings Posted March 25, 2005 Share Posted March 25, 2005 Asked if Gov. Tim Pawlenty would sign such legislation in light of his no-tax pledge, Day added: "I guess we could call it some kind of a fee." 751386[/snapback] And right there in a nutshell is everything that is wrong with politics today. I don't like Red McCombs by any means, and I'm hoping that at the end of the day Mr. Glen Taylor will end up the new owner of the Vikings, but isn't it just like a politician to get upset that a business man is making too much money on a sale. I mean obviously some of that money belongs to the government, right? Puh-lease! If he was smart enough to sturcture his deal so that he doesn't have to give any of his rightful money to the state of Minnesota, then more power to him. Perhaps Senator Day should think of more ways to spend less of our money, before he thinks of ways to collect more of our money. Quote Link to comment Share on other sites More sharing options...
MikesVikes Posted March 25, 2005 Author Share Posted March 25, 2005 I think that this goes to show just how much of a chance Red had to get a stadium deal while owning the team. None. Quote Link to comment Share on other sites More sharing options...
Sgt. Ryan Posted March 26, 2005 Share Posted March 26, 2005 And the Vikings will end up in San Antonio or Los Angelas as a result. BTW, thanks for the Stars. Quote Link to comment Share on other sites More sharing options...
BillyBalata Posted March 26, 2005 Share Posted March 26, 2005 (edited) BTW, thanks for the Stars. 751664[/snapback] Edited March 26, 2005 by BillyBalata Quote Link to comment Share on other sites More sharing options...
Yukon Cornelius Posted March 26, 2005 Share Posted March 26, 2005 And the Vikings will end up in San Antonio or Los Angelas as a result. BTW, thanks for the Stars. 751664[/snapback] you can have the stars im sure norm fit right in in TEXASS Quote Link to comment Share on other sites More sharing options...
Sgt. Ryan Posted March 26, 2005 Share Posted March 26, 2005 (edited) you can have the stars im sure norm fit right in in TEXASS 751732[/snapback] Norm sold the team as soon as he got here. We hated him here too. Edited March 26, 2005 by Sgt. Ryan Quote Link to comment Share on other sites More sharing options...
doubleD Posted March 26, 2005 Share Posted March 26, 2005 Norm sold the team as soon as he got here. We hated him here too. 751771[/snapback] The Vikings aren't going anywhere, they have more than enough fans to support a pro football team. It's just that we're not stupid enough here to just agree to fund the whole stadium with our money and then watch the owner rake in all the cash. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 27, 2005 Share Posted March 27, 2005 The Vikings aren't going anywhere, they have more than enough fans to support a pro football team. It's just that we're not stupid enough here to just agree to fund the whole stadium with our money and then watch the owner rake in all the cash. 751830[/snapback] Reality check - no stadium deal by 2007 at the very latest, no Minnesota Vikings after 2011. Period. You can stick to your principles until you're blue in the face, the fact is that the NFL has an open market and unless a stadium is built, the Vikings are going to fill that open market. Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted March 27, 2005 Share Posted March 27, 2005 Reality check - no stadium deal by 2007 at the very latest, no Minnesota Vikings after 2011. Period. You can stick to your principles until you're blue in the face, the fact is that the NFL has an open market and unless a stadium is built, the Vikings are going to fill that open market. 753027[/snapback] True, but not if a team like the Saints gets there first. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 27, 2005 Share Posted March 27, 2005 True, but not if a team like the Saints gets there first. 753043[/snapback] Saints to LA leaves New Orleans open. There is always a slot, more than one if other markets are considered. The Rozelle letter has protected the Vikings thus far, and I think the NFL will honor it, but it takes three years to build a state of the art stadium, never mind design it and obtain the financing. Time is running out for the Vikes. Both the Gophers and the Twins are ahead of the Vikings in the queue. Yes, they have great support, this is a football town, no doubt about it, but I refer you to Browns, Cleveland, among others. Fan support is simply irrelevant where new stadiums are concerned. Quote Link to comment Share on other sites More sharing options...
JoJoTheWebToedBoy Posted March 27, 2005 Share Posted March 27, 2005 The Vikings aren't going anywhere, they have more than enough fans to support a pro football team. It's just that we're not stupid enough here to just agree to fund the whole stadium with our money and then watch the owner rake in all the cash. 751830[/snapback] So did Cleveland, in fact, they had more. But they are now the Ravens. Money drives the NFL, not the fans. Quote Link to comment Share on other sites More sharing options...
Ursa Majoris Posted March 27, 2005 Share Posted March 27, 2005 (edited) BTW, the politician that introduced this idea of a special tax on Red's profits is Minnesota's biggest grandstanding idiot, the appropriately named Dick Day. Truly a moran for all seasons. Edited March 27, 2005 by Ursa Majoris Quote Link to comment Share on other sites More sharing options...
Los Gigantes Posted March 27, 2005 Share Posted March 27, 2005 BTW, the politician that introduced this idea of a special tax on Red's profits is Minnesota's biggest grandstanding idiot, the appropriately named Dick Day. Truly a moran for all seasons. 753204[/snapback] in minnesota, every day is dick day. Quote Link to comment Share on other sites More sharing options...
Sgt. Ryan Posted March 28, 2005 Share Posted March 28, 2005 lil dick day. Quote Link to comment Share on other sites More sharing options...
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