Now we learn that George Lucas, the creator of the Star Wars franchise, sold his company LucasFilms in 2012 to Disney for $4.05 billion in cash and stock in order to avoid higher taxes in 2013. “That Lucas struck a deal in 2012 may be no accident either, advisers say. Long-term capital gains tax from the sale of assets held more than one year are taxed at a rate of 15% for investors in the 25% income tax bracket or above (Lucas’s level), and zero for investors in the 10% or 15% bracket. Those rates are set to jump to 20% and 10%, respectively in January. ‘He probably wanted to take advantage of the lower rate on long-term capital gain while it’s certain,’ says Bill Smith, managing director at CBIZ MHM, a national accounting and professional services provider.” Lucas is a one-percenter. He is also a big Obama supporter. Lucas said the following about Obama in 2008: “We have a hero in the making back in the United States today because we have a new candidate for president of the United States, Barack Obama.” An article states that Lucas has surrounded himself with the best legal and tax-avoidance minds in the country. (Sounds like Mitt Romney.) godfatherpolitics/7866/one-per center-democrat-george-lucas-sells-star-wars-to-avoid-higher-taxes-in-20132/
Posted on: Sun, 09 Mar 2014 15:12:24 +0000
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