dhg Posted October 30, 2011 Posted October 30, 2011 My link Interesting Article Yes. Very interesting especially the part about QTIP.
PromoTheRobot Posted October 30, 2011 Posted October 30, 2011 So the Yankees got $3.5B? We deserve at least a couple hundred mil for the Bills. PTR
nucci Posted October 30, 2011 Posted October 30, 2011 So the Yankees got $3.5B? We deserve at least a couple hundred mil for the Bills. PTR I think the total cost of the stadium was $3.5B, not the cost to the state.
Bleed Bills Blue Posted October 30, 2011 Posted October 30, 2011 "A few years ago, ... we signed a guy and paid him a lot of money, and he lived in Florida," Wilson said. "And there was a very large bonus attached to the contract, and he wanted us to say the contract was signed in Florida so that he would not have to pay taxes to the state of New York. We held out and I said, 'No, this fellow is going to play in New York, he's going to pay New York.' We had a long hard fight on it. He wanted to sign in Florida. He wound up signing in New York." Who was this guy, anybody know? McGahee?
silvermike Posted October 30, 2011 Posted October 30, 2011 I think the total cost of the stadium was $3.5B, not the cost to the state. Nope, that's that's just the taxpayer cost - although it includes City funding, not just state funds.
nucci Posted October 30, 2011 Posted October 30, 2011 Nope, that's that's just the taxpayer cost - although it includes City funding, not just state funds. Thanks, wasn't sure.
BillnutinHouston Posted October 30, 2011 Posted October 30, 2011 (edited) Hmmmm...very interesting indeed. Conceptually, it sounds a bit like what this fella said a few weeks ago: My link Ol' Ralph and Billnut....great minds think alike I guess. Edited October 30, 2011 by BillnutinHouston
dwight in philly Posted October 30, 2011 Posted October 30, 2011 So the Yankees got $3.5B? We deserve at least a couple hundred mil for the Bills. PTR that is for sure PTR!.. i have been saying that. citifield and yankee stadium, we deserve our slice of the taxpayer , state pie!
26CornerBlitz Posted October 30, 2011 Posted October 30, 2011 Hopefully a newly negotiated restrictive lease would call for the elimination of the Toronto series.
Offside Number 76 Posted October 30, 2011 Posted October 30, 2011 (edited) I don't know how much the state will be willing to kick in. Luckily, there's a way to pay for a lot of the improvements without costing the taxpayer much: http://forums.twobillsdrive.com/topic/137640-selling-naming-rights/ But the situation is looking very good right now. I don't think this team is moving anywhere (and haven't thought so for some time). Edited October 30, 2011 by Offsides Number 76
Nanker Posted October 30, 2011 Posted October 30, 2011 Nope, that's that's just the taxpayer cost - although it includes City funding, not just state funds. Wrong, wrong, wrong! Be careful what you wish for Western New Yorkers. You just might get it. If you think prices are high now...
Marv's Neighbor Posted October 30, 2011 Posted October 30, 2011 Hopefully a newly negotiated restrictive lease would call for the elimination of the Toronto series. I agree! I understand that the deal expires in 2012. Ralph got his $78M and Rogers is taking the dirt nap, so hopefully the Toronto series will end next year.
eme123 Posted October 30, 2011 Author Posted October 30, 2011 This is a perfect example of why government should not be involved in business deals with private companies. The state has no negotiating position right now. Are they going to say to the Bills and their Fans "no we can't pitch in for stadium upgrades"? Meanwhile they just ponied up 3.5b for Yankee Stadium and possibly $ for Citi Field. The Bills in my opinion can come in and ask for a new stadium if they wanted. It's great news for me as a Bills fan. As a taxpayer it makes me furious.
PromoTheRobot Posted October 30, 2011 Posted October 30, 2011 It's great news for me as a Bills fan. As a taxpayer it makes me furious. We deserve at the very least a few hundred mil for a top-notch renovation. (One that includes a roof, though that might not be realistic.) The Bills are being pretty reasonable here. They will commit if the stadium is brought up to a level where it will be viable for the next 20 years. A good chuck of this can be paid for with bonds and user fees anyway so all the taxpayers can unwad their panties. RWS will be 40 years old in 2013. Stuff gets old and needs upkeep. Totally reasonable. Cheap out now and wind up with no team and a pile of rubble in a few years. PTR
CherryCoke Posted October 30, 2011 Posted October 30, 2011 "A few years ago, ... we signed a guy and paid him a lot of money, and he lived in Florida," Wilson said. "And there was a very large bonus attached to the contract, and he wanted us to say the contract was signed in Florida so that he would not have to pay taxes to the state of New York. We held out and I said, 'No, this fellow is going to play in New York, he's going to pay New York.' We had a long hard fight on it. He wanted to sign in Florida. He wound up signing in New York." Who was this guy, anybody know? McGahee? my first thought was TO
RJ (not THAT RJ) Posted October 30, 2011 Posted October 30, 2011 my first thought was TO Funny, my thought was Tom Modrak.
ICanSleepWhenI'mDead Posted October 30, 2011 Posted October 30, 2011 Yes. Very interesting especially the part about QTIP. http://www.wilmingtontrust.com/wtcom/index.jsp?fileid=3000306 Why Establish a QTIP Trust?There are two main reasons why a married individual would choose to establish a QTIP trust. First, it may be unclear what your estate tax situation will be at the time the trust is put into effect. It may be prudent to provide flexibility for your Executor to elect between claiming a marital deduction for the amounts transferred to the QTIP or forego that deduction. This will allow your Executor to minimize the total estate tax paid by the two spouses combined by choosing to defer the tax on some, but not all, of the assets transferred in trust to a spouse. In other words, your Executor can choose the estate tax treatment of the QTIP trust to reflect changes in the applicable tax laws or changes in the value of your assets since you last made your will. It may also be beneficial if your surviving spouse already has significant personal assets. In that case, your Executor can take advantage of the graduated tax brackets in the estate tax law for both of you, in turn reducing the overall tax paid between both spouses. The other, and perhaps more compelling reason, is that you may want to take advantage of the marital deduction for transfers made to your spouse in trust yet want to limit the power or ownership rights he or she has over the trust assets. The restrictive ownership provisions of a QTIP trust are particularly useful for second marriages since you may want to ensure that the amounts held in the trust will ultimately pass to your children or family and not the children or family of your second spouse. The above link has a few other details about QTIP trusts if you're interested. I have a fairly limited understanding of trusts. It is my understanding that Mary Owen, a high ranking executive on the Bills management team, is the daughter of Mary Wilson's sister. It is also my tentative understanding that a QTIP trust is one way that Ralph could make sure that even after Ralph is gone, Ralph's assets, or whatever portion of them he desires, ultimately pass to his children rather than to (1) Mary Owen or (2) Mary Wilson's next husband if she eventually remarries after Ralph's death. The Buffalo News article implies that because a QTIP trust can be used as a "bridge" to a sale of the team, a QTIP trust would cease to exist after the team is sold. I think that's wrong. As far as I know, the QTIP trust could sell the team and the proceeds of the sale could be invested by the trustee with the resulting income distributed to Mary Wilson during Mary Wilson's lifetime, and the principal distributed to Ralph's children (or anyone else Ralph specified) after Mary Wilson's eventual death. As I mentioned, though, my understanding of trusts is not extensive.
Tcali Posted October 30, 2011 Posted October 30, 2011 My link Interesting Article New York state is how far in debt?...and how big of a present gap is there betw present tax revenues and present costs to run the govt? Perhaps the billionaire(s) who buy the Bills could possibly pony up the $ in xchange for partial ownership. I realize this is a bit simplistic..-But New york State can't even come close to fulfilling its basic obligations at this point in time--let alone the pensions that they wont be able to pay in a very few years. A tax increase on already overtaxed NYS citizens may not be the wisest way to get this thing done.
eme123 Posted October 30, 2011 Author Posted October 30, 2011 Maybe I can seduce Mary Wilson, convince her to marry me, and eventually get a piece of the team. I will keep the team in Buffalo for sure. That is if the state comes through with the 200+ mil I need in stadium upgrades. If not your all f*****.
Recommended Posts