Well well well, Mr. Sinegal (like Warren Buffet ), has ULTERIOR MOTIVES after all....
FROM THE ARTICLE:
Last Wednesday, Costco announced that it would borrow $3.5 billion so that it could pay a special dividend of $7 a share before the end of the year. Call it a six-year advance on the company’s current annual dividend of $1.10 per share. According to The Wall Street Journal, Mr. Sinegal owns two million shares, and will collect $14 million which will be taxed at the current 15% rate instead of the 43.4% rate called for by the President he supports. By paying out the dividend before year end, Mr. Sinegal alone will avoid paying $4 million in taxes to support all that he favored in his Convention speech: government funded education, innovation and research, affordable energy, safe and efficient transportation system, and, of course, paying down the government’s debt.
Talk is cheap. Paying taxes is expensive and worth avoiding — even by those who believe in government and “taxing the rich”.
Coincidentally, I just sold my Costco stock this year to avoid the cap gains tax increases coming up.
Planning to buy “tangibles” with the freed up money.
taxes for thee and not for me...
taxes for thee and not for me...