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George Lucas Sale of LucasFilm Will Cut his Tax Bill

Posted by Steve Markowitz on November 2, 2012

Marketwatch.com reported that George Lucas has agreed to sell his LucasFilm to Disney for $4.05 billion.  It is likely that tax planning/avoidance played a role in this decision.  The long-term capital gains tax for wealthy Americans such as Lucas is set to increase from 15% to 20% next year.  By making the sale in 2012, Lucas significantly cut his potential tax bill from the windfall.

It is not unusual for Americans in any bracket to attempt the lower their tax bill to the government.  What is disingenuous for Liberal tax avoiders such as Lucas is there demonizing of others who take the same approach.  While the Left has hammered Republican Presidential Candidate Mitt Romney on his tax avoidance strategies, it ignores their own for the same actions.  It is evident that the Left uses class warfare as a political tool and not an issue for social reform.

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