President Obama insisted on tax increases for the wealthy during the fiscal cliff crisis, repeating his refrain that the rich should pay what he calls their “fair share.”
But there’s one high-profile Democrat who was hoping he could avoid paying more to the government as taxes go up for the affluent this year: former Vice President Al Gore.
According to the New York Times, Gore was hoping to sell his liberal television network, Current, before the end of the 2012 so his $100 million payout wouldn’t be hit as hard by the new tax increase approved by Congress and signed by the president this week that goes into effect this year.
Unfortunately for Gore, it appears his new income will be taxed under the new tax rate, as the deal to sell Current to Al Jazeera was not inked until Jan. 2.
From the New York Times:
Al Jazeera did not disclose the purchase price, but people with direct knowledge of the deal pegged it at around $500 million, indicating a $100 million payout for Mr. Gore, who owned 20 percent of Current. Mr. Gore and his partners were eager to complete the deal by Dec. 31, lest it be subject to higher tax rates that took effect on Jan. 1, according to several people who insisted on anonymity because they were not authorized to speak publicly. But the deal was not signed until Wednesday.