A plan to raise capital gains tax to as high as 43.4 per cent for the wealthiest Americans could have a knock-on effect as to whether or not Fenway Sports Group ride out the storm at Liverpool.
The Reds' US owners have taken plenty of heat in the past 10 days for their part in the failed European Super League plot that saw them attempt to breakaway to form their own lucrative competition with 11 other elite clubs from across the continent.
The idea was met with a fierce backlash from fans and the wider football community, and no sooner had the grand plan of the clubs been presented - 48 hours to be precise - it came crashing down, becoming a PR disaster for the clubs in question.
FSG took much of the flak through their role as one of the chief instigators of the move, with principal owner John W. Henry forced into a very public apology last month to try and appease fans, stating that he, and he alone, was responsible for the mistake in attempting to take Liverpool down such a path.
Such has been the anger, where there have been calls for FSG to sell up and move on in the wake of the fiasco, questions have been raised over what the future holds for both owners and club and whether it is a relationship that can continue.
Sources in the US state that FSG have been bruised by the whole incident but don't plan on selling, with Liverpool chairman Tom Werner saying only this month that it would take an 'insane offer' for them to consider such a move.
A reported £3bn offer from the Middle East to buy the club was rejected prior to the plans, but there are other factors that could be at play that may well determine the trajectory of FSG's time at Anfield.
US President Joe Biden, who came to office in January after defeating Donald Trump, has pledged to drive up capital gains tax on America's wealthiest in a bid to make them pay more and aid his bid for economic reform to deal with the fallout from the coronavirus pandemic.
Under the proposals, capital gains tax would almost double to 39.6 per cent for those earning over $1m per year, while for the super rich the tax would jump to 43.4 per cent through an additional surcharge.
But what might this mean for FSG and any potential suitors?
For a start, it would require a knee-jerk reaction by FSG into selling, and given that they are planning on expanding their portfolio of sporting teams and see Liverpool linked with such a move, that seems highly unlikely.
A swift sale would see investors avoid any potential hike in taxes but may mean that for businesses that continue to appreciate in value it would be jumping out too early when they may be better suited to sit tight and sell at a time when capital gains tax is lowered.
Capital gains tax is a tax levied on the growth in value of investments when they are sold, with the US capital gains tax only applicable to profits from the sale of assets held for more than a year, which means that if FSG attempted to sell Liverpool, bought for £300m in 2010, for more than it's market value of £2bn presently, then there would be a hefty bill to pay.
Given that FSG have plans for Liverpool moving forward, a snap decision on sale seems highly unlikely given that it would have a major affect on FSG as a whole and their overall value, given that Liverpool make up for £2bn of the firm's £5bn, that includes the Boston Red Sox baseball team.
And given how much energy FSG put into strategising their businesses, selling quickly just to appease and avoid a potential four-year problem doesn't seem a likely move, especially when they have taken on board fresh investment and handed over 11 per cent of the firm thanks to a capital injection of £538m from RedBird Capital Partners, with Liverpool very much being part of the equation when it came to that investment.
President Biden will still need to get his sweeping reforms through Congress, where Biden's Democratic Party hold a slender majority over the Republicans, who will likely push back hard on the reforms to at least try and dilute them.
For Henry and FSG the tax plan, which likely wouldn't get passed until 2022 even if approved, and Biden's proposals may serve to strengthen their resolve to maintain status quo within their business operations and carry on as they had planned prior to last month's fall out, where the focus has been well and truly placed on what the business looks like over this decade.
They coined it 'FSG 3.0', and Liverpool remain an important part.
