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Author Topic: Tax break saves Steinbrenner heirs millions  (Read 2672 times)

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Offline lastparker

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Tax break saves Steinbrenner heirs millions
« on: July 14, 2010, 10:55:57 AM »
wasn't entirely sure which was the proper forum.....

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Chalk up another win for George Steinbrenner: The Yankees owner saved his heirs a whopping $600 million by dying in 2010.

The estate tax, which hits the very wealthy, lapsed this year as a quirky part of President George W. Bush's tax cuts that were signed into law in 2001. The 45% estate-tax rate expired at the end of 2009, and the 55% rate does not go into effect until Jan. 1, 2011, leaving 2010 wide open for tax-free deaths.

Congress had pledged to fix the 2010 tax gap, but they could not agree to anything at the end of 2009, so Steinbrenner's heirs are left with a big zero of an estate-tax bill. That is, unless Congress includes retroactive elements to the estate tax when they do deal with it.

"Not only is the future uncertain, but the past is also. We have no idea what the law is," Ronald Aucutt, an estate-tax attorney with McGuire Woods, told The Wall Street Journal in an article over the weekend about the estate tax.

Forbes estimated Steinbrenner's net worth to be $1.1 billion.

<SNIP>


http://articles.moneycentral.msn.com/RetirementandWills/article.aspx?post=1781516

This should have the Yankee loving moonbats in a pickle.
« Last Edit: July 15, 2010, 09:50:54 PM by Chris »
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Offline JohnnyReb

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Re: Tax break saves Steinbrenner heirs millions
« Reply #1 on: July 14, 2010, 11:04:02 AM »
Where's my pistol?....wait a minute....I ain't worth that kindda money...just skip it.

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Offline GOP Congress

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Re: Tax break saves Steinbrenner heirs millions
« Reply #2 on: July 14, 2010, 11:10:24 PM »
Where's my pistol, indeed. I'd be VERY interested to following cases involving rich people's sudden deaths in December this year. Suffice to say I expect to see more murders and suicides of people with net worth over a million bucks.
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Offline Chris_

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Re: Tax break saves Steinbrenner heirs millions
« Reply #3 on: July 14, 2010, 11:37:26 PM »
Quote from: GOP Congress on July 14, 2010, 11:10:24 PM
Where's my pistol, indeed. I'd be VERY interested to following cases involving rich people's sudden deaths in December this year. Suffice to say I expect to see more murders and suicides of people with net worth over a million bucks.

That would be very selfish of them. 

I don't care if I had Oprah's money, I'm not going to kill myself to get out of paying a tax so my child could save whatever millions that would have been stolen from me.
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Offline Lacarnut

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Re: Tax break saves Steinbrenner heirs millions
« Reply #4 on: July 14, 2010, 11:55:26 PM »
Quote from: Evil_Conservative on July 14, 2010, 11:37:26 PM
That would be very selfish of them.  

I don't care if I had Oprah's money, I'm not going to kill myself to get out of paying a tax so my child could save whatever millions that would have been stolen from me.

True but I am tickled pink the Feds are not going to get their paws on those millions.
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Offline Chris_

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Re: Tax break saves Steinbrenner heirs millions
« Reply #5 on: July 15, 2010, 08:23:19 PM »
Oh I agree with you.  I bet they are pissed.  lol
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Offline Lacarnut

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Re: Tax break saves Steinbrenner heirs millions
« Reply #6 on: July 16, 2010, 12:02:22 AM »
Quote from: Evil_Conservative on July 15, 2010, 08:23:19 PM
Oh I agree with you.  I bet they are pissed.  lol

Had he kicked the bucket after the first of the year, his heirs in all probability would have had to sell the Yankee baseball team to pay the 50% Inheritance Tax.
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