Death and taxes -- and baseball
Wittingly or not, Big Stein was definitely “onto something.” As The Post notes, because the Senate failed to renew the federal estate tax last fall, the heirs of any rich person who dies in 2010 can hold onto every penny of the family fortune, and in George Steinbrenner’s case, that means his beneficiaries will share all of his estimated $1.1 billion net worth. Had he died last year, the government would have slapped a 45 percent tax on the estate, costing the family – and helping out the government -- half a billion dollars.
Steinbrenner, though, had no aversion to taxes. In his years as Yankees owner, he was happy to pay for championship teams, shelling out $174 million in luxury taxes for exceeding the league’s salary cap every year since 2003.
Katrina vanden Heuvel
| July 15, 2010; 12:50 PM ET
Categories: vanden Heuvel | Tags: Katrina vanden Heuvel
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