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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.

Surely if Major League Baseball can be counted on to at least try and thwart plutocracy, we should expect the same from our government.

By Katrina vanden Heuvel  | July 15, 2010; 12:50 PM ET
Categories:  vanden Heuvel  | Tags:  Katrina vanden Heuvel  
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Comments

Katrina is so right on about baseball thwarting plutocracy.

Baseball contracts encourage market forces and discourage a single-spender from gaining too much control and influence.

If only our government could prevent a single entity from gaining too much control of major elements of American life.

But then, our government is a kleptocracy.

Posted by: slatt321 | July 15, 2010 1:49 PM | Report abuse

Oh the audacity of someone to work their whole life, earn a huge fortune, and leave it to their family. Government knows much better how to spend this money than any of us simple minded peasants. If there is one entity that knows how to live within it's means it is Government. I never see Government waste a dime on anything it does. If there is problem Government will just throw money at it till it goes away, works every time. I think we should give more money to the Government so it can do everything for us, imagine no more being forced to make decisions for yourself! The elected leaders in Washington are just so brilliant why not just rely on them.

Posted by: wdc1982 | July 15, 2010 1:51 PM | Report abuse

I wonder how much this broad --- and yes ladies and gentlemen, she is a broad --- gets paid for barfing up this kind of drivel?

Posties, any anonymous inputs?

Posted by: Curmudgeon10 | July 15, 2010 4:07 PM | Report abuse

Spend more than 40 years building a business. Along the way you pay local, state, and federal taxes. Any money you take out of the business you pay taxes on. When you reinvest your profits to increase profits you pay additional taxes. Therefore, all along the way you pay taxes and more taxes. Then at some point we all die and in the world of Ms. vanden Heuvel we should give the government 45% of the value of the business. If you want to damage a viable business, here is the way to do it. This means that you have only two choices to deal with this reality. In the first instance, you hire a real good tax attorney to get around the tax or you sell the business to someone who may or may not know how to run the business. In the second instance, one can imagine seeing a life's labor go down the drain. Why does Ms. vandel Heuvel not see the damage she wants to cause hard working successful American? Simple, she inherited her money.

Posted by: jeffreed | July 15, 2010 4:34 PM | Report abuse

vanden Heuvel is a communist...so anything she says about taxes must be viewed through that lens. Yes she rails against 'plutocracy.' What she doesn't tell you is that she wants the state...in the name of 'the people' of course...to control all the wealth. Then we'd all be very happy...until the money ran...which it inevitably would.

Posted by: PanhandleWilly | July 15, 2010 4:44 PM | Report abuse

vanden Heuvel is a communist. She wants everyone's taxes (except her's) to be 100 percent.

I hope the networks interview on election night in November. It will be the picture of an infuriated communist.

Posted by: cpameetingbook | July 15, 2010 6:01 PM | Report abuse

This must be the Age of Aquarius for progressives, when Jupiter aligns with Mars, because the financial bill passed today in the Senate, Goldman is paying a $500M fine and BP oil gush stopped.

All those prodigal independents/democrats can now come home to roost.

Posted by: JoseRizal | July 15, 2010 6:06 PM | Report abuse

I don't want to start a business. Business is for suckers. You pay taxes all your life, then you pay taxes when you die.

Let all the suckers start a business. I want to start a government.

Posted by: gbooksdc | July 15, 2010 6:29 PM | Report abuse

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