Mr. Andrew Roth - August 03rd, 2010
Mr. Andrew Roth - August 02nd, 2010
Mr. Andrew Roth - July 14th, 2010
From the New York Post:
George Steinbrenner died six months after the federal estate tax expired, saving his wife and four children about half a billion dollars — and essentially ensuring they can keep the Yankees.
The tax, a 45 percent hit that lapsed in January due to lawmaker bungling, is set to be renewed in 2011 — at 55 percent.
Had he died in 2009, his family would have owed about $500 million; if he had survived until 2011, the bill would have been $600 million.
Forbes last year estimated Steinbrenner’s net worth at $1.1 billion.
It should be pointed out that if Democrats pass compromise legislation this year in order to avoid the pre-Bush Death Tax rates, they could make it retroactive to January 1, 2010. That means Steinbrenner’s family could actually be forced to pay after all. The Death Tax is grossly unfair, but retroactively hitting families with it is even worse.