Well, there's $500 million the US Treasury won't be seeing.

[11 Bravo]

That's the approximate estate tax that would have been paid by the Steinbrenner estate had George passed away after December 31 of this year.

[nadinbrzezinski]

1. Ah thank the Republicans for that

agreed...

[Lasher]

2. Call it the death tax.

That makes it all better when his heirs get that massive income tax-free.

[11 Bravo]

5. There is no such thing as a "Death Tax". That is a complete RW construct.

There used to be, however, an "Estate Tax".

[Lasher]

12. Correct.

And the Estate Tax will come back in January. But if Republicans regain control of Congress they would again use reconciliation to resurrect Junior's tax cuts, including this one. In that case we could only hope for an Obama veto.

[muntrv]

10. I call it the Paris Hilton Tax.

[Davis_X_Machina]

3. We tax things we don't want people doing...

...like smoking and drinking and gambling.

Hence the 'death tax'. Right now, there's no death tax, so people insist on dying.

If rates were just set high enough, no one would die.

This would also make health care reform a lot more affordable.

The death tax is pro-life.

[onehandle]

4. I wonder how many elderly millionaires will die in the last days of this year.

One way or another.

[scarletwoman]

6. Heh.

[Statistical]

13. A few likely by self smothering themselves with a pillow on the 31st.

[Travis_0004]

7. That is incorrect

George Stienbrenner's wife is still alive.

Under 2009 and 2011 rules, an estate moving from one spouse to another was never taxed.

So this doesn't relly change anything, at least on the surface.

Now I know his wife is old, and will never spend all his money, so I'm sure some will be willed to his kids and grandkids, and that excapes the estate tax and generation skipping tax, so you are partially correct. I guarantee you they will have tax accounts go over the rules to minimize taxes, but if the estate tax was still in affect, the money would have probably been given to his wife, and the tax liability would have been 0.

[thelordofhell]

9. There's still time left in the year

http://www.youtube.com/watch?v=IKZJM737Zl0

[Statistical]

14. You assume 100% of his assets are going ot his wife.

Given the estate tax loophole that would be utterly foolish.

Good tax advisor would advise him to make a will just for 2010 on the off chance he died that year. He leaves what his wife needs to her and everything that eventually would go to his children after his wife death he leaves to them directly.

If smart the vast majority of his estate will bypass his wife and go to his children and other heir, beneficiaries.

when his wife dies in 2015 or whatever only a tiny fraction of the family assets will be in here name and subject to taxation.

[rug]

8. That prick would do anything to save a dime.

[ProgressiveProfessor]

11. A competent estate attorney could cut that down massively

I continue to be amazed at what can be done with the current tax system. While I do not support Forbes and the other libertarian/right wing tax approaches, simplification is long overdue.