Steinbrenner Heirs May Save Millions on Estate Tax (Class warfare at AP)

AP via NY Times ^ | 07/14/2010 | Staff

[OldDeckHand]

CHICAGO (AP) -- Born on the Fourth of July, George Steinbrenner left the world stage with a great sense of timing too.

[DmBarch]

I’m confident that the Dems will do a retro Estate Tax for 2010 in the lame duck session, one that will screw us much more than the 2009 rules. After all, they feel that all $$ belongs to the government...

[JimC214]

Their still mad that Steinbrenner supported Nixon.

[OldDeckHand]

"I’m confident that the Dems will do a retro Estate Tax for 2010 in the lame duck session, one that will screw us much more than the 2009 rules. After all, they feel that all $$ belongs to the government..."

Yep, that's a gimme. But, it will be interesting how they do it. The rules for Budget Reconciliation are somewhat complex, and I'm not sure there's time to get it done during the lame duck session.

[DoughtyOne]

Yep, good call.

[DoughtyOne]

Great points...

[DoughtyOne]

Isn’t that the truth.

[vpintheak]

How dare they keep the money legally earned by their deceased family member! I am outraged!!!!!!!!!!

[Tanniker Smith]

Don't know, but I wouldn't be surprised. If the estate tax was at, say, 50%, how else could you possibly afford it.

Hell, that was the whole reason for the big Jackie O auction (parodied in "Seinfeld").

[Oystir]

Maybe they can buy a Clevland team or maybe the Detroit Lions.

[Loyal Buckeye]

I did not read the article, but the headline is clearly in error in that heirs do not pay estate taxes; the deceased’s estate pays the taxes.

[BenKenobi]

[quote]
The rules for Budget Reconciliation are somewhat complex, and I’m not sure there’s time to get it done during the lame duck session.
[/quote]

Obama will just pass it through Executive Order. He’ll put it so that everyone who died in 2010 pays a 100 percent estate tax.

[Jack Hammer]

“I’m confident that the Dems will do a retro Estate Tax for 2010 in the lame duck session, one that will screw us much more than the 2009 rules. After all, they feel that all $$ belongs to the government...”

Do you have this on good authority - for example, are you an accountant or something like that? I’m just wondering if there’s substance to this, or if it is, rather, just speculation based on a projection of infinite government greed...?