Play Fantasy Use your Fantasy skills to win Cash Prizes. Join or start a league today. Play Now
Blog Entry

Yankees won't be taxed for Steinbrenner death

Posted on: July 13, 2010 2:13 pm
Edited on: July 13, 2010 5:00 pm
 
When a person passes away and his or her estate passes to the heirs, there is generally an estate tax levied by the government to transfer control.

This applies to the Yankees, as the death of George Steinbrenner means baseball's most successful franchise will now transition to Hank and Hal Steinbrenner -- except without an estate tax.

As Jill Schlesinger of CBS MoneyWatch notes , the tax year of 2010 does not include an estate tax, which was put in place when the Bush Administration levied tax cuts back in 2001. This means that Steinbrenner's $1.1 billion estate can pass to his heirs without penalty in the form of about $500 million payable to the government.

While the Yankees certainly aren't strapped for cash, the roughly $500 million that is saved from the lack of an estate tax can only mean that much more the team has to spend. Cliff Lee's agent must be thrilled.

-- Evan Brunell

For more baseball news, rumors and analysis, follow @cbssportsmlb on Twitter.


Category: MLB
Comments
kkjyywlpo
Since: Dec 2, 2011
Posted on: December 14, 2011 6:32 am
This comment has been removed.

Post Deleted by Administrator




Since: Dec 2, 2011
Posted on: December 12, 2011 8:16 pm
 

Yankees won't be taxed for Steinbrenner death

Exceptional creating. Are you willing to grey matter my eyes placing an internet site one way link with this upload in my small resource site? May well guidance my very own crowd equally.



Since: Dec 19, 2007
Posted on: July 14, 2010 11:19 pm
 

Yankees won't be taxed for Steinbrenner death

You brien are, of course, wrong.  I think people who can work should work.  That's why I talked about the working middle class who can't afford health care.  There is something wrong when honest hard working people have to live in fear that a single health issu could destroy their dreams and all they have worked for while two rich kids who have done nothing but freeload off of their dad get to keep playing in the sandbox w/out paying a dime.

Jesus, are you really so mentally dense that you think that the rich in America have it tough?  Really?  When was the last time you heard someone say "I'm going to do every thing I can to be poor.  Living paycheck to paycheck, or almost to my paycheck sounds great.  I want my kids to have to get others to donate Christmas presents to them."  Holy cow, I can't believe the constant defense that the overly privileged receive from the lower to middle classes. 

Explain to me again, why is it that two rich kids who seemingly have done little on their own get to profit enourmously from the death of their father and asking them to paying something for the new found wealth is wrong.  Come on, step up your game and try to explain that.



Farmer_Ted
Since: Sep 15, 2008
Posted on: July 14, 2010 1:41 pm
This comment has been removed.

Post Deleted by Administrator




Since: May 12, 2007
Posted on: July 14, 2010 10:11 am
 

Yankees won't be taxed for Steinbrenner death

You sir, are a complete idiot!!  I do not know for sure, but I would almost bet you everything I own that the Yankee's, all of their personnel and the income they generate for the city of New York would far outweigh the millions that the taxpayers spent.  Did you consider for one minute that EVERY employee of the Yankees pays income tax?  What about the roughly 60 MILLION people that have PAID to go see a Yankee game through the years, you think they sent any money eating, drinking or at a hotel in the city?  I know when opposing teams come play in the stadium, they always get a block of hotel rooms in Boston right?  Nope, they stay in the area, further adding to the tax base!  <br />   I am almost positive that the city of New York has gained a lot more monetarily from the Yankee's than the the other way around.  How much do you think the city would be willing to spend if there was a real threat that the Yankees were leaving town?  They are worth every penny the citizens have spent.  If I was you, I would complain about the Mets, they are a waste of taxpayers money...<br /> <br />



Farmer_Ted
Since: Sep 15, 2008
Posted on: July 14, 2010 1:09 am
This comment has been removed.

Post Deleted by Administrator




Since: Mar 8, 2007
Posted on: July 14, 2010 12:51 am
 

Yankees won't be taxed for Steinbrenner death

This would be funny, you labeling others "undreducated idiots", except that you are far more ignorant than those you so accuse.

Are you REALLY that stupid?  Or are you only playing right wing games?  The so-called "death tax" doesn't touch 99% of Americans.  It ONLY affects those who earn more in one year than most Americans earn in a lifetime.  Those who have taken advantage of "The American Way" to earn (and deserve) money from the public at large.  Those of us who work "real" jobs will sure as hell never have to worry about the "estate" we leave for our descendants.

"How is it the Republicans fault?" you ask?  Have you been alive the past 100 years?  Do you read and understand political and/or economic history?  The answer to both questions is obviously "No!". ***

Read the law.  Learn the law.  Then you are allowed to comment on the law.

As long as you post nothing but extremist talking points you should be prohibited from speaking such words as "honesty", "truth", or speaking about politics at all.

***For those who remain clueless, just look up the overall economic results in this country, by political administration, over the past 100+ years.  EVEN IF YOU LEAVE OUT HERBERT HOOVER, the president who presided over the single largest and most destructive economic disaster in the history of our bation, the hard, cold, ECONOMIC facts show that Democratic administrations have been FAR more effective in growing the economy, in advancing the wealth of the lower and middle class, and promoting the overall well-being of America.

Them's the facts, no matter how weirdly you try and twist them.  Us "normal" folks do FAR better for ourselves when those wimpy, self-serving, socialist monsters (that would be the Demoncrats) are in charge than when Republocrats rule the roost.

You wanna save every dime your lifetime of labor earned so your lazy and/or clueless children can benefit?  You go right ahead.  The rest of us would prefer that when you leave this Earth you give something back to the rest of us.  We have earned it too.




Since: Jul 14, 2010
Posted on: July 14, 2010 12:36 am
 

Yankees won't be taxed for Steinbrenner death


There's no way to trivialize the death of one more dead billionaire, MLB owner or not. GS has
been the beneficiary of a system that has kept people of his ilk in great wealth
thougout our history.  That his estate is spared a 500 mil dollar tax shouldn't surprsie anybody.



Since: Jul 5, 2010
Posted on: July 14, 2010 12:28 am
 

Ditto Head....

You critique an article for playing politics? By politicizing your reply? now that's "PATHETIC"! FYI? The taxpayers of New York "paid" for the construction of the new Yankee Stadium. If there were to be a tax impact? It would be only right to return the money to the New Yorkers who "paid" it out in the first place. Having said that....The "truth" is, this is far from the proper time to be doing anything but paying "RESPECT" to Mr. Steinbrenner, what he did for baseball, and "especially the city of New York.

R.I.P. George..........   &
nbsp;     
      
;     &nbs
p;     &nb
sp;     &n
bsp;     &
nbsp;     
      
;     &nbs
p;     &nb
sp;     &n
bsp;     &
nbsp;     
      
;     &nbs
p;     &nb
sp;     
      
;     &nbs
p;     &nb
sp;     &n
bsp;     &
nbsp;     
      
;     &nbs
p;     &nb
sp;     &n
bsp;     &
nbsp;     
      
;     &nbs
p;     &nb
sp;     &n
bsp;     &
nbsp;     
      
;     &nbs
p;     &nb
sp;     &n
bsp;    Sincerl
y,.......From a Die-Hard Mets



Since: Oct 7, 2008
Posted on: July 14, 2010 12:18 am
 

Yankees won't be taxed for Steinbrenner death

Farmer_Ted is right. The death tax, or estate tax, basically applies to EVERYONE this year....which taxes heirs at 55% of the gross value of the estate. That means if you have a $1 million estate (not extremely hard to do with a moderately nice house, 401k, life insurance, a rental property.....ALOT of working class people have $1 million estates and you wouldn't think of them as super rich. But in this situation, the government will require $550,000 be paid IN CASH 9 months from the date of the death of the "rich" family member. How do you come up with all that cash? Hopefully their is enough life insurance to cover the tax, but even then, isn't the point of life insurance to provide for your family when you are gone?

Take it to a different extreme - say you have a $250k house, $100k in life insurance, and $150k in your 401k. Are you super rich? Of course not. But it could happen that, if you died this year, your heirs would be faced with a bill from the government of over $260k IN CASH 9 months after you die. You had $250k in cash in life insurance and the 401k, and your family still needs to come up with $10k. Maybe now they have to sell the house and downsize. You thought your family would be set, but it turns out, they have NOTHING.

When the shoe is on your foot, how great does the estate tax sound? Don't be stupid and say that you would be for the death tax if you were an heir to a fortune, or any money for that matter. Just because you aren't Steinbrenner Jr., doesn't mean the estate tax is right.



The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com