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

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Category: MLB

Since: Jul 13, 2010
Posted on: July 13, 2010 3:18 pm

Yankees won't be taxed for Steinbrenner death

"A blow to the country" because the government doesn't get to confiscate $500MM that didn't belong to it in the first place?  Way to push a Socialist agenda and trivialize the death of a sports icon. 

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