Steinbrenner's Death Tax...

[TheBeardedMann]

http://www.huffingtonpost.com/2010/07/13/taxwise-steinbrenner-pick_n_645163.html
http://www.nypost.com/p/news/local/death_perfect_timing_NusLyGlMu8cn8kyepprVJP
http://voices.washingtonpost.com/postpartisan/2010/07/george_steinbrenner_and_estate.html

I posted some different sources to the story and even Huffington Post to keep hakr100 happy ;-)

I am personally very glad to see that his family will get the inheritance without paying into the Estate Tax. I think it's a ridiculous tax.

 

[hakr100]

Yes, it is really important that billionaires and their estates get a free ride while the middle class disintegrates.

 

[Tangent]

Yes, it is really important that billionaires and their estates get a free ride while the middle class disintegrates.

Out of curiosity, what do you think justifies the government taking a percentage of a person's assets for itself when they die?

 

[hakr100]

Various governments made it possible for billionaires like Steinbrenner to make their fortunes. It's reasonable for the government to have a tax on a percentage of an estate over a certain size.

 

[Tangent]

So because the government doesn't prevent you from making money they deserve to take some of it?!?

EDIT: As I think about it, that sounds familiar... Sounds like the protection racket mobs run on businesses in movies. "Gee, it'd be a shame if something were to happen to this nice business you've got going here..."

 

[TheBeardedMann]

Various governments made it possible for billionaires like Steinbrenner to make their fortunes. It's reasonable for the government to have a tax on a percentage of an estate over a certain size.

That sounds racist towards rich people.

 

[ddoolin]

That sounds racist towards rich people.

If rich people were a race.

 

[Crude]

If rich people were a race.

Well, the smarts and drive to become rich is in their genes rich..maybe it's a new super race that will start to replace the weaker "lazy"race? Which reminds me of the movie idiocracy. everyone should see it sometime..

 

[TheBeardedMann]

In this case, the people are born into money so is that a social race?

 

[ddoolin]

Well, the smarts and drive to become rich is in their genes rich..maybe it's a new super race that will start to replace the weaker "lazy"race? Which reminds me of the movie idiocracy. everyone should see it sometime..

Unfortunately those people are outnumbered by the "dumb and poor" 10-to-1.

 

[Tangent]

Well, the smarts and drive to become rich is in their genes rich..maybe it's a new super race that will start to replace the weaker "lazy"race? Which reminds me of the movie idiocracy. everyone should see it sometime..

Depending on what I've recently seen or read about in the news that movie is either hilarious or a horrifying vision of the near future.

 

[dpizzo]

Good for the Steinbrenners. Unfortunate that George died, but a good thing that they were able to sidestep theft.

 

[ddoolin]

God forbid his family be left with only $500,000,000.

 

[TheBeardedMann]

God forbid his family be left with only $500,000,000.

I know! Especially since Obama deserves it!

 

[foreWard]

It is not a matter of being "only $500 Million" it is a matter of a person working hard their entire life to build up a fortune to be used for the betterment of his future generations and the government taking some of it just because they can....I can't stand the yankees or steinbrenner, but if I work my rear off and some day have enough money to leave to my daughter, she should get it. I have already paid the income taxes on it, I don't care if its $10k or $100M, it pisses me off that she would have to give some up "just because"

 

[dpizzo]

It is not a matter of being "only $500 Million" it is a matter of a person working hard their entire life to build up a fortune to be used for the betterment of his future generations and the government taking some of it just because they can....I can't stand the yankees or steinbrenner, but if I work my rear off and some day have enough money to leave to my daughter, she should get it. I have already paid the income taxes on it, I don't care if its $10k or $100M, it pisses me off that she would have to give some up "just because"

Not to mention that Mr. Steinbrenner's estate had been taxed already as it was being made.

 

[ddoolin]

It's just a rich (dead) guy luckily evading a tax that's been in place for almost a century and everyone is applauding it. .

If it was such a terrible thing, why wasn't it reversed so many years ago?

"The government taking some of it just because they can."

They take nearly half of all the money I make, yet nobody is really up-in-arms about that.

 

[dpizzo]

It's just a rich (dead) guy luckily evading a tax that's been in place for almost a century and everyone is applauding it. .

If it was such a terrible thing, why wasn't it reversed so many years ago?

"The government taking some of it just because they can."

They take nearly half of all the money I make, yet nobody is really up-in-arms about that.

Not true. There are plenty of people up in arms about Individual income tax. Just because the rich dead guy not paying the tax isn't you, and the majority of people aren't anywhere close to that situation, does not make it right. The whole tyranny of the majority thing. Also, just because a tax/policy hasn't been reversed does not make it a good thing. Both parties generally like big government.

 

[foreWard]

They take nearly half of all the money I make, yet nobody is really up-in-arms about that.

You prove my point, the tax has already been taken when the money was earned, no need to tax the same money AGAIN.

 

[mpw]

Yes, it is really important that billionaires and their estates get a free ride while the middle class disintegrates.

Free ride? what do you mean; it's not like this large estate has got anything that a small estate hasn't, from what I've read the smaller estates have for many years been given a 'free ride' when large estates have not.

Various governments made it possible for billionaires like Steinbrenner to make their fortunes...

Would those be the same governments that made it possible for virtually anybody to take the same opportunities these billionaires took to achieve similar success?

...It's reasonable for the government to have a tax on a percentage of an estate over a certain size.

Is it really reasonable? did the government not already tax this wealth as income? Doesn't this simply equate to an income tax of ~78% (and of course if it's not all spent, and is passed on to another generation ~90%)?

Death Taxes just seem so wrong to me, but I grew up in a low tax country, that doesn't tax death; in fact your estate get ~$600 to help with funeral costs IIRC.

 

[BobPaul]

They take nearly half of all the money I make, yet nobody is really up-in-arms about that.

Do you seriously believe nobody is up-in-arms about that? Look around dude, it is the topic of the day.

 

[WAdude]

Yes, it is really important that billionaires and their estates get a free ride while the middle class disintegrates.


You know, equal opportunity doesn't just apply to race. Just because they are rich doesn't mean they should get taxed because of a deceased family member, if so then It should apply to all of us. I mean equal opportunity.