Because Steinbrenner died in a year when there is no federal estate tax, he potentially saved his heirs a 55% estate tax on his assets — or a tax bill of about $600 million. The 55% tax takes effect on January 1, 2011. If Steinbrenner had died in 2009 when the estate tax rate was 45%, his estate tax bill might have been nearer $500 million.
What else could you expect from a man born on the 4th of July?
Only the Federal Government could create incentives for people–and the wealthiest people among us, the atlases of our society–not to live till 2011.
RIP George Steinbrenner.