His kids pulled the plug. I'd bet money on it. Like $500 million.

It should be 70% after the first $5 million. All that inherited wealth doing nothing needs to be returned to the economy.

how the hell is this death tax legal? They are basically taxing $ George Steinbrenner already paid income tax on - this is duplication of taxes.

I don't care if you're left $1 or $1billion - the govt shouldn't get shit.

"They are basically taxing $ George Steinbrenner already paid income tax on - this is duplication of taxes."

Yeah! And my employer pays me with money he's already paid income taxes on. That's the same duplication of taxes!

Anyway, on a different note, there's absolutely no way that the Steinbrenner wealth is set up so cluelessly that nothing was sheltered. There's no way that they'd have paid 45% of whatever total it was worth. These people aren't that stupid.

your salary is a business expense for them, they're not taxed on it ;)

Good to see someone paid attention in accounting.

I agree to a certain extent; I definitely would prefer to not pay for a service someone else is using and I think people on welfare should have to do something, if at least pick up litter on the streets. However, I would not say that those who get housing assistance or food stamps or other forms of welfare get a sufficiently large advantage to argue that the playing field tilted in their favor. I know a lot of wealthy and rich people and though they might complain, the field is not tilting in any direction but theirs. The problem with arguing for an even playing field is that we have to erase everything in the past and start anew. It is just not going to happen, unless there is some huge catastrophe that wipes out everything and we have to live life Lord of the Flies style.

"Jerry it's Frank Costantza! Mr. Steinbrenner's here, George is dead call me back!"

Is that the episode where George leaves his car in the lot and takes off on vacation?

Yup.

Who cares about the lost estate tax. Øbowmao is just going to keep printing money until it's completely worthless.

Thank goodness that my rich overlords will not be required to pay an estate tax. My prayers to Je$u$ were answered.

Here here! Income is taxed by the govt when it's earned, taxed when you spend it, taxed when you invest it, taxed when you sell assets, and taxed even in death. It's absolutely absurd and it puts a smile on my face that billionaires' heirs are receiving the full amount that they were intended to receive in the will. It must be maddening to this greedy govt to not be able to twist the knife one more time on an estate to pay for a career welfare recipient's 6 children.

If I was old, in deteriorating health, and enormously wealthy I'd pull the trigger at 11:59 pm on 12/31/2010 just as a final f**k you to the govt.

I get so annoyed when people bring up the argument that taxes are some big wealth redistribution scam. Do you really not know where your taxes go? Defense to keep us safe from other world super power menaces is the most expensive. Health care is up there too (a cost efficient health system is something conservatives love to rally against). People want more and more services from the government but want to pay less money... is that going to work? No. It's not like there is one government henchman trying to milk everyone for money that he can pocket... the money is used for many various things that people demand.

I'm aware of that and have no problem with taxes that go towards common services and goods that can be used, and used alike, by all demographics and income brackets. With that said, taxes have increasingly become a way for govt at every level to make up for their lack of accountability and responsible fiscal planning. They're not held to the same standards as the private citizens they represent. When there's a budget crisis the first response should not be to find something new to tax but to start eliminating programs.

Also, I have no problem with taxes towards health care, welfare, etc. IF, and only if, everyone gets an equal piece of the pie. You want universal healthcare then make it universal healthcare in the true socialist model. You want housing subsidies for the poor then I'd like a check for a few hundred a month towards my rent too. At least it would level the playing field. This middling BS actually DOES take money from those with benefits and redistributes (through taxation) to those without.

This is way off topic now but all I and many others are fedup with is the lack of an even "playing field". The End.

I agree to a certain extent; I definitely would prefer to not pay for a service someone else is using and I think people on welfare should have to do something, if at least pick up litter on the streets. However, I would not say that those who get housing assistance or food stamps or other forms of welfare get a sufficiently large advantage to argue that the playing field tilted in their favor. I know a lot of wealthy and rich people and though they might complain, the field is not tilting in any direction but theirs. The problem with arguing for an even playing field is that we have to erase everything in the past and start anew. It is just not going to happen, unless there is some huge catastrophe that wipes out everything and we have to live life Lord of the Flies style.

There's a 5 year limit on welfare, and it's been in place for 13 years. And yet people still believe in the myth of the welfare queen. Amazing.

Unless you have kids, then you can keep getting welfare. 40% of New Yorkers on welfare have been on it for five years or more, according to the NYT. Could be why poor people have so many children - it's either that or give up the Welfare benefits once the older kids reach majority.

Since you didn't link to the specific article, I guess I get to choose. I choose this one:

Kimberly E. Kaplan recently received a notice telling her that she and her three children were about to lose their monthly welfare benefit of $584 because they had reached the time limit on cash assistance and she had not made adequate efforts to find work.

In any case, getting into the details of the law, it does appear to provide an exemption of 20% of cases from the 5-year limit. That still doesn't equate to "over 40%" though, so [citation needed].

Fair enough. I was using welfare as an example. Replace that with any other govt program designed to transfer money from the wealthy to the poor. There's plenty to pick from.