Funny how sports and politics mix so often (and have done so recently to a greater extent than usual). First there was Lebron James fleeing high tax Ohio for the zero income tax Florida (saving himself $25 million).
Now, as it turns out, Yankees’ boss George Steinbrenner — not one of my favorites I might add — dies in 2010 which just so happens to be the only year for which the death tax is completely repealed. This stroke of luck (or genius, because with him you never know) will save his heirs as much as $500 million in estate taxes.
Hey, you might say, the government needs that $500 million. After all, we face trillion dollar deficits. In a just world Steinbrenner’s estate should be taxed to the hilt. Well, I politely disagree. How much economic wealth do the Yankees, the most valuable franchise in sports, generate? That is a lot of taxes too. Do we want the Yankees to be sold off for the simple necessity of paying a massive tax bill as happened with the Washington Redskins?
Certainly, I disagree with the massive taxpayer subsidy of Yankee stadium, but overall I think Steinbrenner earned his money fair and square, has been taxed on it, and the government should not get another bite of the big apple. That said, I doubt Obama has any interest at all in killing the death tax.