Estate Taxes (Steinbrenner)

[Patranus]

So it looks like the Steinbrenner family will not have to pay estate taxes.
http://www.nbcnewyork.com/news/local-beat/Steinbrenner-Family-Exempt-From-Estate-Tax-98418909.html

Had he died next year the family would have to pay 55% meaning they would most likely have to sell the team Steinbrenner worked so hard to build to pay off uncle sam.

So.....
Should the estate tax be abolished? Should the estate tax be allowed to reset to 55% forcing families to sell off their small businesses?

If your mother saved her entire life to give her children and grand children a better life should the government force you (upon her death) to sell the family house and give the lions share to them?

 

[Red Dawn]

So it looks like the Steinbrenner family will not have to pay estate taxes.
http://www.nbcnewyork.com/news/local-beat/Steinbrenner-Family-Exempt-From-Estate-Tax-98418909.html

Had he died next year the family would have to pay 55% meaning they would most likely have to sell the team Steinbrenner worked so hard to build to pay off uncle sam.

So.....
Should the estate tax be abolished? Should the estate tax be allowed to reset to 55% forcing families to sell off their small businesses?

If your mother saved her entire life to give her children and grand children a better life should the government force you (upon her death) to sell the family house and give the lions share to them?

From the article

"Only two percent of the population, or about 64,000 estates, makes enough to be subject to the tax"

 

[DaveJ]

From the article

"Only two percent of the population, or about 64,000 estates, makes enough to be subject to the tax"

Not only that, but even after paying the tax the heirs will still be wealthier than the vast majority of taxpayers. Cry me a fuckin' river, it's not like they'd be kicked out on the street.

 

[PeshakJang]

From the article

"Only two percent of the population, or about 64,000 estates, makes enough to be subject to the tax"

So the most successful should be the most punished?

Not only that, but even after paying the tax the heirs will still be wealthier than the vast majority of taxpayers. Cry me a fuckin' river, it's not like they'd be kicked out on the street.

You don't have to feel sorry for anyone, but would it be fair? What if it were applied to your family, regardless of how much you make?

I'm sure there are people that make less than you, that wouldn't shed a tear.

 

[ModestGamer]

So the most successful should be the most punished?

I belive the term is Hoarding.

 

[dfuze]

I personally don't think people should be required to pay a tax to pass things on to their children. I don't think the gov't thinks its legitimate either or else why would they have to vote on it every 'x' number of years?

 

[Patranus]

Not only that, but even after paying the tax the heirs will still be wealthier than the vast majority of taxpayers. Cry me a fuckin' river, it's not like they'd be kicked out on the street.

The main question was why should his children be forced to sell the business that he build through hard work creating one of the primer baseball teams to pay off uncle sam?

There are many small businesses that face the same problem. if you ever get off your ass and have ambition to start your own business and become successful guess what, you will be screwed when you die and try to pass along the family business.

Grandma dies and has a house that went up in value over 50 years? Oops gotta sell the family house to settle the tax bill.

 

[Dekasa]

So the most successful should be the most punished?

The most successful are dead. Their lucky kids are the most punished.... and are still rich by no fault of their own.

 

[PeshakJang]

I belive the term is Hoarding.

Most people who spoke of Mr. Steinbrenner described him as one of the most generous, charitable people they'd ever met. He'd drive around the bad parts of the Bronx handing out money to people he'd meet on the street.

But he's just hoarding, so we better put it to better use in the government.

 

[Red Dawn]

The main question was why should his children be forced to sell the business that he build through hard work creating one of the primer baseball teams to pay off uncle sam?

There are many small businesses that face the same problem. if you ever get off your ass and have ambition to start your own business and become successful guess what, you will be screwed when you die and try to pass along the family business.

Grandma dies and has a house that went up in value over 50 years? Oops gotta sell the family house to settle the tax bill.

From the article

"Only two percent of the population, or about 64,000 estates, makes enough to be subject to the tax"

 

[sandorski]

So the most successful should be the most punished?
.

Technically speaking, "the most successful" are Dead.

oops, dekasa beat me to the point

 

[PeshakJang]

The most successful are dead. Their lucky kids are the most punished.... and are still rich by no fault of their own.

So if your father worked to build a business his entire life, and once you were of working age you joined him and helped build the value of that business, you think that once he dies, you should have to sell that business to pay the government?

What if the majority of his assets were in the form of equity in that business? You should sell it, and then start over, right?

 

[Red Dawn]

So if your father worked to build a business his entire life, and once you were of working age you joined him and helped build the value of that business, you think that once he dies, you should have to sell that business to pay the government?

What if the majority of his assets were in the form of equity in that business? You should sell it, and then start over, right?

Well the ones facing that tax will still be unbelievably wealthy so it shouldn't be much of a burden to them.

 

[Patranus]

Well the ones facing that tax will still be unbelievably wealthy so it shouldn't be much of a burden to them.

Why do you keep saying it is all about the money?

Do you not think that the owner of a family business would want to pass that business on to their children?

Oh well, fire all of the employees, sell off the assets, and pay the tax man. So much for all of the hard work and pride in the family business.

Right?

 

[soccerballtux]

Not only that, but even after paying the tax the heirs will still be wealthier than the vast majority of taxpayers. Cry me a fuckin' river, it's not like they'd be kicked out on the street.

The strongest argument the left can come up with is one of bitterness and envy of others' wealth. What a weak position.

There will always be more pride in poverty than there ever will be in wealth.

 

[spidey07]

Well the ones facing that tax will still be unbelievably wealthy so it shouldn't be much of a burden to them.

Yes, yes. The cry of the LOLlibtard. "It's a great tax, as long as it doesn't affect me!" The death tax is downright criminal. Imagine what our founding fathers would have done if england instituted such a thing.

That's right, we'd go to war over it.

 

[D1gger]

So if your father worked to build a business his entire life, and once you were of working age you joined him and helped build the value of that business, you think that once he dies, you should have to sell that business to pay the government?

What if the majority of his assets were in the form of equity in that business? You should sell it, and then start over, right?

This is the biggest problem with an estate tax. A famly who has built a business from scratch and reinvested most of the money to grow the business will lose it if the founder dies and they don't have the cash to pay the estate tax. This isn't the way it should be.

 

[theeedude]

Inherited estates should be taxed at AT LEAST the same rate as ordinary income.

 

[theeedude]

Why do you keep saying it is all about the money?

Do you not think that the owner of a family business would want to pass that business on to their children?

Oh well, fire all of the employees, sell off the assets, and pay the tax man. So much for all of the hard work and pride in the family business.

Right?

Why would all employees get fired if NY Yankees get sold? You are not making any sense. It's a business, businesses get bought and sold in part or in whole all the time. If I sell some of my stocks, are all employees of the company going to get fired?

 

[Throckmorton]

The main question was why should his children be forced to sell the business that he build through hard work creating one of the primer baseball teams to pay off uncle sam?

There are many small businesses that face the same problem. if you ever get off your ass and have ambition to start your own business and become successful guess what, you will be screwed when you die and try to pass along the family business.

Grandma dies and has a house that went up in value over 50 years? Oops gotta sell the family house to settle the tax bill.

If someone gives you a business, do you expect to not pay taxes? What's the difference?

 

[classy]

The main question was why should his children be forced to sell the business that he build through hard work creating one of the primer baseball teams to pay off uncle sam?

There are many small businesses that face the same problem. if you ever get off your ass and have ambition to start your own business and become successful guess what, you will be screwed when you die and try to pass along the family business.

Grandma dies and has a house that went up in value over 50 years? Oops gotta sell the family house to settle the tax bill.

Hard work? He bought the best players because he was in NY and could afford to do it. Hard work, give me a break.

 

[classy]

Yes, yes. The cry of the LOLlibtard. "It's a great tax, as long as it doesn't affect me!" The death tax is downright criminal. Imagine what our founding fathers would have done if england instituted such a thing.

That's right, we'd go to war over it.

Dude you sound like a complete mental retard. Somehow I believe the founding fathers would have made sure you were on the front line. Or better yet the drummer way out in front...

 

[Red Dawn]

Why do you keep saying it is all about the money?

Do you not think that the owner of a family business would want to pass that business on to their children?

Oh well, fire all of the employees, sell off the assets, and pay the tax man. So much for all of the hard work and pride in the family business.

Right?

What a fucking hysterical Nancy both you and that Wing Ding Whitey07. The company would definitely go on and probably be even more profitable, especially one like the Yankee Organization. Meanwhile Hank and Hal Stienbrenner would probably retain controlling interest.

 

[Red Dawn]

Dude you sound like a complete mental retard. Somehow I believe the founding fathers would have made sure you were on the front line. Or better yet the drummer way out in front...

Hell he'd probably be working for the British.

 

[Fear No Evil]

I bet Steinbrenner has paid more in taxes than all of Anandtech combined. But yes, tax the living hell out his estate on top of it! Nevermind the fact he was already taxed at probably 30-40% on this money already.

I bet he has created more jobs than Obama's trillion dollar stimulus has as well.