Estate Taxes (Steinbrenner)

[Pens1566]

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.

People like George pay about 16-17% a year. Lower % than most normal people.

 

[Red Dawn]

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.

I bet he hasn't. He has created more Millionaires though, that's a fact.

 

[Fear No Evil]

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.

Why should we wait until people are dead to take their excessive wealth? Clearly someone with a $1.2 billion dollar plus net worth are stealing from the poor. Why shouldn't we have taken most of that while he was alive? We should start raping people like Warren Buffet, Bill Gates, and George Soros now. We need the money NOW and clearly they have not earned it.

 

[theeedude]

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.

He's dead. His kids are going to get millions tax free for doing nothing except coming out of the right vagina, while average chump gets taxed full tilt on his income working his way up. Only Republicans would advocate taxing income for doing nothing at less than you tax hard work.

 

[Red Dawn]

People like George pay about 16-17% a year. Lower % than most normal people.

I'll say this about good old George, despite his reputation of being a flaming asshole, especially in his younger days, he was extremely generous and helped out many people in need according to interviews I've seen from those who knew him best.

 

[sandorski]

Why should we wait until people are dead to take their excessive wealth? Clearly someone with a $1.2 billion dollar plus net worth are stealing from the poor. Why shouldn't we have taken most of that while he was alive? We should start raping people like Warren Buffet, Bill Gates, and George Soros now. We need the money NOW and clearly they have not earned it.

So now you want Higher Income Taxes. Make up your mind.

 

[DaveJ]

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.

Why should the kids profit massively without doing any work? In a sense they're no better than the "welfare queens" that are constantly bitched about on this forum.

The article explicitly stated that the tax would only affect a tiny fraction of people, so it's highly unlikely this would affect the average (or even above average) estate.

 

[Throckmorton]

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.

Everybody's income is paid by money that's already been taxed.

 

[Fear No Evil]

I bet he hasn't. He has created more Millionaires though, that's a fact.

Then you clearly are a idiot. A franchise the size of the yankees over 30 years turning it from a 10 million $ business to a 1.2 billion dollar one.. and you think he hasn't created a ton of jobs? The amount of people he has employed directly is probably more than Obama's stimulus, nevermind all the people who have had jobs created for things like making merchandise, boardcasting, etc..

Oh, and all those jobs didn't cost taxpayers a trillion dollars either. But I know, you'd rather see a bunch of temporary census jobs created for a trillion dollars than to promote private business to do it.

 

[Red Dawn]

Why should we wait until people are dead to take their excessive wealth? Clearly someone with a $1.2 billion dollar plus net worth are stealing from the poor. Why shouldn't we have taken most of that while he was alive? We should start raping people like Warren Buffet, Bill Gates, and George Soros now. We need the money NOW and clearly they have not earned it.

I don't know about Soros but Gates, Buffet and Stienbrenner definitely earned theirs and were/are more the generous with it.

 

[heyheybooboo]

So the Wing Nuts are suggesting that the $990 million gain in the value of the Yankees (which has never been taxed) should pass 'free' to his heirs?

Not a big surprise.




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[LegendKiller]

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.

I do enjoy how you attempt to confuse two issues here.

1. Taxes themselves were not the issue for the Revolutionary War. TAXATION WITHOUT REPRESENTATION was the issue. A despot thousands of miles away, declaring taxes, was the issue. The people couldn't decide.

2. To circle back to #1, apply logic. If there became a class of people so wealthy as to be able to subvert Congress absolutely, thereby eliminating representation for the remainder of the populace, you get back to #1. This, among other reasons, is why the vast majority of the Founding Fathers agreed with an inheritance tax. They did not want this country to devolve into aristocracy vs not, which is the eventual effect of inheritance as wealth aggregates.


http://www.tompaine.com/Archive/scontent/7082.html


I always love when people toss about how the "Founding Fathers" are "spinning in their graves" over some perceived notion of what the FF wanted, such as religion, governance, or taxes. Most Americans have only looked at high school history books with the FF and have rarely scratched underneath that thin veneer of history. Once you look under that, you realize that the crazy notions of many are just that, crazy, and the FF were actually very rational and logical men, far more enlightened than those posting here against the inheritance tax.

 

[Fear No Evil]

So now you want Higher Income Taxes. Make up your mind.

No, it'd be the same. We just take it while they are alive. After all, they haven't really earned it anyway.

 

[Fear No Evil]

Why should the kids profit massively without doing any work? In a sense they're no better than the "welfare queens" that are constantly bitched about on this forum.

The article explicitly stated that the tax would only affect a tiny fraction of people, so it's highly unlikely this would affect the average (or even above average) estate.

The kids have been running the team since 2007. And I bet they have been involved with it for long before that. Care to revise your factually incorrect statement?

 

[Pens1566]

So the Wing Nuts are suggesting that the $990 million gain in the value of the Yankees (which has never been taxed) should pass 'free' to his heirs?

Not a big surprise.




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I thought it was more in the $1.5B market myself. His group bought the team for $8.7 or so and estimates put the current worth north of $1.5B. Yeah, that kind of return shouldn't be taxed. Think of his children ffs.

 

[Fear No Evil]

So the Wing Nuts are suggesting that the $990 million gain in the value of the Yankees (which has never been taxed) should pass 'free' to his heirs?

Not a big surprise.




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What does him dying have to do with taxing the gains on the Yankees? If its morally OK to tax him after he's dead on the untaxed gain in value why not tax him while he was alive? He had free use of that money for 30 years.

 

[sandorski]

No, it'd be the same. We just take it while they are alive. After all, they haven't really earned it anyway.

They(He) Earned it alright, no one has said otherwise. Seems the Left is more willing to let him Use it while he's alive than you are.

 

[spidey07]

Oh well. My inheritance is in a trust so this won't affect me. Still makes it wrong though. That money was already taxed and it is THEIR MONEY to do with as they please.

 

[Fear No Evil]

I thought it was more in the $1.5B market myself. His group bought the team for $8.7 or so and estimates put the current worth north of $1.5B. Yeah, that kind of return shouldn't be taxed. Think of his children ffs.

Whats the cutoff point where it should be taxed? $10k? $100k? 1 million? 10 million? 100 million? Where is the point in your mind where investment return becomes excessive?

 

[Pens1566]

Oh well. My inheritance is in a trust so this won't affect me. Still makes it wrong though. That money was already taxed and it is THEIR MONEY to do with as they please.

^ This explains a lot ...

Depending on type/size of the trust you might actually be surprised

 

[Pens1566]

Whats the cutoff point where it should be taxed? $10k? $100k? 1 million? 10 million? 100 million? Where is the point in your mind where investment return becomes excessive?

Why have a cutoff? There isn't one on how normal income is taxed.

 

[Fear No Evil]

They(He) Earned it alright, no one has said otherwise. Seems the Left is more willing to let him Use it while he's alive than you are.

Its been mentioned in this thread at least one that they didn't earn it:

Why should the kids profit massively without doing any work? In a sense they're no better than the "welfare queens" that are constantly bitched about on this forum.

I suspect this is the opinion of a large % of the left on this board. But again you are not addressing my question of why does the arbitrary event of his death trigger the need to tax his gains? Why not tax them while he was alive? He was 80 but could have easily lives to 100 given modern medicine. Why if he lived to 100 should the government not have had use of 50% of his money for another 20 years?

 

[ModestGamer]

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.

LOL. How much did he die with ? Obviously he wasn't that charitable.I throw pennies,nickels,dime and quarters are homeless people.

everybody loves to watch a train wreck.

Most likely it was just amusement. I have never melt a uber wealthy person who wasn't a complete and utter fucking jerk off.

 

[Fear No Evil]

Why have a cutoff? There isn't one on how normal income is taxed.

Absolutely. We should definitely take 55% of grandma's $10,000 she left to her grand kids for college. They didn't earn it. Grandpa left his 2003 Lincoln to his kids? Force them to pay 55% on what its worth if they want to keep it.

How about the parent who leaves $100,000 to his kids who cared for him the last years of his life? Thats clearly excessive. They don't deserve that money! Tax it! Hell, take it all!

 

[Slew Foot]

He's dead. His kids are going to get millions tax free for doing nothing except coming out of the right vagina, while average chump gets taxed full tilt on his income working his way up. Only Republicans would advocate taxing income for doing nothing at less than you tax hard work.

boo hoo hoo, someones jealous.