The $500 million heart attack

2010-07-14 16:32:42

#1

Macbeth: Banned; +2,444|5590

The Steinbrenner family could be facing a billion-dollar battle over keeping its tax money.

Because of a loophole for 2010, the Steinbrenner family stands to save around $500 million in taxes after the death George Steinbrenner, owner of the New York Yankees. However, a group of senators are proposing legislation that, if passed, would mean the Steinbrenner family would be forced to pay back taxes.

"It would be retroactive and that is something the Supreme Court has held up in previous years," said Michael Briggs, the communications director for Sen. Bernie Sanders of Vermont.

Sen. Sanders is one of the sponsors of the Responsible Estate Tax Act, which in part seeks to close the anomaly of the 2010 estate tax law. If Steinbrenner had died in 2009 or 2011, his family would have been subject to a more than a 50 percent federal tax on their inheritance. Steinbrenner's worth has been estimated by Forbes at $1.15 billion.

http://sports.espn.go.com/new-york/mlb/ … id=5380442
Thanks for playing, we'll take half.

What a crook of shit. The man worked tirelessly his entire life, he should be able to leave his entire life's work to his children. Is there actually anyone who ''believes in'' the Estate tax?

Last edited by Macbeth (2010-07-14 16:32:59)

2010-07-14 16:37:12

#2

{M5}Sniper3: Typical white person.; +389|6764|San Antonio, Texas

Macbeth wrote:
Is there actually anyone who ''believes in'' the Estate tax?

The government does.

2010-07-14 16:38:38

#3

ghettoperson: Member; +1,943|6654

Estate Tax is such bullshit.

2010-07-14 16:57:21

#4

ATG: Banned; +5,233|6533|Global Command

boo hoo a sport team owner died. Who gives a shit?

watcing sport is for losers who actually do little with their own lives.

OT, he should have had the sense to launder and hide his money like other windbags richcats do.

2010-07-14 16:59:59

#5

jord: Member; +2,382|6682|The North, beyond the wall.

I imagine his family give a shit.

Though there's still a good number of tax havens still out there, ain't hard.

2010-07-14 17:09:45

#6

Jay: Bork! Bork! Bork!; +2,006|5362|London, England

jord wrote:
I imagine his family give a shit.

Though there's still a good number of tax havens still out there, ain't hard.

It is when you are one of the most well known people in the country and the owner of one of the most widely known American sports franchises in the world. Kind of hard to hide your money in a situation like that, especially since he pumped most of his profits back into the team so it's all tied up in equity.

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2010-07-14 17:12:13

#7

jord: Member; +2,382|6682|The North, beyond the wall.

There are always ways when you have that kind of money. Granted it is harder for a semi famous person to.

2010-07-14 17:13:47

#8

Jay: Bork! Bork! Bork!; +2,006|5362|London, England

jord wrote:
There are always ways when you have that kind of money. Granted it is harder for a semi famous person to.

You've heard of the New York Yankees?

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2010-07-14 17:22:56

#9

jord: Member; +2,382|6682|The North, beyond the wall.

Not really, mighta heard the name on friends or family guy or something.

2010-07-14 17:23:32

#10

eleven bravo: Member; +1,399|5263|foggy bottom

One Big Ass Mistake, America

Tu Stultus Es

2010-07-14 17:36:40

#11

cl4u53w1t2: Salon-Bolschewist; +269|6477|Kakanien

ATG wrote:
watcing sport is for losers who actually do little with their own lives.

kekekekekekekekek

http://www.youtube.com/watch?v=L2oh3h3DvY0

2010-07-15 23:13:12

#12

oChaos.Haze: Member; +90|6443

The death tax has never applied to anyone under a certain amount of money, not sure, but I think around $500,000. So for 99% of this board, this does NOT apply to you...

If Paris Hilton doesn't have to pay a death tax, my head may explode. That bitch did nothing, why shouldn't that be taxed, it's a gift. You pay taxes on gifts above a certain amount. Just because someone dies, doesn't make it not a gift.

Side Note, I have told all my friends all year to watch how many famous and rich people die this year. I said by November it would be insane...

Getting there

Last edited by oChaos.Haze (2010-07-15 23:13:30)

2010-07-15 23:16:44

#13

Cybargs: Moderated; +2,285|6721

oChaos.Haze wrote:
The death tax has never applied to anyone under a certain amount of money, not sure, but I think around $500,000. So for 99% of this board, this does NOT apply to you...

If Paris Hilton doesn't have to pay a death tax, my head may explode. That bitch did nothing, why shouldn't that be taxed, it's a gift. You pay taxes on gifts above a certain amount. Just because someone dies, doesn't make it not a gift.

Side Note, I have told all my friends all year to watch how many famous and rich people die this year. I said by November it would be insane...

Getting there

As much as I think Paris Hilton is a sleazy whore, she did make a lot of her own money (although with a lot of PR and connections...) with her bags, TV shows and shit like that.

Death tax is fucking stupid either way. Just another way to redistribute wealth.

https://cache.www.gametracker.com/server_info/203.46.105.23:21300/b_350_20_692108_381007_FFFFFF_000000.png

2010-07-15 23:21:03

#14

oChaos.Haze: Member; +90|6443

Then gift tax must go too? I'm just saying, it's a gift, just because someone died, doesn't change the fact that it's a gift...

Like if man and woman marry, create an empire, he puts most of it in his name, then dies, and she has to pay taxes on her own money, obvious bullshit.

Last edited by oChaos.Haze (2010-07-15 23:23:16)

2010-07-15 23:22:12

#15

Dilbert_X: The X stands for; +1,810|6110|eXtreme to the maX

oChaos.Haze wrote:
Side Note, I have told all my friends all year to watch how many famous and rich people die this year. I said by November it would be insane...

By 'die' you mean 'die as like Elvis '?

Does seem ridiculous to tax people's incomes, investments and then tax whats left after they die = triple taxation. Including taxation on spending thats quadruple taxation....

Or maybe recipients should pay income or capital gains tax on what their parents leave them?

Русский военный корабль, иди на хуй!

2010-07-15 23:22:24

#16

Cybargs: Moderated; +2,285|6721

oChaos.Haze wrote:
Then gift tax must go too? I'm just saying, it's a gift, just because someone died, doesn't change the fact that it's a gift...

To many, anything besides a sales tax and income tax, gotta go. Just coz you gave someone shit doesn't mean you have to tax the hell out of it.

2010-07-15 23:24:35

#17

oChaos.Haze: Member; +90|6443

Cybargs wrote:
oChaos.Haze wrote:
Then gift tax must go too? I'm just saying, it's a gift, just because someone died, doesn't change the fact that it's a gift...
To many, anything besides a sales tax and income tax, gotta go. Just coz you gave someone shit doesn't mean you have to tax the hell out of it.

agreed. just stating the loophole...

and saying I don't feel sorry for rich people who have to pay taxes but stay rich. Darn, tough luck.

Death tax has almost always afaik applied to a rather high amount...

Last edited by oChaos.Haze (2010-07-15 23:26:11)

2010-07-15 23:28:01

#18

oChaos.Haze: Member; +90|6443

Dilbert_X wrote:
oChaos.Haze wrote:
Side Note, I have told all my friends all year to watch how many famous and rich people die this year. I said by November it would be insane...
By 'die' you mean 'die as like Elvis '?

Does seem ridiculous to tax people's incomes, investments and then tax whats left after they die = triple taxation. Including taxation on spending thats quadruple taxation....

Or maybe recipients should pay income or capital gains tax on what their parents leave them?

and then the money they have left after all that shit gets taxed on their employees....

Really is a rather ridiculously brilliant system. $1 gets taxed like 15 times...lol hyperbole

2010-07-15 23:28:19

#19

Cybargs: Moderated; +2,285|6721

oChaos.Haze wrote:
Cybargs wrote:
oChaos.Haze wrote:
Then gift tax must go too? I'm just saying, it's a gift, just because someone died, doesn't change the fact that it's a gift...
To many, anything besides a sales tax and income tax, gotta go. Just coz you gave someone shit doesn't mean you have to tax the hell out of it.
agreed. just stating the loophole...

and saying I don't feel sorry for rich people who have to pay taxes but stay rich. Darn, tough luck.

Death tax has almost always afaik applied to a rather high amount...

What's with the hate on rich people? Yeah it sucks that there are some that are only rich because of inheritance/connections. What about death tax to the poor too? Sure they stay rich but it's a matter or principle, it's simply a Robbin hood type tax.

2010-07-15 23:29:36

#20

Spark: liquid fluoride thorium reactor; +874|6679|Canberra, AUS

Retroactive taxes are pretty dumbass.

The paradox is only a conflict between reality and your feeling what reality ought to be.
^{~ Richard Feynman}

2010-07-15 23:32:47

#21

oChaos.Haze: Member; +90|6443

I'd say that if I were to submit to the complete concept of capitalism, I would like to see the greatest minds succeed, not kin. You know, "what's best for the market" can't just end with your death...

But our current situation is not addressing that, it's just grabbing a stash while the money changes hands, IMHO

And it's not hate on rich people, I just don't feel sorry for them. You're poor because you don't try, I don't feel sorry. You have more money than you'll ever possibly need and want my sympathy, I don't feel sorry. Sorry.

Meanwhile my kids diapers are on sale this week. Booyah!

Last edited by oChaos.Haze (2010-07-15 23:35:32)

2010-07-15 23:34:43

#22

Cybargs: Moderated; +2,285|6721

oChaos.Haze wrote:
I'd say that if I were to submit to the complete concept of capitalism, I would like to see the greatest minds succeed, not kin. You know, "what's best for the market" can't just end with your death...

But our current situation is not addressing that, it's just grabbing a stash while the money changes hands, IMHO

What makes you think that great minds won't help their kins succeed? Nothing wrong with trust fund babies, they make everyone else rich

2010-07-15 23:36:46

#23

oChaos.Haze: Member; +90|6443

Cybargs wrote:
oChaos.Haze wrote:
I'd say that if I were to submit to the complete concept of capitalism, I would like to see the greatest minds succeed, not kin. You know, "what's best for the market" can't just end with your death...

But our current situation is not addressing that, it's just grabbing a stash while the money changes hands, IMHO
What makes you think that great minds won't help their kins succeed? Nothing wrong with trust fund babies, they make everyone else rich

True, but if their gonna blow it, at least get some of it to help anything, rather than the local LA coke dealer, and the shady hedge fund manager...

2010-07-15 23:38:22

#24

Cybargs: Moderated; +2,285|6721

oChaos.Haze wrote:
Cybargs wrote:
oChaos.Haze wrote:
I'd say that if I were to submit to the complete concept of capitalism, I would like to see the greatest minds succeed, not kin. You know, "what's best for the market" can't just end with your death...

But our current situation is not addressing that, it's just grabbing a stash while the money changes hands, IMHO
What makes you think that great minds won't help their kins succeed? Nothing wrong with trust fund babies, they make everyone else rich
True, but if their gonna blow it, at least get some of it to help anything, rather than the local LA coke dealer, and the shady hedge fund manager...

Car dealerships, travel agents and service industry people will always have a ball. Still better off not taxing it and let those fuckers spend whatever they want, it's their money after all whether you like it or not.

2010-07-16 01:38:14

#25

oChaos.Haze: Member; +90|6443

Weird turn, not sure how to answer that. How did car dealerships, travel agents, and service industry people get into this conversation?

BF2S Forums The $500 million heart attack

Macbeth wrote:

jord wrote:

jord wrote:

ATG wrote:

oChaos.Haze wrote:

oChaos.Haze wrote:

oChaos.Haze wrote:

Cybargs wrote:

oChaos.Haze wrote:

Dilbert_X wrote:

oChaos.Haze wrote:

oChaos.Haze wrote:

Cybargs wrote:

oChaos.Haze wrote:

oChaos.Haze wrote:

Cybargs wrote:

oChaos.Haze wrote:

oChaos.Haze wrote:

Cybargs wrote:

oChaos.Haze wrote:

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