Cashing it in...

In life, George Steinbrenner beat the Red Sox.

In death, he beat the IRS.

Steinbrenner's death on July 13 occurred six months after the federal estate tax expired.


Forbes magazine estimates the Yankees owner's net worth was $1.15 billion, so the timing of Steinbrenner's death could save his heirs up to $500 million in federal estate taxes.

I wish the rest of us could be so lucky.

In the USA today article, Sandra Block, talks about how congress inaction helped cause this 12 month loop hole and how congress inaction could spell trouble for many families starting in 2011.

The federal estate tax is scheduled to return with a vengeance on Jan. 1, 2011, imposing a levy of up to 55% on estates valued at more than $1 million.

That may not seem like much but as the article points out, especially in areas of high real estate value, that $1 million mark can be reached fairly easily by a lot of families.

Throw in the value of a home, pension, 401, investments, businesses, and that $1 million is easily reached.

So whats the big deal? Why are folks both for and against this?

Well, obviously taxes bring in money to the government which now desperately needs it but folks argue that the government is essentially taxing this money twice.

Once as it is earned or payed out, then once again via an estate tax.

Of course congress is working to propose higher limits and different rates but there are differing (democratic and republican) proposals, and if they can not come to terms on a compromise, then the rest of us get stuck with the new mess.

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Those Damn Yankees

Here is my memory and tribute to George Steinbrenner.

My earliest memories of George and the Yankees include plaid fashion statements, Billy Martin (all versions), and my first trip to a major league baseball game with my dad.

I don’t remember the exact date, or even who the other team was. All I remember was that I was going to Yankee Stadium to see the Yankees play. This alone was an amazing event considering my dad was born and raised in Brooklyn and was a diehard (former) Brooklyn Dodgers Fan who referred to the Bronx Bombers, like his dad, as the Damn Yankees.

He still hates the day the Brooklyn Dodgers moved to LA.

I can clearly remember my dad and I driving to the Bronx and having enterprising young businessmen boldly walking up to our car at each intersection offering to wash our windows or park our car for us. For a small fee of course.

We managed to get to the stadium in one piece, in our car, with dirty windows, and all money intact.

The game time experience was amazing. Oh the vocabulary I learned that day! I do remember seeing George, well, actually the owners booth. I’m sure he was there. Billy, well, being Billy and that the Yankees won.

And I remember the great team George assembled back then with the likes of Reggie, Thurman, Bucky and Lou.

Everything associated with the Yankees and George Steinbrenner was about greatness. About winning. About being larger than life. And I thoroughly enjoyed my time spent in the midst of greatness.

Of course I have a bit of my dad in me and there is a small part of me that still occasionally thinks of them as “the damn Yankees”. Myself, being born and raised in Maryland, can relate to my dads memories of the Brooklyn Dodgers by remembering the former Washington Senators play on TV. I never saw them play in person and of course, like the Dodgers, moved out of town to someplace in Texas.

And now that I am back in the DC area, I prefer the Orioles and Nationals. Hey, I tend to be geographically loyal, OK.

But, back to those Damn Yankees. . .

The Yankees are an organization instantly recognizable and instantly polarizing. We all love to hate them and hate to love them.

AND; we all cannot deny the force and influence George has had on both baseball and the world of sports entertainment.

Ummm (cover your ears dad)

Thank you George.

You will always be remembered.

A Toast to you and all that you have done!






May you rest in peace.

And say hello to Thurman and Billy.

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