The Boss and the Estate Tax
One odd angle surrounding George Steinbrenner’s death is that there is currently no federal estate tax. The estate tax lapsed at the end of 2009 and Congress is deadlocked about how or whether to bring it back. The initial thought was that any restoration would be made retroactive to January 1, 2010, but that might not happen now. As a result, Steinbrenner’s heirs may reap a huge windfall.
If Congress brings back the estate tax with a prospective resumption date (for example, on October 1, 2010), that would create a rather odd . . . er . . . incentive for the heirs of the elderly. Let’s hope that mistake doesn’t happen.