Yesterday's Washington Examiner posted an Associated Press article on the death of George Steinbrenner, the colorful owner of the New York Yankees. There were two ironies that stood out for me in the article:
- Mr. Steinbrenner died of a heart attack at age 80. He once stated, "I don't have heart attacks, I give them."
- Because of the compromises made in the George Bush changes to inheritence tax law, the Steinbrenner family may actually be able to retain ownership of the New York Yankees. That will depend on how Mr. Steinbrenner's estate was set up, but in past years, family businesses have had to be sold to pay the estate taxes required by the government. In evaluating estate taxes, taxpayers need to remember that all the money in an estate has already been taxed. I guess estate taxes could also be looked at as taxation without representation.
Please follow the link to the Washington Examiner article. It highlights an interesting and successful career as the owner of the New York Yankees. The Yankees are the team everyone loves to hate (I live in Massachusetts, so I may be a bit biased on that), but they won. His fueds with Yogi Berra and Billy Martin are legendary. I hope someone in Hollywood will put together an honest biography of this man--I think it would be fascinating.
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