Chalk up another win for George Steinbrenner: The Yankees owner saved his heirs a whopping $600 million by dying in 2010. The estate tax, which hits the very wealthy, lapsed this year as a quirky part of President George W. Bushs tax cuts that were signed into law in 2001. The 45% estate-tax rate expired at the end of 2009, and the 55% rate does not go into effect until Jan. 1, 2011, leaving 2010 wide open for tax-free deaths.
via Tax break saves Steinbrenner heirs millions- Financial retirement plan – MSN Money.
Will the rich pay nothing? Let us hope that this is addressed retroactively by congress, regardless of how unfair that may be..?
