Kentucky Senator Jim Bunning says George Steinbrenner was 'smart' to die now to avoid estate tax

[BridgeTheGap]

(Some how, I just don't think this was a calculated move on Steinbrenner's part, given the permanence of death and all - btg)

WASHINGTON -- Sen. Jim Bunning said Wednesday that New York Yankees owner George Steinbrenner made a "smart" financial move by dying this year because he was able to avoid federal estate taxes.

"Because he was smart enough to die in 2010, there is zero tax liability to the estate tax," Bunning said.

The Kentucky Republican made the comment during a meeting of the Senate Finance Committee, which was examining President George W. Bush's tax cuts, scheduled to expire at the end of this year. One of those cuts included the elimination of the estate tax for the current year only.

Bunning, a Hall of Fame pitcher in major league baseball, was an investment broker after his baseball career and before going into politics.

http://www.courier-journal.com/article/20100714/NEWS01/7140400/1008/NEWS01/Kentucky+Senator+Jim+Bunning+says+George+Steinbrenner+was++smart++to+die+now+to+avoid+estate+tax

[Bitwit1234]

1. Could we get some more republicans to do that?

But then most CONservatives are very smart, they get more enjoyment out of conning the public out of their money.

[Historic NY]

9. Great idea Republicans beat the taxes die now.

[FSogol]

2. A call to action for "Smart Republicans?"

:shrug:

[Dyedinthewoolliberal]

3. As if

the estate tax will force Georges heirs into the poorhouse.. :wtf:

[Renew Deal]

4. Yes, Steinbrenner will now be able to use his money long after his death

:shrug:

[Bgno64]

5. Unearned income

don't call it the estate tax, use the tern "unearned income." So sad the Steinbrenner family would have to pay any tax on unearned income now, isn't it?

[havocmom]

6. Good point. And a prediction: Lots of very rich old people will die this year.

If they are on their way out anyway, might as well make sure nobody has to pay extra taxes on 'unearned income'.

Havocdad says one never knows someone else until they inherit together. Probably includes trusted family retainers too, like the ones who help take care of dear old dad....

[BootinUp]

7. What about the deficit? Hypocritical slime ball nt

[denverbill]

8. I guess the GOP chose to encourage dying this year by incentivizing it.

After all, why would they pass a law that only eliminates it for one year if they weren't trying to encourage people to die this year?

It also incentivizes murder. Get to it wealthy folks!

[Nite Owl]

10. Then I guess he isn't

wishing Cheney well is he.

[4lbs]

11. Wow. I'm sure Steinbrenner's two sons feel the same way.

"Gee, I'm sure glad that dad died of a heart attack this week, this year. We saved a lot of money on our car insurance! Oh, and in estate taxes too. Instead of getting $2 billion we would have gotten only $1.5 billion. That $500 million would have been a financial hardship for us."

:sarcasm:

[era veteran]

12. Maybe Bunning is planning to die too

We do have a Democratic Gov.

[groovedaddy]

13. Following Bunning's "logic," he is an idiot. Unless he also dies. If he decides to, I'll heartily

support his decision!
Jack Conway for U.S. Senate!

[Doctor_J]

14. Agreed. You should be that smart, too, Jim

Toodles.