Sen. Jim Bunning (R-Ky.) on Wednesday praised New York Yankee owner George Steinbrenner for passing away in 2010 when there is no estate tax.
“Because he was smart enough to die in 2010, there is zero tax liability on the estate tax,” he said.
“If he had died in 2009, or 2011, there would have been a $500 million tax liability to his estate in 2009, and in 2011 — under the proposal that we have — there would have been a $600 million liability,” he said.
(This is tax related, but not a tax protester issue, so it seemed to belong here. I apologize if I've popped it in the wrong forum.)