Scrappy Posted May 11, 2011 Share Posted May 11, 2011 Why can't Ralph allow one of his children / Heirs the ability for the team to stay?? To me, it doesn't make much sense. Link to comment Share on other sites More sharing options...
Bangarang Posted May 11, 2011 Share Posted May 11, 2011 The only difference is that Yankees are one of the most historic franchises in sports history that prides itself on winning and having a rich following and endless money to spend on the top names in the game. Link to comment Share on other sites More sharing options...
Ghost of Rob Johnson Posted May 11, 2011 Share Posted May 11, 2011 Estate taxes. I think his spouse could have the team tax free, but supposedly she wants no part of it. Not sure when or where that was reported, but seems to be claimed often. Link to comment Share on other sites More sharing options...
PromoTheRobot Posted May 11, 2011 Share Posted May 11, 2011 New York > Buffalo. PTR Link to comment Share on other sites More sharing options...
Scrappy Posted May 11, 2011 Author Share Posted May 11, 2011 Estate taxes. I think his spouse could have the team tax free, but supposedly she wants no part of it. Not sure when or where that was reported, but seems to be claimed often. Time for a divorce. Where's that model that T.O. was dating when you need her?? Link to comment Share on other sites More sharing options...
QCity Posted May 12, 2011 Share Posted May 12, 2011 Steinbrenner died while the Bush tax cuts for the wealthy were still in effect. He paid zero in taxes and his family saved close to $500 mil. Link to comment Share on other sites More sharing options...
Scrappy Posted May 12, 2011 Author Share Posted May 12, 2011 Steinbrenner died while the Bush tax cuts for the wealthy were still in effect. He paid zero in taxes and his family saved close to $500 mil. Were they not continued to this year?? Link to comment Share on other sites More sharing options...
QCity Posted May 12, 2011 Share Posted May 12, 2011 Were they not continued to this year?? Nah the estate tax is back for 2011 and future years at 55%. So when Ralph passes, the team gets sold. Link to comment Share on other sites More sharing options...
finknottle Posted May 12, 2011 Share Posted May 12, 2011 Nah the estate tax is back for 2011 and future years at 55%. So when Ralph passes, the team gets sold. To make it painfully clear, if your rich uncle ever dies and leaves you a sports franchise, you'll need to raise $350 million dollars to pay the taxes. That's alot of money to borrow. The team better be pretty darn profitable, because interest alone will cost you at least $15 million dollars a year. Link to comment Share on other sites More sharing options...
Billy in 4C Posted May 12, 2011 Share Posted May 12, 2011 Steinbrenner died while the Bush tax cuts for the wealthy were still in effect. He paid zero in taxes and his family saved close to $500 mil. You are actually wrong on both points. First, it had nothing to do with the Bush tax cuts. The bush cuts were extended by Obama, and had nothing to do with the estate taxes - those were just simply not addressed in time by the legislature. Estate taxes are determined many years in advance unless the legislature changes them. Second, he paid zero FEDERAL ESTATE taxes, but his family still would have paid STATE estate taxes on gains above $1,000,000 and federal and state income tax. That's still a lot of money. Link to comment Share on other sites More sharing options...
yungmack Posted May 12, 2011 Share Posted May 12, 2011 There are many, many ways to mitigate estate taxes. For example, there are financial instruments that fall under the generic term of "insurance" that pay off the estate tax. While they're not cheap, the premiums are much, much less than the tax whack would be. Most wealthy people are not stupid when it comes to money (seems obvious, doesn't it). And if they are, there are plenty very smart people they can hire to structure their estates. So it's not out of the realm of real possibility that Ralph long ago considered the tax liabilities and took steps to protect his heirs and his beloved Bills. I fervently hope he has so that his heirs can pick and choose the owner they want, and give him whatever price they want. the alternative is to unload the Bills under fire sale circumstances to the highest bidder. And that's not reassuring. Link to comment Share on other sites More sharing options...
DC Tom Posted May 12, 2011 Share Posted May 12, 2011 Why can't Ralph allow one of his children / Heirs the ability for the team to stay?? To me, it doesn't make much sense. Yankees, Bills. New York City, Buffalo. Same thing. It's all very confusing. (Note to moderators: can I have permission to call Scrappy a "!@#$ing moron"? I think he's earned it. Even though he's only trolling.) Link to comment Share on other sites More sharing options...
Mr. WEO Posted May 12, 2011 Share Posted May 12, 2011 To make it painfully clear, if your rich uncle ever dies and leaves you a sports franchise, you'll need to raise $350 million dollars to pay the taxes. That's alot of money to borrow. The team better be pretty darn profitable, because interest alone will cost you at least $15 million dollars a year. 350 million for an NFL team? That's half price. And Ralph clears 30 mil a year now, so the monthly nut shouldn't be a problem. Plus, the heir can sell off a 350 million share of the team if he wishes. Link to comment Share on other sites More sharing options...
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