George Steinbrenner’s $1.1 billion estate passes with no estate tax: Will Congress act to change the estate tax?

 

George Steinbrenner’s estate passes tax free:  Will Congress do anything to change the estate tax?

 

The estate tax is in the news lately due to the death of George Steinbrenner.    Estate taxes are really not a big issue for most people.  In fact in 2010 there is no estate tax.   If Congress does not act then the estate tax will come back in 2011.  In 2012, the estate tax will only apply to estates over $1.0 million.   It is expected that Congress will enact a law to set the estate tax exemption at $3.5 million.  

 

George Steinbrenner’s estate will pay no estate tax.   This is just crazy Congress is running a deficit of over $14 trillion dollars and they have failed to change the current law regarding estate taxes.   The super rich and bankers are the only people to benefit from the laws in the country.  According to the following link the Steinbrenner estate was worth over $1.1 billion and the government could have had about $500 million in revenue:

 

http://dealbook.blogs.nytimes.com/2010/07/14/steinbrenner-heirs-may-save-millions-on-estate-tax/

 

Does anyone in Washington have any common sense to balance a budget?  It really does seem like they don’t care about what the American people want.  They are more concerned with special interests, banker’s bonuses, money for insurance companies, fighting wars that the American people do not want to be involved in especially when American families are dying, and spending money on stupid programs that just go to the rich.  Looking back during the great depression it seemed like Congress had programs to get American working like building dams, roads, and planting trees.  This Congress is more concerned about giving banks money, keeping loopholes for the rich, and forgetting the average American.