Monday, July 19, 2010
As I previously blogged, the death of New York Yankees owner George Steinbrenner served as a reminder that the federal government is losing billions this year due to the lack of an estate tax. There are approximately 400 billionaires in the United States, and four of them have died this year, including:
- George Steinbrenner: New York Yankees owner, worth $1.5 billion
- Walter H. Shorenstein: California real estate developer, worth $1.1 billion
- Dan L. Duncan: Houston pipeline magnate, worth $9.8 billion
- Janet Morse Cargill: Member of the family that founded Cargill Inc., worth $1.6 billion
These four deaths in 2010 have cost the government approximately $6.5 billion.
See Lisa Mascaro, Heirs of the Wealthy Escape Estate Tax, L.A. Times, July 16, 2010. See also Steinbrenner Fourth Billionaire in 2010 to Escape Taxes, if Not Death, ElderLawAnswers, July 16, 2010.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this to my attention.