Sports and Taxes
They say that the two constants in life are death and taxes. This week we've had some evidence it's sports and taxes.
Unlike Ursula, I never had the opportunity to meet the Boss. But today's Journal points out that by going to his final reward this year, he spares his family as much as $600 million in estate taxes -- based on the Forbes estimate of his estate at $1.1 billion. The actual number is not clear, since it would depend on the kind of trusts he had, whose name various assets are in, etc. The point is, Mr. Steinbrenner got out while the getting out was good -- at least for his loved ones.
Likewise, my newspaper, The Wall Street Journal, carried an editorial noting that by moving from the Cavaliers to the Heat, LeBron James would save millions on income tax -- because Florida has none. The paper quoted Ohio University economist Richard Vedder as estimating that the basketball star's "net present value tax savings on his salary are between $6 million and $8 million by living in Miami versus his home town of Akron."
Perhaps our sports legends have something to teach us about taxes.
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