Steinbrenner Family may Face tax Battle

That the Steinbrenner family may be "Mika" billion-dollar struggle for keeping its tax money.
Because of a loophole in 2010, Steinbrenner and the family stands to save about 500 million dollars of tax revenues after the death of owner George Steinbrenner New York Yankees. However, a group of senators proposed legislation and that, if approved, would mean Steinbrenner family will have to pay taxes.

"The fact that retroactive, and that the Supreme Court held in previous years," said Michael Briggs, director of communications for Sen. Bernie Sanders of Vermont.

Senator Sanders is one of the sponsors of the draft property tax liability, which in part aims to close a perversion of the real estate tax law in 2010. If Steinbrenner died in 2009 or 2011, and his family has been subjected to more than 50 percent of their federal inheritance tax. Steinbrenner is estimated by Forbes magazine at 1.15 billion dollars.

If you pass through responsible property tax law, there would be no, of course, a long legal fight for its constitutionality.

The family intends to Steinbrenner for years to keep the Yankees after the death of George Steinbrenner, according to sports consultant Marc Ganis, who worked as a team. Thus, even if the family is subject to tax, there is a good chance that he still has the necessary resources to continue to own property.

Gunness was president of SportsCorp Ltd., a friend of George Steinbrenner for 15 years, consulting with the Yankees and a number of projects. Ganis said that the Yankees, valued at about 1.6 billion dollars, and the team has a 40 percent stake in the network Yes. Ganis estimated Yankees' Yes, the share of some 1.2 billion dollars, and went to the assumption that, yes is worth $ 3 billion in total. That made Yankees and the amount of Yes about 3 billion dollars, Steinbrenners.