Money Matters - Simplified

Jim Bunning

Bunning: Steinbrenner 'smart' to die now

Washington -- U.S. Sen. Jim Bunning, R-Ky., said Wednesday New York Yankees owner George Steinbrenner was "smart" to die in a year when there is no federal estate tax.

Bunning, in comments during a meeting of the Senate Finance Committee, said because Steinbrenner "was smart enough to die in 2010, there is zero tax liability to the estate tax," the Louisville (Ky.) Courier-Journal reported.

The committee was debating tax cuts for wealthy Americans instituted by the administration of former President George W. Bush, which are scheduled to expire at the end of this year. Under those cuts, the estate tax was eliminated for this year only, the newspaper said.