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While death is bad and a time of grief, this is a good year for rich people to die. Because he died in 2010, his family will be able to hold on to the Yankees that their father worked hard to build, rather than having to sell it to pay some $500 million in taxes.
That's not the way it works. The Yankees are worth a billion or more (not to mention other holdings of Steinbrenner). To pay the 500 million in taxes would likely require that the family sell the team, just as the Robbie family had to do with the Miami Dolphins a few years ago.I've read that the Yankees rake in $750 mill per year, so $500 mill is pocket change as a one time tax payment. Hence, being able to afford a 200+ mill payroll each and every year!