Quick Musings

Haven't had time to post in a few days. Study time is really filling my days between bar prep and my class. I'm really buckling down and trying to be focused. I can already feel the time starting to slip away from me. So here are some thoughts on goings-on this week:

First the Senate was unable to get 60 votes to close debate and have an actual vote on estate tax repeal yesterday. I'm really not in favor of repeal personally. (Of course, as a wannabe estate planner, some cynics out there might think I say that out of self-interest.) Repeal proponents have convinced a lot of people that the estate tax is evil, but most of the people yelling the loudest will never be subject to it. Repeal proponents have also neglected to inform people of some of the tax costs that come along with estate tax repeal. For example, when you buy a house, your cost is called your basis. When you sell the house, anything you receive over the basis is your gain and you pay income tax on that. But if you die and your house passes on to an heir, they get a basis in the house equal to its fair market value (called stepped up basis) and the appreciation up to that point won't be taxed when the house is sold. The theory for that is that value is captured by the estate tax. But if the estate tax goes away, people who get property by inheritance will no longer get a stepped up basis and will be taxed on any appreciation since the dead person bought the property when the heir sells it. That's enough boring tax talk. The point is, the government doesn't just give away tax revenue without find sources of revenue somehwere else.

If you made it through the tax talk and are still reading, another interesting event this week was the attempt to bring the Gay Marriage Constitutional Amendment to a vote. Personally, I think we should not sanction gay marriage and I believe the majority of Americans agree with me. However, I don't think the place to do it is in the Constitution. I consider myself a states' rights conservative before I am a religious conservative. Marriage regulation has historically been a function of the state and it should stay there. Even though I oppose the concept, if Massachusetts wants gay marriage they can have it (the debate over how Mass. ended up with it through judicial fiat can be argued another day). One of the concepts of American federalism is that we have 50 states which act as "laboratories of democracy." My main concern would be if federal courts began forcing states that don't have gay marriage to recognize marriages performed in other states. That might make a Constituational amendment appropriate. But I don't think it is appropriate at this time. Charles Krauthammer has an excellent column in the Washington Post stating much of what I thought about this issue, if you care to read it (you'll have to sign up, at no cost, to read it).

Finally, you may recall that I posted a reference to the Titans for my friend Mark. The reason I did that was because he and his wife were married on the Saturday of the Music City Miracle. My how time flies. The Titans traded away Steve McNair yesterday, effectively closing the book on the franchise's best era. Bruce Matthews and Frank Wycheck are retired. Eddie George broke down. Guys like Jevon Kearse, Samari Rolle, and Kevin Dyson have been lost to free agency. Even Jeff Diamond, one of the materminds behind the team, has been gone for a few years. As far as I can tell, the only ones left are Floyd Reese, Jeff Fisher and some assistants. While I was never a big fan of McNair, he had a good career and led some really good teams. Just after we were married, Julie and I had the opportunity to see the first game in the new stadium (more on that in a bit). The Titans were coming off three consecutive 8-8 finishes playing before a bunch of small crowds at the Liberty Bowl in Memphis and Vanderbilt's stadium. The Titans opened the season with the Bengals (seven years ago, that should have been a cupcake game). The Bengals were in control much of the first half and into the second half. At some point, McNair left the game with an injury. In the second half, he trotted back on the field to some very pronounced boos. He led a comeback and the Titans went on to win the game 35-34 or something like that. It was a pretty exciting game. It set the tone for the year and the Titans went 9-0 at home that year, including the Music City Miracle, on their way to the Super Bowl. We were in downtown Nashville for the Super Bowl game and had so much fun even though we were disappointed in the loss. It was great to be a fan of Nashville's first successful pro team. That first game also set the tone for McNair's career as a player who succeeded despite injuries and did well in the face of crtics. Since that first official game as a Titan, McNair grew to be loved by the city and many hate to see him go. I wish him luck, but I understand why the Titans are doing it. It's time to move on and start a new era, and that can't be done with number 8 hanging around.

Finally, I saw where the stadium will now be called LP Field, named after Louisiana Pacific, a building products maker. Exciting, huh? This is now the third name the stadium will be called in its short 7 year history. It was first called Adelphia Coliseum after Adelphia Communications. But that name was no good when Adelphia had some ENRON type issues. Then it was the Nashville Coliseum and now LP Field. Not that it matters since I don't live in Nashville, but I like Nashville Coliseum. I'm not a big fan of corporate naming of stadiums. Long live the Orange Bowl, Dodger Stadium, Yankee Stadium, Fenway, Wrigley and all the other venues that have been able to retain their original names.

Oh well, back to the books.