Grassley: Tax Bill Favors 'Savers,' Not Those Spending On 'Booze Or Women'

Esequiel Farfan
Diciembre 7, 2017

Sen. Chuck GrassleyCharles (Chuck) Ernest GrassleyGOP will sell out middle class for a win on tax "reform" Kushner met with special counsel to discuss Flynn: report Congress should rescue federal programs that actually work MORE (R-Iowa) on Monday said his comments that the estate tax rewards those who don't spend "every darn penny" on "booze or women or movies" were taken out of context, saying he meant that the government shouldn't punish investment. Grassley argued in an interview with the Des Moines Register that repealing the tax is beneficial even if it only affects relatively few Americans. It has attracted attention since.

Grassley said he wanted to ensure the tax code was as fair for "family farmers who have to break up their operations to pay the [Internal Revenue Service] following the death of a loved one as it is for parents saving for their children's college education or working families investing and saving for their retirement". Chuck Grassley implied that people not now affected by that tax are "spending every darn penny. on booze or women".

The newspaper found that the estate tax break will affect only "dozens" among 1.4 million Iowa taxpayers, according to IRS data, because nearly all estates fall under the current exemption cap. Grassley has long argued that estate taxes, which now must be paid on individual estates worth more than $5.5 million ($11 million for a married couple), hurt farms and small businesses in the state.

The House's version of the bill requires for the estate tax to be eliminated by 2024. The House tax bill initially doubles the limits and then repeals the entire tax after 2023.

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Rep. David Young (R-Iowa) and Rep. Steve King (R-Iowa) both applauded the changes in the estate tax and emphasized how the changes would help farms and small businesses.

The Tax Policy Center has estimated that only 80 small business and small farm estates nationwide will face any estate tax in 2017.

Senator Charles Grassley now says his words in support of cutting the estate tax are being misinterpreted after he was attacked online over the weekend. The T-shirt read, "Spend every darn penny on booze or women or movies or have $11,200,000: The choice is yours, America!"

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