Sen. Chuck Grassley: Removing Estate Tax Means More People Will Invest

Sen. Chuck Grassley speaks with reporters ahead of the party luncheons on Capitol Hill in Washington

Sen. Chuck Grassley speaks with reporters ahead of the party luncheons on Capitol Hill in Washington

Grassley, a member of the tax-writing Finance Committee in the Senate, told The Des Moines Register that the federal estate tax could force farm families to liquidate in order to pay the so-called death tax.

Sen. Chuck Grassley (R-IA) defended his support for the Republican tax bill in an interview published Saturday by arguing that the legislation favors those who invest their money over those who spend their money on things like "booze" and "women". Grassley argued in an interview with the Des Moines Register that repealing the tax is beneficial even if it only affects relatively few Americans.

"Between Grassley and Hatch an terrible lot of contempt emerging in last few days for people w/out the good sense to be rich enough to benefit from the GOP tax bill", tweeted Ronald Brownstein, a editor of the Atlantic, also referring to Republican Sen. "Grassley makes clear his disdain for the working class", while linking to another article on IowaStartingLine.com.

Sorry, gotta go, like Senator Chuck Grassley said, I've gotta go waste all my money on booze, women and Netflix movies so I won't become a millionaire.

As of early Monday, Grassley has not issued a statement on the comment.

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The Senate tax reform plan would expand the estate tax exemption to $11 million per person, while the House plan would also expand the exemption, but delete the tax in 2024. However, the Senate proposes preserving the estate tax and doubling the exemptions.

Grassley further mentioned that the Estate Tax, often known as "Death Tax" for business owners and farmers, was unfairly designed.

The Senate's proposals are tamer than the House version of the tax bill, which wants to get rid of the estate tax altogether.

According to the Center on Budget and Policy Priorities, the elimination of the death tax only benefits a tiny fraction of taxpayers - about 0.002 percent. The report said that the death tax likely affects a few dozen farms and a few dozen small businesses across the entire US, yet generates tens of billions in revenue, annually.

"To protect millions of small businesses and the American farmer, we are finally ending the crushing, the terrible, the unfair estate tax, or as it is often referred to, the death tax", Trump said during a September speech in Indianapolis. Only the estates of about 2 out of every 1,000 Americans who die face this tax right now. However, they were victorious when the tax bill was allowed to pass on Saturday.

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