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

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

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

Sen. Chuck Grassley (R-Iowa) on Capitol Hill in Washington, D.C.

As an explanation about why the estate tax was so important, the senator said, "I think not having the estate tax recognizes the people that are investing as opposed to those that are just spending every darn penny they have, whether it's on booze or women or movies".

Iowa Citizen Action Network, the Main Street Alliance of Iowa and Americans for Democratic Action Iowa are hosting rallies on Tuesday, December 5 at 5:00 pm outside the offices of Senator Chuck Grassley in Des Moines and Waterloo protesting his recent remarks to the Des Moines Register.

"The comments quickly gained traction on social media. Grassley makes clear his disdain for the working class", while linking to another article on IowaStartingLine.com.

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Asked if he regrets the comment, Grassley said, "Well, I suppose I could've said buying new cars and going to the movies, and it would be the same thing".

The estate tax is 40 percent tax imposed on a wealthy person when they die.

Only the wealthiest 0.2 percent of estates owed any estate tax at last count, according to IRS data and the Center on Budget and Policy Priorities.

The future of the estate tax is one of the key differences between the House and Senate tax reform bills that will need to be reconciled in a joint committee.

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The seven-term senator drew ire for his comments after the House and Senate passed bills that would eliminate or heighten the minimum for the estate tax, respectively.

Farm-state lawmakers and other Republicans have long argued that the estate tax is harsh on small businesses and family farms.

Only the estates of about two out of every 1,000 Americans who die qualify for such tax.

Senate Republicans negotiated through early Saturday morning to pass their sweeping, trillion-dollar tax reform bill, putting the GOP and President Trump on the threshold of a major legislative victory this year.

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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".

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