Sen. Chuck Grassley (R-Iowa) on Capitol Hill in Washington, D.C.
While debating the future of health care, former Republican Congressman Jason Chaffetz made the stunning claim that Americans may have to choose between investing in "that new iPhone" or being able to afford health insurance - and it seems GOP Senator Chuck Grassley took a page out of the ex-lawmaker's book to justify a death tax repeal.
Sen. Chuck Grassley, R-Iowa, said in an interview Saturday that he is in favor of getting rid of the federal estate tax-a tax generally aimed at the wealthy- and implied that other tax cuts could favor those who waste their money on "booze or women or movies". Chuck Grassley implied that people not now affected by that tax are "spending every darn penny. on booze or women".
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 comments quickly gained traction on social media". However, the Senate proposes preserving the estate tax and doubling the exemptions.
The House's version of the bill requires for the estate tax to be eliminated by 2024.
Long an issue for Republicans, the so-called "death tax" impacts 0.2 percent of the country's wealthiest individuals. Then, after mulling it over a moment, he backtracked, noting that if he and his wife died on the same day the estate would be subject to the $5.5 million exemption rather than the $11 million exemption and likely would have to file an estate tax return.
House and Senate negotiators are working out the differences between the two bills, with the goal of completing legislation to send to Donald Trump before Christmas. Only the estates of about 2 out of every 1,000 Americans who die face this tax right now.
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".