Republican Sen. Chuck Grassley supported repealing the estate tax that will benefit the wealthiest Americans, believing that it “recognizes the people that are investing.”
“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,” Grassley told the Des Moines Register.
This, of course, makes no sense. The estate tax takes 40% of the wealth when a person dies—if they leave behind $5.5 million, or $11 million for couples. That’s a lot of movies. The Senate tax bill doubles the exemptions for estate tax while the House bill ditches it all together by 2024.
Grassley always wanted to get rid of it, saying that “harder than ever for families to pass down the family-run farm or business from one generation to the next.” Yes, apparently it’s really hard for people to live a meager inheritance of $3.3 million (at the very least).