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

Sen. Chuck Grassley

Sen. Chuck Grassley argued in an interview published Sunday that getting rid of the estate tax, which applies to about 5,000 largely high-income Americans, would reward those who invest, rather than those who spend their money on "booze or women or movies".

The 40 percent death tax has been regarded as one of the main issues to reconcile between the two differing tax bills in Congress. However, the Senate proposes preserving the estate tax and doubling the exemptions.

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. And the top 10% of income earners pay almost 90% of the tax.

Grassley has previously spoken out against the estate tax, and has previously sponsored legislation to abolish the tax entirely. "The death tax creates financial hardship for family businesses to survive and thrive".

"Darn straight, Sen. Grassley".

"Between Grassley and Hatch an very bad 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.

Twitter users have been responding to Grassley's remarks. Senate Republicans voted 51-49 to pass a $1.4 trillion tax bill early Saturday.

The Senate Judiciary committee chairman - whose own assets are worth millions and could be taxed in some circumstances under the previous estate tax - said the law overwhelms small business owners and family-owned farms, who are "forced into spending large sums of their hard-earned dollars on lawyers and accountants to avoid its impact instead of reinvesting in their business", causing a negative impact on overall investments.

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