The following article by Ian Millhiser was posted on the Think Progress website December 4, 2017:
Sen. Chuck Grassley (R-IA) defended his vote to give a significant tax cut to dead rich people this weekend by suggesting that people who do not die wealthy blew too much of their money on leisure pursuits.
“I think not having the estate tax recognizes the people that are investing,” Grassley told the Des Moines Register in a statement that was published on Saturday, “as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.”
That’s a lot of sex, liquor, and cinema. Under current law, estates up to $5.49 million for an individual or nearly $11 million for a married couple are not taxed. The Senate tax bill that Grassley voted for would double this exemption to about $11 million for individuals and $22 million for married couples. According to the Washington Post, only about 1,800 families a year will pay the estate tax under the bill Grassley supported. Continue reading “Sen. Chuck Grassley has no idea how wealth works”