Iowa Senator Chuck Grassley Clarifies His Estate Tax Comments
Iowa Senator Chuck Grassley has served in Washington for a long time. He's represented our state, in my opinion, pretty fairly for most of those years. We all say things we regret. Grassley is clarifying some comments he recently made in regards to the estate tax which was part of the GOP tax plan recently approved by Congress.
Under current law, when someone dies, the estate owes taxes on the value of assets transferred to heirs over $5.5 million for individuals and $11 million for couples. The GOP tax bill doubles that amount. In an interview with a newspaper, Grassley said: " I think not having the estate tax recognizes the people who are investing as opposed to those that are just spending every damn penny they have on booze or women or movies."
Needless to say, Grassley took some heat for his comments. But, the Iowa senator clarified his statements by saying this week that regardless of the estate tax, the government shouldn't seize someone's life work after they die. A sentiment that I think most everyone would agree with. Certainly, one that Grassley wishes he had expressed better the first time.
[via Des Moines Register]