Sen. Chuck Grassley: Removing Estate Tax Means More People Will Invest

Sen. Chuck Grassley, R-Iowa, praised the Republican plan to cut back or remove the estate tax, saying it would lead to wiser investment.

"I think not having the estate tax recognizes that people 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.

Republicans have been critics of the estate tax which is based on the transfer of property when someone dies if an estate is valued at a certain amount. The Des Moines Register reported that not many family farmers or small business owners that are required to pay the tax end up having to sell land or stop farming.

Data also found that only 160 farm estates around the U.S. had to pay the tax in 2016, according to the Register.

The Senate tax reform plan would expand the estate tax exemption to $11 million per person, while the House plan would also expand the exemption, but delete the tax in 2024.

Grassley's comments received criticism on Twitter.

Heat that America? Republican Senator Chuck Grassley thinks the reason you don't have $5.5 million is because you sometimes go to movies or have a beer. https://t.co/q2KHzuKadb

— Michael Linden (@MichaelSLinden) December 4, 2017

GOP Sen. Grassley makes clear his disdain for the working class:

"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." https://t.co/yimn2FmhHn

— Jon Cooper (@joncoopertweets) December 3, 2017

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