Tags: grassley | estate | tax | against | money | savings

Grassley: Estate Tax 'Works Against' Saving Money

Grassley: Estate Tax 'Works Against' Saving Money
(AP)

By    |   Tuesday, 05 December 2017 02:26 PM

Sen. Chuck Grassley, R-Iowa, said on CNBC's "Squawk Box" on Tuesday that "death ought to not be a reason for having taxation. The people who saved are then punished."

Grassley's comments follow his remarks in The Des Moines Register over the weekend, in which he said: "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."

Critics of Grassley quickly slammed his comment for being harsh and judgmental against the poor, and accused him of being out of touch with low-and middle-class Americans. He later claimed that his words were taken out of context.

"My point regarding the estate tax, which has been taken out of context, is that the government shouldn't seize the fruits of someone's lifetime of labor after they die," the senator said in a statement, according to The Washington Post.

"The question is one of basic fairness, and working to create a tax code that doesn't penalize frugality, saving and investment. That's as true for family farmers who have to break up their operations to pay the IRS following the death of a loved one as it is for parents saving for their children's college education or working families investing and saving for their retirement."

He added on Tuesday that "we have so much in our tax code that encourages savings, but the estate tax works against that."

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Sen. Chuck Grassley, R-Iowa, said on CNBC's "Squawk Box" on Tuesday that "death ought to not be a reason for having taxation. The people who saved are then punished."
grassley, estate, tax, against, money, savings
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2017-26-05
Tuesday, 05 December 2017 02:26 PM
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