Grassley’s Stellar Point on the Estate Tax: It Punishes People Who Are Responsible With Wealth Grassley’s Stellar Point on the Estate Tax: It Punishes People Who Are Responsible With Wealth – NTK Network

Grassley’s Stellar Point on the Estate Tax: It Punishes People Who Are Responsible With Wealth

Sen. Chuck Grassley (R-IA) made headlines for a controversial comparison when defending estate tax repeal, but his argument is actually very effective.

By NTK Staff | 12.04.2017 @4:30pm
Grassley’s Stellar Point on the Estate Tax: It Punishes People Who Are Responsible With Wealth

Sen. Chuck Grassley (R-IA) earned some headlines over the weekend when the Des Moines Register reported the Iowa senator compared savers paying the estate tax to people who spend money on “booze or women or movies.”

“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,” Grassley, a member of the Senate Finance Committee, told the Register on Saturday.

The tweet earned Grassley some liberal outrage, but Grassley makes a great point: the estate tax punishes people who save some money in order to pass it along to children or grandchildren, and rewards those who spend freely.

Need more proof Grassley makes a compelling argument? Even President Obama’s chief economic adviser, Jason Furman, called it “the best argument for repeal” (with some caveats).

And the director of economic policy studies at the America Enterprise Institute (AEI), put it in an even simpler way:

The Senate GOP tax bill raises the exemption level for the estate tax. The House GOP tax bill repeals the estate tax.

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