Grassley: comments on estate taxes were misinterpreted


Senator Chuck Grbadley Charles (Chuck) Ernest GrbadleyGOP will sell the middle clbad for a victory in the & # 39; reform & # 39; Kushner met with a special lawyer to discuss Flynn: report that Congress should rescue federal programs that really work PLUS (R-Iowa) said on Monday that his comments that estate tax rewards those who do not spend "Every penny" in "alcohol, women or movies" was taken out of context, saying that it meant that the government should not punish the investment.

"My point with respect to the estate tax, which has been taken out of context, is that the government should not take advantage of the fruits of a person's life's work after his death," Grbadley said in a statement.

The question is about basic equity, and working to create a tax code that does not penalize frugality, savings and investment, "he said.

The estate tax, often ridiculed as the" tax on death "is a 40 percent tax on a person's wealth after he or she dies.

Grbadley was quoted in The Des Moines Register over the weekend saying that abolishing the estate tax" recognizes the people who are investing, as opposed to those who are spending every penny they have, whether it's with alcohol or women or movies. "

The comments quickly gained strength in social networks.

The future of the estate tax is one of the key differences between the tax reform bills of the House and the Senate that should be reconciled in a joint committee. [19659004] The House version of the law requires that the estate tax be completely eliminated by 2024. Before being totally repealed, the estate tax exemption will double.

In the Senate version, the tax the estate would not be repealed, but would allow up to $ 11 million to be spent tax-free for individuals, twice the current exemption.

Grbadley has previously ruled against the estate tax, and previously has sponsored legislation to abolish the tax completely.

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