Advertisement

GOP Senator Says Estate Tax Change Helps Wealthy

GOP Senator Says Estate Tax Change Helps Wealthy

December 04, 2017 02:13 PM

WASHINGTON (AP) - A top Republican senator is defending GOP efforts to reduce the hit to the wealthy from the federal estate tax because it helps those who invest rather than people who spend their money on "booze or women or movies."

Advertisement – Content Continues Below

Iowa Sen. Chuck Grassley made the comments late last week in an interview with the Des Moines Register.

"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."

Under current law, when someone dies the estate owes taxes on the value of assets transferred to heirs above $5.5 million for individuals, $11 million for couples. The Senate bill doubles those limits but does not repeal the tax.


WDIO

Copyright 2017 The Associated Press. All rights reserved.

Advertisement
Advertisement
Relay Media Amp

Protesters, Concerned About Riot Gear, Interrupt Duluth Council Meeting

Two More Virginia Residents Treated for Carbon Monoxide Poisoning

Protestors March Against Enbridge Line 3 Project

Two Men Rescued After Falling Through Ice on the Range

Duluth Asks for Feedback on Superior Street Lighting

Walker to Sign Bill Lifting Mining Moratorium

Advertisement