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."
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.
Copyright 2017 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Members of the newly created commission to regulate ethics laws for Wisconsin office holders and lobbyists are beginning their work with the simplest of tasks: deciding on a name. Weightier decisions aren't far...More >>
Gov. Scott Walker says he would be "completely shocked" if House Speaker Paul Ryan did not run for re-election next year. Ryan on Thursday denied reports that he plans to leave Congress after the Republican tax bill is...More >>