Grassley, a member of the tax-writing Finance Committee in the Senate, told The Des Moines Register that the federal estate tax could force farm families to liquidate in order to pay the so-called death tax. Chuck Grassley implied that people not now affected by that tax are "spending every darn penny. on booze or women".
Amidst defending his support for repealing the estate tax - which is a 40 percent government charge imposed on the estate of a deceased person - Grassley made the claim that people who aren't investing their money are actually just blowing it all on "booze or women or movies".
As GOP lawmaker-turned-Fox News pundit Chaffetz said, "Americans have choices" - and, in Grassley's mind, the choice most Americans are making is spending all their cash on prostitutes and Jack Daniels instead of being fiscally responsible investors.
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In addition, the validity period for duty credit scrips under MEIS has also been increased to two years from 18 months earlier. The mid-term review was supposed to take place around the time GST was implemented (July 1).
Under current law, when someone dies their estate owes taxes on the value of assets transferred to heirs above $5.5m for individuals and $11m for couples.
The House's version of the bill requires for the estate tax to be eliminated by 2024.
House and Senate negotiators are working out the differences between the two bills, with the goal of completing legislation to send to Donald Trump before Christmas.
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In a call with reporters Tuesday, Grassley said the story was fair. Only the estates of about 2 out of every 1,000 Americans who die face this tax right now.
His words have attracted attention since the passage of the Senate tax bill early on Saturday morning.
The estate tax affects a very small - and very wealthy - number of Americans. "Congress ought to do everything possible to encourage family enterprises to stay in operation and get next generations involved".
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