ibusinesslines.com October 21, 2018

Chuck Grassley's Tax Pitch: People Who Aren't Rich Are Bad

05 December 2017, 10:11 | Myron Mathis

MoreCloseclosemoreSen. Chuck Grassley R-Iowa arrives at the Capitol in Washington in

Sen. Chuck Grassley R-Iowa arrives at the Capitol in Washington in

It has attracted attention since.

Grassley's words were interpreted by many as a suggestion that average Americans don't deserve tax breaks because they misspend money, while wealthy Americans save their money.

Chuck Grassley made the comments in an interview with the Des Moines Register about the estate tax, which would apply to fewer people under the Republican tax plan that passed the Senate last week.

The House bill repeals the Estate Tax, while the Senate's version doubles the exemption for the tax for individuals.

"Senator Grassley owes an apology to his hardworking constituents and to every working family in America", said Progress Iowa director Matt Sinovic.

The number of Iowans paying the estate tax actually numbers in the dozens each year, out of roughly 1.4 million who file federal tax returns each year. The Senator argued that people who spend their money are largely off the hook. Senator Grassley has been an elected official since the Eisenhower administration, and has had nearly 60 years to help build the middle class.

"To protect millions of small businesses and the American farmer, we are finally ending the crushing, the awful, the unfair estate tax, or as it is often referred to, the death tax", Trump said during a September speech in Indianapolis.

The bill is supported by the American Farm Bureau Federation, Associated Builders and Contractors, National Association of Manufacturers, National Federation of Independent Business, Americans for Tax Reform, Club for Growth, National Black Chamber of Commerce, International Franchise Association, National Taxpayers Union, Family Business Coalition, the Family Business Estate Tax Coalition, and many others. The Tax Policy Center has estimated that only 80 small business and small farm estates nationwide will face any estate tax in 2017.

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