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 This material may not be published, broadcast, rewritten or redistributed.
Rep. Tom Sands, a Republican lawmaker in the Iowa House, says he won't seek re-election in November. Sands, who represents Wapello in eastern Iowa, announced Thursday he will withdraw his name from the general...
A woman who reported being sexually harassed by a trooper says an Iowa State Patrol captain failed to act on her complaint. Emails obtained by The Associated Press show legislative security coordinator Shawn Ferguson told...More >>