Senator Charles E. Grassley (R-Iowa) wants to do away with the estate tax. After much research on why this is right, he reported on his findings: "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."
From The Washington Post:
The estate tax, often described by Republicans as the "death tax," is levied only on the very rich, individuals who pass on assets of more than $5.5 million, $11 million for married couples. The current tax on estates is 40 percent of an individual's wealth at death… Under the Senate tax plan passed early Saturday morning along partisan lines, the exemptions are both raised to $11 million per individual and $22 million per couple. The House version of the bill does the same but also axes the tax completely in 2024.
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