Chuck Grassley: Estate Tax Spend or Invest
on Monday, December 4, 2017Chuck Grassley Money Quote saying he believes that the rich are morally superior and deserve to keep everything in the family when they die instead of tax the wealth to contribute back to society. Chuck Grassley said:
“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” — Chuck Grassley
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This quote from Chuck Grassley suggests that eliminating the estate tax appropriately recognizes those individuals who invest their money and accumulate wealth, rather than spend all their resources frivolously on temporary pleasures.
He implies that people who save and grow their assets over generations, as opposed to those who squander every penny on indulgences, deserve to fully pass on their estates to heirs without taxation. The quote highlights Grassley’s view that the estate tax unfairly penalizes families who have built up wealth through investment rather than consumption over time.
He draws a distinction between responsible long-term investors versus those focused only on immediate self-gratification through excessive spending on things like alcohol, romantic partners or entertainment.