Now that the GOP-controlled Senate has managed to pass their radical tax cut bill which includes a repeal of the estate tax, Republicans are scrambling to justify why they decided to slash tax rates for the wealthiest Americans and large corporations at the expense of working Americans and small business owners.
Iowa Senator Chuck Grassley (R-IA) maintains that he agreed to eliminate inheritance taxes on estates worth more than $5.5 million because the average American wastes his or her money on frivolous things:
“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.”
Booze, women, or movies. Do those sound like the three top priority items in your monthly budget? Or would it be more appropriate to say you spend the vast majority of your salary on housing, food, and utilities?
But, thanks to the valiant efforts of out of touch millionaire legislators such as Senator Grassley and his Republican colleagues in the Senate, the exemption for estates will go up to $11 million for an individual and $22 million for a couple.
It should also be noted that the estate tax only impacts a minuscule portion of the population: According to a 2015 report from Congress’ Joint Committee on Taxation, 4,700 estate tax returns reporting tax liability were filed in 2013, out of 2.6 million total deaths in the United States. That means the estate tax hits roughly 0.2% of Americans, or 1 out of every 500 people who die.
Grassley’s comments drew heaps of scorn from people on social media:
You forgot those that are “spending every darn penny” on raising their kids and giving them a decent education.
— Patricia Farrell (@drpatfarrell) December 3, 2017
Or on food for their table, meds for their elderly parent who is forced to live with them because they can’t get care, clothing because theirs is threadbare after having been worn so long, gas for the long commute to the only available job…
— Nancy (@planetscape) December 3, 2017
All true and not a pretty picture of the America the GOP is creating.
— Patricia Farrell (@drpatfarrell) December 3, 2017
This is the GOP belief system; They believe that anyone who works hard and plays by the rules should be wealthy, and those that do not achieve wealth are lazy, alcoholics and drug addicts.
— Maurice Ross (@MauriceMichael) December 3, 2017
No the rich get rich by stealing from the poor!
— John Harmer (@DeltaRambler) December 3, 2017
— Gracie St. Ives (@roguecats7) December 3, 2017
Despite the facts showing that only 0.2 percent of Americans pay any estate tax, Rep. David Young (R-Iowa) and Rep. Steve King (R-Iowa) echoed Grassley’s comments, saying it’s a “myth” that “repealing the estate tax is a massive giveaway to the wealthiest Americans.”
Too bad politicians can’t be taxed for their lies, isn’t it? The U.S. Treasury would be awash in money.
Featured Image Via Flickr
