A Republican senator who said attempts to scale back or eliminate the estate tax recognized “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” has attempted to clarify his meaning.
McConnell: tax cuts will be popular when people see they are paying less.
Chuck Grassley of Iowa, a seven-term senator and senior member of the Senate finance committee, made the remark late last week in an interview with the Des Moines Register.
His words have attracted attention since the passage of the Senate tax bill early on Saturday morning.
Democrats charge that the Republican tax reform is heavily weighted in favor of the rich and corporate America and will add as much as $2tn to the national debt. Republicans respond that the wide-ranging cuts will stimulate economic growth.
Senator who spoke of people squandering money on ‘booze or women or movies’ says tax code should not penalize ‘frugality, saving and investment’