Grassley says he was 'dropped' from panel dealing with tax cut

U.S. Rep. Sen. Chuck Grassley

Sen. Chuck Grassley is not backing away from his comment about raising the cap on the estate tax and using the federal tax system to encourage savings.

That conference committee is tasked with reconciling differences between tax reform plans that passed in the House and Senate.

Zona said "no specific reason was given" why Grassley was not named to the panel.

"I support a number of the provisions included in this legislation and continue to believe it would have been fairly easy to alter the bill in a way that would have been more fiscally sound", Corker said in a statement, the Register reported. Later, the senator issued a statement saying his remarks were taken out of context and he was trying to make the point that the tax code should not penalize frugality, saving and investment. "That's as true for family farmers who have to break up their operations to pay the IRS following the death of a loved one as it is for parents saving for their children's college education or working families investing and saving for their retirement". On the House side, lawmakers have proposed the tax be totally removed by 2024, while the Senate side wants to keep the death tax with the caveat that up to $11 million be labeled as tax-free - which is twice the number of where the charge now stands.

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It's mind-boggling that this is the mindset of some in Congress who repealed the estate tax to the benefit of only the wealthiest Americans who can pass down an inheritance of over $5.5 million. In fact, by definition, an estate tax does not reward hard work - the hard workers are deceased at the time an estate tax is imposed. The current tax on estates is 40 percent of an individual's wealth at death.

"Think of the farmland bought for $1,000 and now it's worth $10,000 an acre", he said.

Grassely also sees the tax reform as a way for rewarding people who have accumulated millions, by what he says, is "investing".

"Not having the estate tax recognizes the people who are investing", he said.

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