A House version of the bill would do just that by 2024; however, the Senate's version of the tax overhaul, which narrowly passed the chamber early Saturday, would keep it, but instead double the current exemption to $11 million from $5.5 million per individual. As the DMR points out, it doesn’t actually impact very many taxpayers anyway, thanks to a high threshold for its application (currently $5 million in estate assets for single heirs, $11 million for married). “I think not having the estate tax recognizes the people that are investing,” Grassley said, “as opposed to those that are just spending every darn penny they have, whether it’s on booze or women or movies.” 
 
 The seven-term senator runs an operation in Butler County with his son and grandson and frequently describes himself as a farmer. “This means that while many don’t end up paying the tax, it still has a negative effect on the economy.” 
 
 Beyond that, of course, pulling back or eliminating the estate tax would save billions for the richest Americans. 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.” 
 
 [Democrats fume over ‘absurd’ GOP tax bill full of last-minute handwritten edits] 
 
 Under the Senate tax plan passed early Saturday morning along partisan lines, the exemptions are raised to $11 million per individual and $22 million per couple.
– Iowa Sen. Chuck Grassley is taking flak over comments he made about why the GOP aims to scrap or least mitigate the estate tax. In speaking to the Des Moines Register, Grassley said the tax often derided by Republicans as the "death tax" is unfair because it taxes earnings twice, first when people earn the money and again when they die and try to pass it on to their heirs. Then came the more controversial part: "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." As NPR notes, that triggered a flurry of online criticism from those who viewed Grassley's remarks as elitist. This tweet is typical of the reaction: "I'm sure those folks would love to invest, but they're a bit preoccupied just trying to make ends meet." The Washington Post notes that it also caught the attention of former Hillary Clinton spokesman Jesse Ferguson, who tweeted, "[I]f we gave that money in middle class tax cuts, they’d just waste it on hookers and blow. right?” But it wasn't just Democrats taking issue. At the conservative Hot Air site, Ed Morrissey says the comment "is everything right and wrong with the current Republican tax-reform effort in a nutshell." Grassley's first criticism of the "double dip" problem with the estate tax is spot-on correct, he writes. "In the very next breath, however, Grassley commits the same sin that has plagued the tax system for decades, which is Congress’ desire to commit social engineering through it." The House tax plan would eliminate the tax entirely in 2024, while the Senate version would double exemptions to $11 million for individuals and $22 million for couples.