Tags: Norquist | tax | foreign | income

Grover Norquist: US Is 'Abusively Taxing' Overseas Citizens, Corporations

Tuesday, 24 Jun 2014 10:48 AM

By Dan Weil

Grover Norquist, president of Americans for Tax Reform, doesn't have particularly high regard for U.S. tax policy as it concerns Americans who are overseas — both individuals and companies.

The IRS is cracking down for taxes on individuals' overseas income. And U.S. corporations face an income tax of up to 35 percent on foreign-earned money if they bring it back.

The government is "abusively taxing" its citizens and corporations, Norquist told CNBC.

Editor’s Note:
Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now


Taxes on corporations repatriating profits from overseas are driving companies to domicile abroad, he argued.

Even a high-tax country like France has a lower corporate tax rate than does the United States — at 33.3 percent, Norquist explained.

"We do damage to American-owned companies that France doesn't to French-owned companies," he stated. "Stupider than France is not where you want to be on tax policy."

France also is easier on taxes for its citizens living overseas. "If you are French and you live in the United States for a couple of years, you pay American taxes as an individual. You don't pay French taxes because you earned it here," Norquist maintained.

"If you are an American and live in France for 30 years, France taxes you and we tax you," he noted, adding that the United States makes it "very difficult to be an American and to move around in a global world as a company or an individual."

As for domestic taxes, French economist Thomas Piketty has gained great notoriety for arguing that the rich should pay higher taxes to combat growing income inequality.

But many other economists disagree with him, including former Federal Reserve Vice Chairman Alan Blinder.

"If there is to be a national debate on what to do about inequality in the United States, I'd like to see the focus put elsewhere: namely, worrying more about the bottom than the top, and focusing on income inequality rather than on wealth inequality," he wrote in The Wall Street Journal.

Editor’s Note: Dow Predicted Will Hit 60,000 — Buy These 4 Stocks Now

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