Tags: grover norquist | americans | misled | tax reform | tax cuts

Norquist: Americans Were Misled on Tax Reform Law Cuts

Image: Norquist: Americans Were Misled on Tax Reform Law Cuts
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By    |   Wednesday, 27 December 2017 03:05 PM

Many Americans believe the new tax reform law won't lower their taxes because they were fed so much disinformation while the legislation was being considered, Americans for Tax Reform President Grover Norquist said Wednesday.

"For several months, the press basically lied about what was in the bill, misstated what was in the bill," Norquist told Fox News' "Fox & Friends" program. "Even the think tank that now says almost everybody gets a tax cut used to put out studies suggesting that wasn't true. Disingenuously."

But as the bill got closer and a more accurate read could occur, the dire predictions are proving to be false, said Norquist.

"Take a look at your paycheck and how it's affected," he said. 'Before that, you can go to TaxPlanCalculator.comBut then also go and take a look at your 401(k), your IRA, your health savings account. These are all increasing as the stock market goes up. As we make these tax changes for companies internationally, it makes us more competitive."

Taxpayers also will benefit by having more cash flow on their own personal taxes, and when life savings increase, said Norquist.

The "bumper sticker," he continued, is that the tax bill represents a tax reduction for nearly everyone, while reducing everyone's marginal tax rates.

"It sets up a competition among the states and cities by eliminating most of the state and local tax deductibility for higher-income people," said Norquist. "California's going to have to cut its 13-plus income tax rate at the state level. New Jersey's already announced they're not going to do a higher tax that they had planned. New York is going to have to make changes. And corrupt and incompetent cities that keep raising their property taxes rather than reforming government. This is going to lead to government reform at the city and state level."

The new tax law, he continued, marks both reform and reduction, which will lead to more growth, but there is still work that needs to be done on the legislation.

"One thing left out is the five million Americans who work overseas," said Norquist. "They're double taxed, just like American companies who operate abroad were double taxed. We fixed that, but we left the Americans. An American who lives in France or Britain or Thailand and works, that's an American job. I think we should treat Americans as well as we treat American companies and fix that."

In addition, there were no cuts to the capital gains tax, and that is necessary, he continued.

"Why should you pay taxes on the inflation of your gain and capital gains, whether it's a house or a stock or a land or anything else?" said Norquist.

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Many Americans believe the new tax reform law won't lower their taxes because they were fed so much disinformation while the legislation was being considered, Americans for Tax Reform President Grover Norquist said Wednesday.
grover norquist, americans, misled, tax reform, tax cuts
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2017-05-27
Wednesday, 27 December 2017 03:05 PM
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