Tax reform legislation passed at the end of 2017 is already having a large effect on many people in the United States, with many seeing the costs for their utilities dropping along with their taxes, according to Americans for Tax Reform founder Grover Norquist.
"There are more than four million people [who] specifically got bonuses, but in addition, 91 million Americans will see lower utility rates because utility companies have to pass through that federal income tax, Republican tax cut," Norquist told Fox News' "Fox and Friends" Thursday.
In addition, said Norquist, people in the United States who have 401(K) plans and IRAs are seeing their value going up in the past year, and many people are getting larger matching funds from their companies.
"Ninety percent of Americans are seeing higher take home pay, because a lower tax burden is a pay increase, Norquist said, explaining that even more comprehensive figures are available on his organization's website."Cut your taxes, you have more take home pay."
House Minority Leader Nancy Pelosi, who has called the tax bonuses "crumbs," stated this week that she wants to repeal the tax law if Democrats regain control of the House, Fox and Friends co-host Ainsley Earhardt pointed out.
"For eight years under President [Barack] Obama, they never even put [tax cuts] forward," said Norquist. "When the Republicans put their tax reform forward, the Democrats never put an alternative forward."
Instead, Democrats voted against pay increases, the increase in take-home pay, and for bonuses, he said.
"[Sen. Chuck] Schumer, the leader of the Democrats in the Senate, has put forward an actual written down plan. A trillion-dollar tax increase, no one gets a cut."
Meanwhile, the Stock Market rebounded on Wednesday, and part of the reason for that is Economic Adviser Larry Kudlow's comments that the United States would deal with China's behavior by going through the World Trade Organization, said Norquist.
"That's one way to force China to behave," he commented. "It's different than a trade war. It's less risky, but it keeps the focus on China's misbehavior."
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