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Norquist: Tax Reform Bill a 'Huge Step Forward' for American Businesses

Image: Norquist: Tax Reform Bill a 'Huge Step Forward' for American Businesses
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By    |   Tuesday, 19 December 2017 02:36 PM

Passing tax reform legislation is a "huge step forward" for making American businesses more competitive in the world marketplace, Grover Norquist, the president of Americans for Tax Reform, said Tuesday.

"When they take business taxes from 35 percent — the highest in the world, the least competitive in the world — socialist China is at 25, we are at 35 and we wonder why we have problems?" Norquist told Fox News' "Fox & Friends" program.

"We do that to ourselves. Finally, we will take it down to 21 which makes us competitive with Europe and other countries. That changes a lot in terms of how the next 20, 30 years look in terms of job creation."

That won't only apply to big companies, but smaller ones as well, he pointed out.

"Half of Americans work for pass-through, which are companies that organize inside the individual income tax," said Norquist, meaning that 28 million small American companies will have lower taxes, small companies.

"Half of Americans work there, and the Democrats are attacking that," he added. "Good luck running an election when you are attacking 28 million companies and half the population."

The bill will also help create jobs and drive up wages, Norquist pointed out.

"Also, your 401K, your IRA, your lifetime savings will jump dramatically because the tax cuts make it easier for businesses to invest and be more profitable to succeed," Norquist said.

Democrats have complained that the tax reform will benefit the rich while harming lower-income Americans, and Norquist said that's what liberals say when there is a move to cut taxes.

"In point of fact, one of the things that's happening here is 6.6 million Americans are today hit with that Obamacare tax," said Norquist. "If you don't buy Obamacare, they tax you $700 for a person, $2,400 for a family of four. That ends when this bill is signed."

Unlike tax reform in 1986, when some Democrats favored tax reform, this time around, all are refusing, and Norquist said that's because the party has veered further to the left.

"The 1986 bill took the individual rate down to 28 percent," said Norquist. "We're up at over 40 percent now, and the Democrats who all cheerfully voted for 28 percent are now whining because we are bringing the top rate down to 37 percent. That's how far left they have gone."

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Passing tax reform legislation is a "huge step forward" for making American businesses more competitive in the world marketplace, Grover Norquist, the president of Americans for Tax Reform, said Tuesday.
grover norquist, tax reform, step forward, american, businesses
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Tuesday, 19 December 2017 02:36 PM
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