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Biden tax policy will 'absolutely' drive business out of US: Grover Norquist - YouTube
Channel: Fox Business
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we are in a stalemate over this stimulus
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let's get into it president joe biden's
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1.9 trillion dollar chronovirus relief
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plan already facing pushback
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some are expecting the package could be
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passed as late as march
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wall street is betting it's going to
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come in much lower than 1.9 trillion
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even after treasury secretary nominee
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janet yellen told lawmakers this week it
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is critical
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to pass more economic relief she urged
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them to quote act
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big joining me right now is americans
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for tax reform president
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grover norquist grover it's always a
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pleasure to see you thank you for being
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here
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you know janet yellen downplayed
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potential tax increases this week
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saying that the administration's top
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priority was growth
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and that we were likely not going to see
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uh you know uh tax increases uh
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while we're in a pandemic is what she
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said president biden has signaled plans
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to raise taxes on the wealthy and
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corporations
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former president trump took a swipe at
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rising tax rates in his farewell address
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on wednesday
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here's what president trump said watch
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i hope they don't raise your taxes
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but if they do i told you so
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so what do you think grover you know
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there's a report out of cornerstone
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macro this morning that they're
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predicting the stimulus plan comes in
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lower 1.2 to 1.4 trillion dollars and
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you'll you'll get higher taxes later on
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in the year
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i don't know if they'll be retroactive
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what are your thoughts on the impact of
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this tax increase
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and the threat of it well first it's not
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a stimulus it's just a spending bill we
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went through this with obama he spent
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800 billion right away on stimulus it
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just was spending and we had the weakest
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recovery
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since world war ii so this spending does
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not make the economy grow faster you're
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just borrowing
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against the future on taxes biden has
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been very clear in his campaign
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he wants to take the corporate rate up i
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mean president trump
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did a big favor to the country when we
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took that corporate rate from 35
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higher than china higher than any other
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country took it down to 21. that was
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trump's doing remember he argued for 15
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the republican opening bid was 25 by
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moving to 15 we got to 21.
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it was tremendous step in the right
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direction we did full expensing
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all of these things biden says he wants
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to get rid of
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he wants to take the corporate up to 35
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sometimes
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28 sometimes but always higher than
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china's
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higher than most of the european
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countries uh he has promised to bring
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back the low-income people
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the obamacare penalty tax that hit five
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million people
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three-quarters of whom earned less than
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50 000
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a year he wants to impose that so if you
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believe the i won't tax anyone who earns
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less than 400
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000 get over it he's already told you
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janet yellen his uh treasury secretary
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nominee said in her written testimony
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that both she
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and the president want a tax on energy a
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carbon tax a gasoline tax on steroids
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that's a tax on every single american
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you don't have to make 400
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000 a year to fill up your tank he wants
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to increase the capital gains tax to
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ordinary income
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or every american biden says
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yeah no these are all obviously very
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impactful
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and you also have to throw on top of
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that all of these executive orders uh
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for business i mean that also represents
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a tax when you're making things much
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more expensive for business
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they just you know they just uh carry on
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and pass it on
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to their customers but i'm glad you
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brought up the rest of the world
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because if we have a corporate tax rate
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of 35 percent
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and the rest of the world is much lower
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money is mobile
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companies will leave that's what we saw
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under the obama administration grover
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remember that
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when so many companies were merging with
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companies that are based in ireland
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next thing you know they can say i'm
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based in ireland and my corporate tax
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rate is nine percent
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versus 35 percent are we going to see a
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repeat of that if you're going to
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strangle business
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money is mobile they'll leave
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absolutely everything that went well
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during the four years when trump reduced
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tax
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rates gave us expenseful expensing
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and uh deregulated all becomes undone
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because biden has said
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i'm going to do the opposite he's
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governing as obama did
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and take a look at how the economy did
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under obama in terms of the real
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unemployment rate the number of people
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who left
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uh looking for work in the united states
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and that
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there was assets and companies and
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investment that flowed either from other
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countries not to the us but to china or
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europe
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or from the u.s to china uh and europe
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and the biden people the obama people
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had the audacity to call businesses
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who fled the 35 rate benedict arnold
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uh companies they were in fact east
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german
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fleeing over the wall is what they were
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they've been shot out on the way out the
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door
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because they were being pushed out of
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the country because of the
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high corporate tax rate that biden
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promises to bring back sometimes he says
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25 yeah sometimes he says 30.
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we don't know we do know it's very much
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higher than where we are now
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and so the series of tax hikes that he
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wants to put in
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he wants a 12 uh marginal tax rate tax
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he calls it a payroll tax
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on people who make more than 400 000 a
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year okay
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pretty stiff marginal tax rate gets you
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up to about 50
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for people back to where we work before
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the reagan tax cuts
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so what well uh that's not indexed
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that's not indexed you and your children
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will be paying that
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12 additional tax someday
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wow this all has great great impact
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we'll keep watching it and putting a
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spotlight on it grover thanks very much
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for weighing in on this grover norquist
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for joining us
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this morning
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