Biden tax increases will ‘damage’ your life savings, Grover Norquist says
Higher taxes on corporations is 'bad news' for the US, Norquist said
The Biden administration's tax plan will "damage" American families' life savings, Americans for Tax Reform President Grover Norquist told FOX Business' "Mornings with Maria" on Tuesday.
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Grover Norquist: “Fifty-three percent of American families have a 401 (k) or an IRA. All of their life savings is going to be damaged by Biden’s tax increases on the corporate income tax.
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He wants to take it up higher than China's corporate income tax. He wants to double the tax on capital gains, bringing it back to about 44%, which is… close to where it was when Jimmy Carter was president and the economy was collapsing.
[Biden is] doing so much damage to people's life savings and, of course, setting up a cartel, I mean, if the businesses got together and said, we're going to have minimum prices, you know, the antitrust would be brought in. The governments are getting together: 'We won't compete to have lower taxes. How about that?' That's really very bad news for the United States.”