President Trump’s plan to slash tax rates in the U.S. won praise from Grover Norquist, the president of Americans for Tax Reform. Norquist believes that governments and companies all over the world will have to respond by being more competitive.
“The rest of the world is a little bit terrified that we’re going to do that, because it’s going to force them to get serious about competing as well,” Norquist said in a radio interview on Sunday.
Under the president’s new tax plan, corporate tax rates will shrink from 35 percent to 15 percent; and individual income tax brackets would be reduced from seven to three. The estate tax and alternative minimum tax would be eliminated while limits will be placed on individual deductions to the mortgage interest deduction and charitable donations.
Norquist also noted that Trump’s tax reform bill will be a one-sided effort. “There will be no Democrat votes for either ObamaCare reform, repeal or the tax reduction,” he said, adding, “Democrats passed the tax increases without Republican votes, Democrats passed ObamaCare without Republican input – that was done on party lines, so going back the other way will also be done on party lines.”
He further pointed out, “Every once in awhile you hear Democratic senators talking about wanting to participate, and wanting the Republicans to listen to them. But then when they talk, they just want higher taxes. They can’t be part of a tax cut package, because that’s not where their heads are.”
If you would like to receive Breaking News text alerts on a smartphone or tablet, download the DML APP which is completely FREE and easy to use. Go to the Google Play Store or the IOS App Store and search for DML APP. Be sure to keep the app’s notifications setting on. Another way to receive alerts is to text to 40404 the following message: follow @realdennislynch (be sure to put a space between the word follow and the @ symbol).
To see more stories like this, sign up below for Dennis Michael Lynch’s email newsletter.
Sign up to get breaking news alerts from Dennis Michael Lynch.
Canada warns it might strike back against U.S. over tariffs