Grover Norquist has seen the coming onslaught of Democratic taxes and regulations before. And despite the likely hit it will have on the economy, personal incomes, and 401(k) retirement portfolios, he sees a potential upside that could stall or reverse the effects.
“Joe Biden is doing exactly what [Bill] Clinton did to lose the House and Senate and exactly what Obama did to lose the House,” said the president of Americans for Tax Reform. “Massive tax hikes, massive spending, and then poking on the other issues,” he explained.
And, he said, while former President Donald Trump also suffered midterm election defeats, any losses in the 2022 midterm elections will be because of the public’s rejection of liberal policies, not presidential tweets and nonstop investigations. . .
President Biden and congressional policymakers have proposed several changes to the corporate income tax, including raising the rate from 21 percent to 28 percent and imposing a 15 percent minimum tax on the book income of large corporations. https://t.co/RayK8B1enO
— Tax Foundation (@TaxFoundation) February 27, 2021
In an interview at his downtown Washington office, Norquist mocked Biden’s campaign promise not to raise taxes for people earning $400,000 or less.
“He has no intention of keeping it because he also says he’s going to repeal the entire Trump tax cut, which for a median-income family of four that earned $73,000 a year, that’s a $2,000 tax increase,” he said. (Read more from “Biden Taxes: $2,000 per Family and 40-Cents a Gallon” HERE)