Anti-tax activist Grover Norquist says foreign governments and companies are “terrified” of President Trump’s plan to slash tax rates in the U.S. because it will force them to take competing actions.
“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 told radio host John Catsimatidis in an interview that aired Sunday on New York’s AM 970.
Norquist, the president of Americans for Tax Reform, has long been among the most vocal opponents of tax increases and has praised Trump’s proposal to overhaul the nation’s tax code.
{mosads}
The tax plan, unveiled last week, calls for the country’s corporate tax rate to be cut from 35 percent to 15 percent. Under the plan, individual income tax brackets would be reduced from seven to three, and the plan would do away with the estate tax and alternative minimum tax.
The proposal would also limit individual deductions to the mortgage interest deduction and charitable donations.
But the plan unveiled by the Trump administration is far from comprehensive and offers virtually no details. A plan would also have to go through Congress for approval.
Norquist on Sunday ruled out bipartisan cooperation on tax reform, arguing that Republicans would have to push the measure through on their own.
“There will be no Democrat votes for either ObamaCare reform, repeal or the tax reduction,” he said. “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.
“Every once in a while you hear Democratic senators talking about wanting to participate, 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.”