Trump’s possible tax cuts would benefit most Americans: Grover Norquist


WE WANT TO RATCHET THAT UP. MARIA: . WE WANT TO BRING IN GROVER NORCHRIS. THANK YOU FOR BEING HERE L. YOU’RE HEARING THE CONVERSATION. WEIGH IN HERE. THE PRESIDENT IS WEIGHING OPTIONS TO SPUR THE ECONOMY LIKE POTENTIAL CAPITAL GAINS TAX, LIKE A POTENTIAL PAYROLL TAX. WHAT’S YOUR VIEW.>>HE PUT TWO THINGS ON THE TABLE. THE DIFFERENCE BETWEEN THEM IS THAT INDEXING CAPITAL GAINS SO YOU DON’T TAX INFLATION IN CAPITAL GAINS CAN BE DONE UNILATERALLY BY THE PRESIDENT. THE SUPREME COURT RULED THAT IN 120002. SO — 2002. SO THAT’S NO LONGER A LEGAL QUESTION. THE PRESIDENT SAID YESTERDAY I CAN DO THIS MYSELF. THE TREASURY SECRETARY COULD DO THAT. THE ADVANTAGE THERE IS ONCE YOU DO IT, HALF OF AMERICANS PLUS OWN HOME, HALF OF AMERICANS PLUS ARE IN THE STOCK MARKET. YOU CAN’T ARGUE THIS IS A TAX CUT FOR THE 1%. IT’S A TAX CUT FOR EVERYBODY OVER 55 WHO HAS HELD HOMES AND HOUSES AND AN IMMEDIATE TAX CUT, VERY QUICKLY, BENEFITS ANYONE WHO IS 2 A 5 AND STARTING THEIR LIFE BECAUSE THEIR ASSETS ARE WORTH MORE. IF YOU GO WITH A TAX CUT ON SOCIAL SECURITY AS A SUGGESTION, THE DEMOCRATS IMMEDIATELY GO SURE, WE’LL PAY FOR IT BY RAISING THE BUSINESS TAX, THROW IT RIGHT BACK. SO BECAUSE NANCY PELOSI HAS TO AGREE TO ANY CHANGE IN THE SOCIAL SECURITY TAX AND THE DEMOCRATS HAVE NEVER DONE THAT WHEN THEY HAD THE POWER TO DO IT, THEY WOULD JUST PLAY POLITICS WITH IT. THE PRESIDENT WILL LIKELY GO WITH THE THING WHERE THE INFLATION INDEXATION — HE CAN DO THAT BY HIMSELF WITHOUT NANCY PELOSI’S PERMISSION.>>HEY, GROVER, STEVE MOORE HERE. GREAT TO SEE YOU.>>HI, STEVE.>>LOOK, YOU SOUND VERY CONFIDENT THAT THE PRESIDENT HAS THE UNILATERAL AUTHORITY TO DO THIS AND HE HAS THE LEGAL — THAT SEEMS TO BE AN OPEN QUESTION. I WANT TO DIG IN, GET YOUR REACTION TO — BECAUSE YOU SEEM LIKE IT’S AN OPEN AND SHUT DEAL THAT HE CAN DO THIS. I KNOW THE DEMOCRATS WOULD PROBABLY CHALLENGE THAT. SO THAT NUMBER ONE. NUMBER TWO, WHAT I LIKE ABOUT THAT IDEA OF INDEXING CAPITAL GAINS TAX AND TELL ME IF I’M WRONG ABOUT THIS IS YOU GET AN UNLOCKING EFFECT. NOW PEOPLE COULD SELL THEIR STOCKS AND MOVE INTO YOU NEW COMPANIES AND NEW INVESTMENT OPPORTUNITIES. WHAT IS YOUR REACTION TO THAT. MARIA: BY THE WAY, BEFORE YOU GET THERE, YOU SAY COULD HE DO IT, DON’T FORGET, OBAMA INDICT. THE PAYROLL TAX WAS CUT UNDER THE OBAMA ADMINISTRATION IN 2011 AND 2012 TO 4.2%, REDUCING TAXES BY MORE THAN $100 BILLION EACH YEAR. IT WAS ENACTED TO ENCOURAGE MORE CONSUMER SPENDING.>>THE QUESTION IS CAN THE PRESIDENT DO IT WITHOUT CONGRESSIONAL APPROVAL. THAT’S THE ISSUE ON THE TABLE.>>LET’S TAKE THAT IN THE ORDER IN WITH WHICH YOU ASKED. ONE, CAN THE PRESIDENT DO IT. THERE WAS A DEBATE ON THIS IN 1992 AND SOME SERIOUS LAWYERS SAID ABSOLUTELY — LIKE CHUCK COOPER, OTHERS SAID WE’RE NOT SO SURE. SINCE THEN THERE WAS A SUPREME COURT DECISION IN 2002 WHICH ANSWERED THE ONLY QUESTION BEFORE, IS COST AN UNAMBIGUOUS TERM THAT AN AGENCY CANNOT ADJUST. THEY SAY IT COULD BE HISTORIC COST, WHAT DID YOU PAY FOURTH, REAL FOAL FORL FOR IT,REAL OF COST, COST PLUS INFLATION, AND REPLACEMENT COST. THERE ARE MANY WAYS TO DECIDE WHICH ONE TO USE. THE SUPREME COURT SMACKED AWAY HARD ANY DEBATE. SOME PEOPLE THINK THE COURTS, A MORE CONSERVATIVE COURT MIGHT WANT TO REDUCE THE ABILITY OF AGENCIES TO MAKE THOSE DECISIONS. A MONTH AGO WE HAD A DECISION THAT SAID NOPE, WE’RE NOT DOING THAT. SO TWO SUPREME COURT DECISIONS COME IN THAT SAY AGENCIES HAVE THIS AUTHORITY. THEY HAVE THIS AND COST SPECIFICALLY IS NOT AN UNAMBIGUOUS TERM. THAT’S WHY WE CAN SAY WITH CLARITY THAT THEY’LL POLITICALLY WINE PLNE PLIGHTWHINE ABOUT IT BUT NOT HAV PLIGHTWHINE ABOUT IT BUT NOT HAE SUCCESS. THE BIG BENEFIT RIGHT AWAY IS ONE CEO, FORTUNE 500 CEO TOLD ME THERE’S $7 TRILLION OF STICKY CAPITAL WHICH IS LAND, BUILDINGS, OTHER COMPANIES THAT CORPORATIONS ALONE, NEVER MIND INDIVIDUALS WHO OWN HOMES AND STOCKS BUT CORPORATIONS OWN $7 TRILLION OF STICKY CAPITAL MUCH OF WHICH WOULD BE SOLD. IN FACT, ALMOST ALL OF WHICH WOULD BE SOLD WHEN YOU’RE LOOKING AT THINGS THAT ARE FIVE, 10, 20, A 50 YEARS OLD. THAT WOULD RAISE A LOT OF REVENUE IN A SHORT PERIOD OF TIME AND TAKE TRILLIONS OF DOLLARS AND REDIRECT IT TO HIGHER AND BETTER USE. IT’S DEREGULATION FOR PAST PURCHASES OF ASSETS AND IT RAISES THE VALUE OF ALL ASSETS IN THE UNITED STATES NOW GOING FORWARD. THE ONE COMPANY THAT CALLED ME ABOUT THIS EARLIEST IS AMERICANS FOR TAX REFORM, THE GROUP STARTED TALKING TO EVERYBODY IN THE WHITE HOUSE. EVERYBODY IN THE WHITE HOUSE IS FOR IT AND UNDERSTANDS IT. THAT’S NOT A BAD PLACE TO START, BEGINNING WITH THE PRESIDENT. THEY KNOW PEOPLE EMPTY CLOSETS AND ATTICS OF ALL OF THIS BASEBALL CARDS AND ART WORK THAT THEY’VE HELD ONTO BECAUSE OF THE TAX ON INFLATION.>>IS EVEN STEVEN MNUCHIN IN FAVOR OF THIS. I HEARD IN THE TREASURY THERE’S DOUBTS ABOUT THIS.>>THERE’S ALWAYS MNUCHINS IN THE TREASURY THEY SAY IT MAY NOT WORK FOR THEM. HE SAID I’D LIKE CONGRESS TO DO IT BUT I MAY HAVE TO DO IT MYSELF. AND HE HAS TOLD ME AND HE HAS TOLD PEOPLE THAT HE KNOWS HE DOES HAVE THE AUTHORITY. AGAIN, IT’S CLEAR IN LEGAL TERMS. MARIA: DID YOU SAY THERE’S ALWAYS MUNCH KINS IN THE WHITE HOUSE?>>I’M SORRY, MUNCHKINS FROM THE WIZARD OF OZ, NOT MNUCHIN. MARIA: THAT’S WHAT I THOUGHT. MUNCHKINS. YOU’RE TALKING ABOUT MNUCHIN.>>THE MUNCHKINS ARE BAD ON IT. MARIA: WHAT’S YOUR STANCE ON THE ECONOMY? DO YOU SEE A RECESSION ON THE HORIZON. IT’S GOT ME BAFFLED. I THOUGHT THINGS WERE GOING REALLY WELL.>>THINGS ARE GOING MUCH BETTER THAN THEY WERE. WE WERE GROWING AT 3%. IT’S NOW MOVED TOWARDS 2%. THAT’S NOT A RECESSION. RECESSION IS LESS THAN ZERO. IT IS SLOW GROWTH, SLOWER GROWTH THAN THE ECONOMY DESERVES. THERE’S OBVIOUSLY A LOT OF CONCERN ABOUT THE TRADE WAR WITH CHINA AND WITH TARIFFS. TARIFFS ARE A TAX ON THE AMERICAN CONSUMER AND THEY HURT THE ECONOMY AND THEY TELL EVERY PRODUCER, WELL, YOU DON’T KNOW WHETHER TO INVEST TODAY OR NOT BECAUSE YOU DON’T KNOW WHAT PRICES WILL BE AND YOU DON’T KNOW WHAT’S HAPPENING BECAUSE OF ALL OF THE UNCERTAINTY. THAT’S WHAT’S SPOOKING BUSINESS INVESTMENT. AS SOON AS THAT GETS SETTLED, WE COME TO SOME AGREEMENT WITH CHINA AND HOPEFULLY WITH THE EUROPEANS, THAT I THINK YOU’LL SEE THE ECONOMY TAKE OFF BECAUSE THE FUNDAMENTALS ARE QUITE STRONG BUT WHY NOT TAKE ADVANTAGE OF THE LEFT CLAIMING THAT THE ECONOMY’S SLOWING TO PLAY THE CARD OF INDEXING CAPITAL GAINS SO WE NO LONGER TAX INFLATION. I SAY LET’S TAKE THOSE MARBLES OFF THE TABLE AND THANK THE DEMOCRATS FOR THE HYSTERICS ABOUT HOW WELL THE ECONOMY’S DOING.>>GROVER, IT’S VERONICA FROM WALL STREET JOURNAL. IF YOU DO THESE MOVES NOW, THOUGH, DOES THIS LEAVE YOU WITH A LACK OF FIRE POWER WHEN THINGS ARE ACTUALLY REALLY BAD? YOU NEED THEM.>>WELL, YOU CAN ALWAYS DO MORE TAX CUTS IN THE FUTURE. YOU COULD ALWAYS WORK WITH THE FED TO DO A BETTER JOB. I WOULD START NOW BECAUSE IT TAKES A WHILE FOR PEOPLE TO SELL A $50 MILLION BUILDING IN CHICAGO. THAT P DOESN’T HAPPEN IN TWO MONTHS. BUT I THINK YOU’LL SEE PEOPLE MOVE VERY QUICKLY TO SELL OLDER ASSETS AND MOVE THEM TO HIGHER AND BETTER USE. SO I WOULD DO THIS NOW AND GOING FORWARD THE NEXT TIME THERE’S A TAX CUT, WE NEED TO MAKE SURE THAT THIS CHANGE BECOMES PERMANENT AND IN LAW, NOT JUST REGULATORY. WHAT WILL SPEED UP ALL OF THIS ACTION IS THE DEMOCRATS WILL ANNOUNCE WHEN I’M PRESIDENT I’LL TAKE IT ALL AWAY. SO EVERYONE PLANNING ON SELLING IN THE NEXT 30 YEARS SELLS IN THE NEXT YEAR.

100 Replies to “Trump’s possible tax cuts would benefit most Americans: Grover Norquist

  1. The tax cuts would benefit most Americans cause see if the wealthiest get billions in tax breaks, they’ll spend it all and stimulate the economy! You know… create jobs cause everyone knows jobs are created when there’s an excess of cash and not because there is a demand.

  2. Lol what a joke is this foxhole. Why tax cuts, why can you fix insurance premiums for common Americans. Its just a drama to appease uneducated americans mostly trump supporters

  3. of all the people who you can bring on? Faux News, you have to bring out grover? 😮 why dont you take my money now!!!

  4. If there was a recession coming why are the Democrats wanting to bring in more people that will depend on government aid for at least 10 years …and why is Pelosi visiting Latin America promising them more American tax payer money …be real …you liberals are some stupid pigeons sadly its not your own money u play with ..shame on you… American homeless kids and elderlys blood on your greedy liberal hands

  5. Of the .1%, for the 9.9%, by the rest of us, ‘til nothing remains. “Sticky” and stinky vs munchkins and Mnuchin. Playing with marbles vs just plain losing them.

  6. Just a note, Everyone put there little dirty fingers on that tax cut bill before Trump signed it. It is his fault in the end because he Signed it but, when the dems added in things like no more write offs for employee expenses, that really screwed me. I'm a tech and spend 3-5k a year in New tools, equipment and software updates. Another stupid idea was to take away the personal exemption. Doubling the standard deduction doesn't help people who have alot to itemize. You either take the standard deduction or itemize. When we had a personal exemption, that would normally get added to your itemized deductions. So, between that and my employer expenses, I'm no longer able to write off that 10-12k worth of stuff. Which also puts me in a higher tax bracket. So, the money I got back in my check each week, had to be played back to the government come tax time. So, the tax cuts/reform did not benefit me. THEY NEED TO PUT THE EMPLOYEE EXPENSE DEDUCTION BACK ON THE TAX FORMS ASAP!!! I heard it also screwed familys who were normally taking exemptions per child which made a huge difference in there total itemized amount. Now it's gone

  7. Govt needs to take the FICA cap off rich people, to bring more money into Medicare and Social Security to raise the poverty level of our CITIZEN seniors who are struggling with the REAL cost of living, or most of them will be homeless soon (according to the money experts) ~

  8. The figures shown on the screen at the beginning showing the gains in the market since Trump took office are – no surprise – misleading. The markets today are sitting right where they were in January of 2018. THERE HAS BEEN NO GAIN SINCE JANUARY 2018. Let that sink in.

  9. 401k GAINS ARE TAXED AS REGULAR INCOME, NOT AS CAPITAL GAINS. LOWERING CAPITAL GAINS TAXES WILL ONLY HELP THE WEALTHY. DON'T BE CONNED AGAIN BY THESE REPUBLICAN LIARS. DON'T FALL FOR IT!

  10. I know that his C.O.L.A. Increase made 62.5 million social security recipients very happy. The largest increase 2.8 percent with only 1.50 going towards Medicare premiums.

  11. Please stop lying to the gullible US population. We know this is how you stay afloat but seriously. How can you live with yourself, Fox News anchors? Does money talk that much to you?

  12. I don't know many 25 or 30 year old's with considerable amount of stock to start selling. Maybe if you have daddy's money to invest you do. But from were i'm sitting, this is just another way to make the rich richer and screw over everyone else.

  13. Is there any tax cut which Grover would classify otherwise? I don't think he's ever met a tax for which it wasn't love at first sight. He probably jerks off thinking about slashing taxes. LOL.

  14. The Congress will not give him another tax cut. The last one gave billions to rich and put us into a terrible position.

  15. love the idea…… but your saying if we push even more money to the top that helps the economy? AKA Reagan economics? Which worked AMAZING during the industrial revolution but now that the majority of wealth is at the top we NEED THE TRICKLE DOWN EFFECT TO TRICKLE DOWN IN WAVES……. Work on TRICKLING DOWN THE WEALTH, then the country prospers….. REAGAN economics 101.

  16. Get ready for more trickle down economics. The working class is about to be pissed on yet again. And you ignorant red neck trump supporters will cheer when you're taking his golden shower.

    What a fkn joke.

  17. Trump knows the economy is the only thing he has and cannot have a recession or even a minor downturn as it will wreak any chance he has of reelection.

  18. Trump promised a tax cut for the middle class that would be passed before the midterms, and lied about that. No Republican who votes for this gets to complain about deficits ever again.

  19. No doubt about it we the American Citizens need our waisted tax money that the Democrats continue to waste and we need to cut their salaries in half they sit on their butts and do nothing for the American Citizens.

  20. China…the Chinese are not wanted the worldwide will be good at any which ways to economy grow well as they’re would….but China is economic well off to worldwide living above the world?……it is China dreams to be worlds number one country…….the Chinese wanted to control worldwide……for a change from the century bullied by the westerners countries……

  21. The thing is Trump says the economy is going great so why are they trying to goose it again. I thought that Tax Scam Bill they passed was suppose to do that! Well it didn't! All it did was make the wealthy and corporations richer at the expense of the average taxpayers. How do you raise the debt from 19 to 22 trillion dollars in less than 2.5 years with nothing to show for it? When that money is yours and it going in their pockets!! These people are going to bankrupt the country and a lot of you are one natural disaster or recession from being homeless.

  22. To be honest who listen's to Grover or Stephen Moore neither have any credibility. Now Maria if I am not wrong criticized Obama heavily for the Payroll Tax cuts

  23. I heard that before instead I ended up owing money at the end of the year instead of receiving a tax return thanks Trump!

  24. I mean I am in favor of tax cuts for the working class Americans but how in world did we give the really rich/job creators a tax break last year and now we have to do it this year in order to boost the economy. That was the reason they gave me last year.

  25. It'll benefit more rich Americans. More tax cuts for the rich.

    This moron needs to get out of office asap.

    Buckle up for another recession.

  26. President of "Americans for tax reform" I wonder why they don't use the title lobbyist anymore

    Just another paid mouthpiece soliciting bribes for tax cuts that only affect the 1% not the working class

  27. America is working again, unlike when the affirmative action experiment held the office. It's good to see trains running again and traffic on the freeways. TRUMP 2020.

  28. More tax cuts? We have falling-down bridges and breaking-up roads, closed national parks, etc., and now more cuts? Why? Because this character is hoping to shore things up long enough to get a chance at reelection. He is as easy to read as a large print comic book. And when things finally come crashing down, which they surely will, what will he do.?Why, the same thing he always does: Declare bankruptcy.

  29. all bull crap aside, a flat tax on all kinds of incomes with no deductions is needed. all COMPANIES FOREIGN AND DOMESTICS , FOUNDATIONS, churches, charities, ngo's etc. WHY NOT? government needs classes on what real expense accounts are to be properly used for and how. not for jet set life styles, GOP, LOOK UP THE WORD Conservative IN THE DICTIONARY! LEADERSHIP ALSO MEANS TO LEAD BY EXAMPLES. NO SOCIALISM FOR THE RICH ELITES OR DC CLUBS MEMBERS.

  30. Or NO TAXES; LIKE THIS COUNTRY WAS FOUNDED UPON WHEN WE SEPARATED FROM ENGLAND!!!

    BUT NOW THERE'S TAXES EVEN THOUGH WE FOUGHT A WAR TO RID TAXES.

  31. This means nothing changes for the poor but the rich don’t have to pay as many taxes … only gone benifit white ppl…

  32. Once President Trump fixes America by 2024 the last thing he can't fix is stupid liberals. Which is a mental disease.

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