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Americans for Tax Reform President Grover Norquist on potential tax increases on the way and how they will impact taxpayers and the economy.
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Get ready for attacks -- again not only will tax cuts expire next year -- new taxes from obamacare will kick and so what should you expect to let that there -- northwest the president of Americans for Tax Reform -- great to see you.
Tax tax and again sounds like a real pain in the but let's run through some of the taxes that are expiring here like the bush tax cuts.
Payroll tax -- and see there's no patch.
Tax cuts from the 2009 stimulus and -- 100% expensing for business investment and -- gonna mean to the American people.
Well there's -- political part of it and the economic part of that if we move forward and Obama gets reelected he just stands there and and -- Republican efforts to extend those.
Tax reductions.
There's a 490 billion dollar 409.
Billion dollar tax increase next year alone.
On Election Day.
Still we -- sixty days away from the 490.
Billion dollar tax increase all you have to do is out for Obama and you get hit with that tax increase.
So this this is a huge sledge hammer coming right at that the four headed the American economy.
The Alternative Minimum Tax which was put -- to be a tax on rich people in 1969.
-- 115.
Rich people we're supposed to be.
Punished for not paying enough in taxes today four million households pay the Alternative Minimum Tax.
-- January.
First and -- what I hear another 215 million we'll get hit -- they don't but this tax some place I let me -- is that the view from the opposite side.
They say we've got to have these tax increases to keep the government coming to get the economy working what do you say.
Well we've tried spending more money to get the economy working.
That's exactly what didn't work.
-- John Lott and I wrote a whole book comparing the Reagan recovery which at this point had six and a half million more jobs than Obama's recovery.
So -- six and a half million people unemployed today.
Because rather than take Reagan's approach of less regulation lower spending less taxes he went with the opposite -- spend too much.
Gave us the lousy -- recovery since the Great Depression.
It's exactly what we don't want to dip yes Obama and the Democrats want to have a significant tax increase so they can increase the size of government.
I would argue that what the American people want and what we need for growing economy.
Is to not allow taxes to increase and instead to do it Paul Ryan and others are talking about his take the top rates to 25%.
Corporate individual.
Reform taxes lower not higher.
Well you know there's a big debate though on how to do that and and the question is if congress can't -- -- kids some kind of consensus on even.
A budget we can't even get a budget how are we to make -- reform to the tax code.
Well you can't as long as you have divided government remember the Republican House just passed a budget the Ryan plan.
The democratic senate hasn't passed the budget in three years they put the president's budget up -- -- got zero votes so.
No Democrats in the US senate actually voted for.
Obama's budget they -- passed it.
The Democrats at all.
Gotten together and and voted for a -- -- but -- they -- or thereabouts -- zero.
Didn't go ahead and and you know this is it's not just tax them again -- -- applying it here today -- -- threat.
-- to families all over the country to small businesses all over the country there are also taxes coming in from Obama care that are going to be heavy.
And from some estimates I'd seen because some of -- -- capital gains dividends.
This could have an impact in negative one on the stock market.
What do you think you're gonna be the ongoing results of those tax it.
If they actually click and their twenty different tax increases its stock inside of Obama -- One of the mission increased almost four -- percentage point increase on capital gains on dividends.
Dividends if Obama gets elected and we got back to pre bush cut.
Rate plus the three point 8% that Obama puts on top take should -- about.
Uh 045%.
Of that tax tax rates on.
And on dividends -- capital gains up to about 24% so what's the point of investing.
Well the -- the Warren Buffett -- Here's the new future of American investor Warren Buffett rolls has fewer and too much money we'll get it to 30% minimum tax and Alternative Minimum Tax.
A 30% for all investing in.
Yahoo! and Facebook and companies like that.
Now there's -- 0% tax.
In investing in Chicago.
And Detroit.
So municipal bonds are exempt from the Buffett rule exempt from our higher taxes where you think American capital flow.
In two failed big government and no more money obvious frivolous and like I had higher -- -- -- -- got up this is this this is this is on purpose comrade this is not a mistake on their.
-- Listen I have to ask you you've got some people bucking your system in congress.
It's got rid gal and Reid -- -- saying you know I signed that no tax pledge but I want to take it all back what do you say to them.
Again there there -- a slightly inaccurate.
Article in Politico forget.
Rebel congressman from Wisconsin it said it -- Interview summer he would -- -- sign anymore pledges.
He signed the taxpayer protection pledge which is I won't raise taxes.
He intends to keep that he's not it doesn't want to raise taxes it's unfair for people to suggest to take that one comment about not one and saw -- sign.
Other pledges and make it sound as if he's in favor of tax increases or that he's not gonna keep his word.
-- from Virginia -- more confused he did he think he actually said he might vote for tax increase although he was elected and a very.
Hotly contested.
Race because he promised in writing he never -- hit promise -- Promised people of Virginia south -- -- -- -- -- defense to offense that's -- -- Virginia.
This goes back to and a lot of people out there perceive you as the most powerful man in congress.
That are they right -- -- yeah are you really the speaker of the House of Representatives.
Now what -- Harry Reid the leader of the Democrats in the senate says things like that.
Because the reality is that the tax issue is the most powerful.
Issue in American politics going back to.
The Tea Party.
I -- the American revolution so it's a very powerful issue what Americans for Tax Reform does is we share with voters we -- We have asked all candidates would they put in writing that they won't raise your taxes some we'll put that in writing some of -- I want to raise taxes.
And I won't problems well I don't know do so the issues powerful that's true the issue is power.
Taxes jobs economy taxes jobs economies say -- clear head explodes we gotta have so what you can run a country.
And understand those issues -- it's always a pleasure having you on the show thanks for coming in on a Friday have a great weekend.
