Biden’s $6 trillion budget ‘not good news’ for your wallet: Norquist
Americans for Tax Reform President Grover Norquist on Biden’s $6 trillion budget and its affect on businesses, U.S. economy and the middle class.
Americans for Tax Reform President Grover Norquist discussed President Biden’s $6 trillion budget on "Varney & Co.," arguing that the proposal is "not good news" for the economy and middle class.
GROVER NORQUIST: Not good news for the economy, not good news for your wallets, not good news for middle class, small middle class taxpayers or small businesses. Twenty nine tax increases, $3.6 trillion in higher taxes, 87,000 new IRS agents with something to do to go look at over your personal economic privacy. This raises taxes on small businesses, on large businesses.
BIDEN'S FIRST BUDGET KEEPS KEY TRUMP TAX BREAK FOR BUSINESSES INTACT
So when Biden looks you in the eye and says he's only gonna tax rich people and corporations, his corporate income tax on utilities will be paid by you and every small business that uses energy. We'll see your prices go up, your costs go up, the cost of energy go up because taxes are a cost of doing business or selling anything.
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So when we get ready to compete, thinking we're going back to the 2019 strong economy, which that year the median income for a family increased by 6.8 percent. Median income, $4,400. Not a check an increase in your income. The median, not not not rich people, not poor people, the median. That means tens of millions of people saw similar increases. That was huge. We don't necessarily go back to that kind of growth because tax increases and the inflation coming from higher spending and none of this is indexed. All of this talk about I'm only going to tax certain people, you and your children and your grandchildren are going to be much higher tax brackets because inflation.
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