UPDATE: As of this writing, the Senate returned the tax bill to the House for a re-vote. The two chambers must agree on identical versions of the bill in order to send it on to President Trump for signature. The House Republican leadership has told their caucus to be ready to vote on the tax reform package by 10 a.m. on Wednesday.
Grover Norquist, who heads Americans for Tax Reform, said in advance of the vote in favor of the GOP tax reform bill that it was a “huge step forward" for American businesses. Speaking on Fox News Channel’s “Fox & Friends,” Norquist said, "When they take business taxes from 35 percent — the highest in the world, the least competitive in the world — socialist China is at 25, we are at 35 and we wonder why we have problems?"
Norquist said, "We do that to ourselves. Finally, we will take it down to 21 which makes us competitive with Europe and other countries. That changes a lot in terms of how the next 20, 30 years look in terms of job creation." He also pointed out that the new rate applies to big and small companies. "Half of Americans work for pass-through, which are companies that organize inside the individual income tax," said Norquist, referring to the 28 million small American companies that will see lower taxes.
"Half of Americans work there, and the Democrats are attacking that," he added. "Good luck running an election when you are attacking 28 million companies and half the population." The GOP tax plan will create jobs and improve wages, Norquist claimed. "Also, your 401K, your IRA, your lifetime savings will jump dramatically because the tax cuts make it easier for businesses to invest and be more profitable to succeed," Norquist said.
While Democrats and establishment media have claimed that the tax reform package favors the wealthy over everybody else, "In point of fact, one of the things that's happening here is 6.6 million Americans are today hit with that Obamacare tax." He added, "If you don't buy Obamacare, they tax you $700 for a person, $2,400 for a family of four. That ends when this bill is signed."
This year, unlike 1986, when some Democrats were in favor of tax reform, Democrats are uniformly opposed, thus veering further left. "The 1986 bill took the individual rate down to 28 percent," said Norquist. "We're up at over 40 percent now, and the Democrats who all cheerfully voted for 28 percent are now whining because we are bringing the top rate down to 37 percent. That's how far left they have gone."