Norquist Says He's Confident Trump's Tax Reform Will Happen Despite Delays
Americans for Tax Reform President Grover Norquist said today he's confident that tax reform will be passed despite recent delays.
On "America's Newsroom," Norquist said he understands why doubts are beginning to be expressed, including in a New York Post editorial yesterday. The paper said further delays could "kill" the prospect of tax reform entirely and questioned whether President Trump needs to take the lead.
We have great respect for Ryan and Sen. Mitch McConnell, but historically it’s taken White House leadership to deliver real tax reform — and, anyway, they’re not the guys the American people elected to set the agenda.
The voters chose the guy who promised to deliver jobs, and nobody thought that meant “sometime in 2018.”
Norquist said there is agreement among the White House and Republicans in the House and Senate. That includes cutting the corporate rate from 35 to 20 percent, while small businesses would go from 40 down to 25 percent, which he called "very important."
He predicted a major negative impact on the stock market if tax reform fails, pointing out that the market has been assuming for months that tax cuts are coming.
Norquist said, however, that an ObamaCare replacement must be passed first because of the $1 trillion in taxes built into the law.
He criticized Republicans for not coming to a consensus five months ago, but said there seems to be a deal between the Freedom Caucus members and moderate Republicans
Watch the full interview above.