Wednesday on CNBC’s Squawk Box, ATR president Grover Norquist discussed Elizabeth Warren’s “Wealth Tax” with host Joe Kernen.
Norquist said, “Look, this is a tax on savings. They call it a wealth tax, it’s a tax on savings.”
He also pointed out how tax hikers always say their new tax will only hit “the rich” but eventually grow to hit everyone:
“Of course, they advertise it as only hitting billionaires to start with, that’s the way the income tax was sold [in 1913]. The top rate of the income tax of 7% hit you if you made $11 million in today’s dollars — it was only going to hit rich people now it hits everybody,” Norquist said. “The trickle-down effect of taxes, they always start by saying we’re only going to hit the rich people. The Spanish American War tax on phones, which only rich people had [in 1898] because they cost $4,000 in today’s dollars. By the time it was done, every American was paying that tax.”
“If you’re a millennial, you will be paying it and your children will be paying it. They’ll advertise it as only hitting rich people to start with, but it’s a tax on savings.”