Norquist on indexing cap gains: “Anyone who has an asset would no longer be penalized for the taxation on inflation.”


Posted by Adam Sabes on Wednesday, July 3rd, 2019, 3:58 PM PERMALINK

“Anyone who has an asset would no longer be penalized for the taxation on inflation,” said Americans for Tax Reform president Grover Norquist on "The Ticker" on Yahoo Finance, hosted by Seana Smith.

Norquist said: "Well, since half of the Americans own shares of stock [and] half of Americans own homes, every farmer would benefit from this. The answer is - And this is available to anybody, by the way - anybody who owns an asset, buys an asset, has an asset would no longer be penalized for the taxation on inflation. Schumer, the lead Democrat in the Senate, was on the floor of the Senate on TV, saying we ought not to tax inflation on capital gains. He has stated support for this as well, not necessarily for the executive order, but he says he's for the policy. We'll see if he continues out or whether he wants to play partisan politics. I think that'd be a big mistake. The people who benefit from this are people over 55, who have the most inflation inside their homes, land, any buildings, and you'd see a tremendous unlocking of corporate assets. Also, because companies live for a long time. They've had assets for 100 years. They don't sell things that are 100 years old, because of the high tax on the inflation. This would liberal and open up maybe $7 trillion over the next two years in asset sales from companies. That would be a tremendous boon to the economy. And everybody who gets a job - none of whom are in the top 1% - Is the beneficiary of a strong economy."

View the full interview at this link.

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