Americans for Tax Reform president Grover Norquist appeared on Bloomberg TV’s “Street Smart,” hosted by Matt Miller, where he discussed Americans renouncing their U.S. citizenships in response to a harsh new tax law. An excerpt of his comments is below:
Two things happened. One is we have the worldwide tax system, so that when an American works overseas, they pay over there and here. Second, we have higher rates than everybody else, on the corporate level, and even sometimes on the individual level. So, it wasn’t quite so bad when we had lower corporate taxes and lower personal taxes- 28%, under Reagan- but now it’s become a bigger problem.