Grover Norquist on the ‘Make-Believe Energy Sector’ and How to Legitimately Reduce Your Taxes
American Thought Leaders
The Epoch Times
4.9 • 1.2K Ratings
🗓️ 9 August 2023
⏱️ 35 minutes
🧾️ Download transcript
Summary
“When you subsidize something, you hide the cost to consumers. So they purchase more of it than they want to, than they meant to. More people will make it, but there’s less real demand for it … All subsidies and taxes turn prices into lies.”
In this episode, I’m joined by Grover Norquist, founder and president of Americans for Tax Reform. In a time of soaring inflation and economic hardship, we sat down to discuss what Americans can do to legitimately reduce their taxes.
“Consider moving to a state that doesn’t have an income tax or that has a single-rate tax,” says Mr. Norquist. “New York City: city and state personal income tax? About 14 percent-plus. Move to Miami: state and city income tax? Zero.”
How do corporate income taxes, subsidies, and bail-outs impact the economy? And what can the federal government learn from individual states about how to formulate its tax policy?
“Governments shouldn’t fix recessions. They should step out of the way, reduce taxes, reduce regulations, let prices reassert themselves … And as happened in 1921, and earlier ones, short recessions fix themselves quickly if everybody’s allowed to reallocate their resources, their time, switch jobs, and so on. But if the government says, well, here’s how we fix things—that’s how we got into the problem in the first place,” says Mr. Norquist.
Transcript
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| 0:00.0 | When you subsidize something, you hide the cost to consumers, so they purchase more of it than |
| 0:05.2 | they want to, more people will make it, but there's less real demand for it. All subsidies and taxes |
| 0:13.1 | turn prices into laws. In this episode, I'm joined by Grover Norquist, founder and president of |
| 0:19.1 | Americans for tax reform. In a time of soaring inflation and economic hardship, we sat down to |
| 0:25.2 | discuss what Americans can do to legitimately reduce their taxes. Consider moving to a state |
| 0:31.5 | that doesn't have an income tax or that has a single rate tax. New York City, city and state |
| 0:37.5 | personal income tax, about 14 percent plus, move to Miami, state and city income tax, zero. |
| 0:45.2 | How to corporate income taxes, subsidies and bailouts impact the economy and what can the federal |
| 0:51.5 | government learn from individual states about how to formulate its tax policy. Governments shouldn't |
| 0:57.8 | fix recessions, they should step out of the way, reduce taxes, reduce regulations, let prices |
| 1:04.7 | reassert themselves. This is American Thought Leaders and I'm Jania Kelley. |
| 1:11.2 | Grover Norquist, such a pleasure to have you back on American Thought Leaders. |
| 1:15.0 | Good to be with you. Today, we're going to get Grover Norquist |
| 1:20.8 | to tell us how we can reduce our taxes, legitimately, of course, legitimately. A lot of people |
| 1:28.7 | are experiencing financial issues. I've been looking at various statistics and there's a huge, |
| 1:34.8 | big, big growth of people who are simply like going into their savings to buy food and things |
| 1:41.9 | like this. I mean, people are seriously thinking about how to save, how to cut costs and tax |
| 1:46.0 | reduction would be a fantastic place where they might be able to do that, if they can do it |
| 1:49.9 | legitimately. There are three places where you can reduce taxes. One is at the national level |
| 1:57.2 | and each of us has a limited ability to affect that. To get lower taxes, you need a Republican |
| 2:04.1 | House Senate and President at the same time with 60 votes in the Senate, so not easy, but at the |
| 2:11.6 | state level and the local level, one, the voice of an individual is larger. It's easier to get |
... |
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