Grover Norquist: Biden's Tax Plans Will Prove 'Devastating'

Democrat nominee Joe Biden's planned tax policies will devastate Americans' life savings if he's elected, Americans for Tax Reform President Grover Norquist warned Tuesday. 

"He's going to be adding more debt, higher taxes, in a way that damages your life savings as you're trying to look to retire or to have money in the future," Norquist told Fox Business' Maria Bartiromo on "Mornings With Maria." "It's a devastating impact on your life savings."

Biden has said he'll only tax the wealthiest 1% of the nation, said Norquist, but there are many other plans that he has put forth that will affect other Americans. 

"The list of things he wants to do, taking the corporate rate back up higher than China's business tax, is what he's been talking about ... higher than China, higher than European competitors," said Norquist. "What that does, it reduces the value of your 401K, your IRA."

That's because Biden forgets that there are now 100 million Americans whose life savings are in the stock market through various savings vehicles, said Norquist. 

"When you raise taxes on companies, when you double the capital gains tax to 40%, which he wants to do for all Americans, not just the rich, all Americans, those reduce the value of your life savings," he added. 

Under President Donald Trump, Americans saw their life savings in their 401K accounts increase dramatically when the president said he'd be cutting taxes and deregulating, said Norquist. 

People's life savings dropped when the COVID-19 pandemic hit, but now they have gone back up, said Norquist. 

"When the stock market went down as a result of COVID, it never went as low as it was when Biden and [President Barack] Obama were in charge," said Norquist. "COVID is better for you than their economic policies when looking at your life savings. He's attacking 100 million Americans who are saving for their future in a 401K or IRA."

Further, Biden's labor union policies, including banning independent contractors, will make life savings work less, said Norquist, adding that the former vice president will be attacking "100 million people directly and their families and their children."

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