Grover Norquist Says GOP Tax Plan Is a Huge Step Forward

The video discusses a tax plan that reduces the corporate tax rate to 20%, benefiting American companies by increasing after-tax cash flow. It also highlights tax reductions for small businesses, with a top rate of 25%, and introduces full business expensing for five years. Individual tax cuts are also covered, with rates dropping and the standard deduction doubling. The plan aims to boost economic growth, potentially increasing revenue significantly. The political implications of these changes are also discussed, with a focus on the impact on small businesses and the potential for re-electing Republicans.

What is the new corporate tax rate that makes the U.S. competitive with most of the world?

• 35%

• 15%

• 20%

• 25%

How many small businesses are expected to benefit from the reduction in taxes on subchapter S corporations?

• 10 million

• 20 million

• 30 million

• 40 million

What is the duration for which full business expensing is initially allowed?

• 5 years

• 7 years

• 10 years

• 3 years

What is the new bottom individual tax rate after the reforms?

• 15%

• 5%

• 0%

• 10%

What is the expected additional revenue if the economy grows at 3% annually for the next decade?

• $5 trillion

• $1.5 trillion

• $2.7 trillion

• $3.5 trillion