Stocks fell last week after the Federal Reserve cut interest rates because there are questions about whether the tax cuts President-elect Donald Trump put forward back in 2017 will continue, Grover Norquist, the president of Americans for Tax Reform, said on Newsmax Sunday.
"You're hearing people in Congress going, 'Oh, no, we can't have that large a tax cut,'" Norquist told Newsmax's "Wake Up America Weekend," adding that Rep. Chip Roy, R-Texas, has called for raising the corporate income tax.
"[There have] been some very odd, unsettling situations,'" said Norquist. "I think one of the dangers that people are looking at is that the tax cut may be delayed. It may get stopped. We're one bad car accident away from having Democrat control of the House of Representatives, which means a $4 trillion tax increase. That's a lot of uncertainty."
Norquist also on Sunday discussed the strikes taking place affecting Amazon and Starbucks.
"Well, had [Joe] Biden gotten reelected, you would have seen an entire Department of Labor throwing in favor of putting their thumb on the scale for the union leadership, for the organized unions, not the workers, and that would have made these strikes make more sense," said Norquist. "This may be a last gasp as the change takes place at the Labor Department, as the Democrats had intended to abolish the idea of right to work."
If Democrats retained the majorities in the House and Senate, "they would have ended right to work," Norquist added.
"They would have given massive powers over to union leaderships to force people into unions," he said. "When you do have unions, keep in mind 95% of the people in unions never voted to join that union. The union was there when they showed up. So these are not democratic structures. They're political structures."
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