Grover Norquist, president of Americans for Tax Reform, sent a letter Monday to the Treasury Department requesting that they give him the $700 billion appropriated by Congress for the economic rescue plan.
Mr. Norquist, an influential inside-the-Beltway figure, said he would use the money to implement a set of tax cuts.
“I write today to formally request $700 billion from the TARP Capital Purchase Program. Since unionized auto companies, state and local governments, and certain credit card companies are applying, I thought I should, as well,” Mr. Norquist wrote to Neel Kashkari, the Treasury official overseeing the enormous fund.
Mr. Norquist said he had downloaded a two-page application form to request funds from the Treasury website, treas.gov.
“I am fully aware that some $125 billion has already been allocated as of October 29, 2008. However, given that the federal government has the full weight of the army, the FBI, etc. behind it, I am confident that you can re-appropriate this money from the likes of Wells Fargo (or their successor companies, if the current over-regulatory and over-taxing economic climate has caused them to go under),” he said.
“I have a plan for this $700 billion which should be just what’s needed to get the American economy going. Since the money came from the taxpayers in the first place, I propose giving it back to them,” Mr. Norquist said.
He said he would use the money to cut the corporate income tax from 35 percent to 15 percent, eliminate the capital gains and dividends tax, cut the top personal income tax rate from 35% to a flat 15%, kill the death tax, and allow companies to fully-expense capital assets purchased the first year.
Mr. Norquist also requested, in a moment of seriousness, that all expenditures of the $700 billion should be placed online for the public to see.
“I look forward to receiving the money,” he said.