During his newest “My Take,” “Varney & Co.” host Stuart Varney discusses the left’s efforts to tax the wealthy as California proposes “the most pernicious and frankly evil” wealth tax, arguing the Democrats are looking to get into the capital Americans constructed.
STUART VARNEY: What is that this? Tax the wealthy month? In the final ten days, legislators in New York, Illinois, Hawaii, Minnesota, Washington and Connecticut, Democrats have all proposed quite a lot of techniques to make the wealthy pay extra.
The maximum pernicious and admittedly evil proposal comes from: California.
They wish to tax wealth.
That’s all the time the reaction at the left: elevate taxes, however a wealth tax is one thing else once more.
They’re going after the price of wealthy other people’s belongings: shares, bonds, properties, land, farms.
It could be an annual tax on other people with greater than $50 million price of belongings.
And they must pay although they left the state.
It’s like an go out tax.
CALIFORNIA DEMOCRATS CONSIDER WEALTH TAX — INCLUDING FOR PEOPLE WHO MOVED OUT OF STATE
This is not any strategy to finish the California go out.
340,000 other people left the state final yr, with maximum heading to Texas and Florida the place there is not any state source of revenue tax in any respect.
They’re no longer speaking a few wealth tax in Austin or Tallahassee.
Can you consider the headache of calculating the price of your home or your small business or your shares annually?
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Imagine what number of tax board workers the state wishes to trace down the cash!
But the left does not care. They’ve taxed source of revenue to the hilt: now they wish to get into wealth, the capital you may have constructed.
It’s the way in which socialists suppose: “You’ve got more than me. That’s not fair. Give it to me now.”
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