One of the things that you have to understand about politicians is that they are the type of people that want to control the narrative as much as they possibly can.
The problem is that they try to do this so much that they never end up actually answering the question that you were asking.
For example, you could be waiting at an airport departure gate when all of a sudden a Democratic senator sits down next to you. They are on the same flight. You could ask them about their best experience flying on an airplane and I guarantee you that they will tell you about a bus trip that they took when they were six.
CNBC host Joe Kernan clashed with Democratic Massachusetts Sen. Elizabeth Warren on Tuesday over her tax the wealthy to death tax that would bring in an estimated $3 trillion dollars in ten years.
Her tax would require the wealthy to pay a 2% to 3% tax on wealth, not income. That means after you p0ay your corporate taxes and your income taxes, you would also need to pay this boondoggle tax.
Take Elon Musk for an example. He is worth $167 billion dollars, so his wealth tax would be $5 billion a year on top of all of the other taxes.
Over 10 years he would have to pay $50 billion dollars. This is his “fair share?” That means he is being taxed on the same money year after year.
Where is the incentive to grow your business if you don’t get to keep the rewards? Tax shelters would become popular again.
Kernan kept pressing Warren on the tax asking her why not raise it to 10% and 20%. It will lead to inflation and a lower GDP as the wealthy try to protect what they have left after paying taxes on their income.
The wealthy do not sit on their billions, they invest it. That creates jobs and those jobs pay income tax.