Fmr. Best Buy CEO: Clinton's Estate Tax a "Devastatingly Stupid Idea"
During an interview on the FOX Business Network’s Cavuto: Coast to Coast, former Best Buy CEO Brad Anderson ripped apart Hillary Clinton’s new estate tax proposal.
Under the updated plan, Clinton would impose a 65% tax on the largest estates, making it tougher for heirs to inherit assets from their wealthy family members without being taxed.
“This is a devastatingly stupid idea… I worked for a guy who was a high school graduate, created a company – It didn’t make money for 20-years. And after 20-years it finally starts to build up. He has a dream that he’s trying to build, that includes passing some of it along to his family and if you take that away, why does he pay the price?” Anderson asked.
Anderson, who is a member of the Job Creator Network, also said the plan is antagonistic to “the reason people try to create wealth in the first place.”
“The companies making the money are the entrenched enterprises. We want the new guy, who is most of the people that would really make the kind of money to be eligible for this tax. We want the new people to create wealth to be out there doing adventuresome, ambitious things,” he said.