STUART VARNEY: The total value of America’s stock market just hit the 31st record of the year!
The Wilshire Index puts the value of all stocks at $45 trillion. That’s a pile of wealth!
And it’s up $5.9 trillion just in 2021.
The socialists look at this and they're furious. All that money, and they can't get their hands on it. But watch out, they're going to try.
They desperately need the cash to build their socialist dream: free health care, free education, free money, the Green New Deal -- they all cost a fortune. So, go after the last untapped pool of wealth: Wall Street!
The left will try to grab that wealth in three ways:
1) Elizabeth Warren's wealth tax: she would take, literally take, money out of the investment accounts of wealthy people. It’s not really a tax: it is simply the seizure of wealth!
2) A doubling of the capital gains tax. Sell stocks at a profit, and the left would take up to 43% of your gain!
3) A huge increase in estate taxes. The left will tax much more of your estate, so you can pass along much less!
They're going after stock market wealth. They can't raise income taxes -- that won't bring in the kind of money they need. They could raise consumption taxes, like a gas tax, but that hurts the poor far more than the rich.
So they are down to their last good option: grab a chunk of that $45 trillion worth of stock market wealth.
Jealousy, envy, anger -- those are the emotions of the left. And they will be on full display as they come after you and your money.