Should the Rich Surrender Half Their Paycheck?

The argument over taxation in the United States heated up on the FOX Business Network’s Varney & Co. on Friday.

Host Stuart Varney and guest Caroline Heldman, a political science professor at Occidental College in Los Angeles, debated the income tax rate in America.

Varney stated he believes taking more than half of his income in income taxes is “immoral.” To his statement, Heldman replied:

“A lot of folks at the high end are making a lot of money off of their money just sitting there,” she said. “I mean making money off of investments; they’re not working for it.”

Heldman added: “Poor people are working harder than other people, so I would like to see a system of merit in place where the amount of work that you put in, you get out.”

The FOX Business Network host explained his work ethic and his personal background:

“I’m 68-years-old, I work 12 hours a day, I often work weekends, rarely get a break and I’m paying 60% of my income in taxes.”

Heldman responded, saying she doesn’t believe the wealthy are really paying 60% of their taxes. She added: “You’re acting as though the people in the top 1% haven’t already gotten such a leg up economically, socio-economically from probably inheritance because a majority of them started with inherited wealth.”

Varney added that there is a difference between the wealthy in Europe and U.S.

“If you look at wealthy people in Europe, most of them—I don’t know the proportion—have actually inherited it just like you. In America, if you look at the very wealthy people, most of them have made it themselves and that’s the difference. Capitalism versus end-of-the-line socialism.”