"Varney & Co." host Stuart Varney criticizes the Democrats’ "wealth seizure" as they aim to increase taxes to pay for Biden’s economic agenda, arguing bad tax ideas "get put on the shelf" for later, during his latest "My take."
STUART VARNEY: The boom in stocks, real estate and cryptos has created a gigantic mountain of capital.
It is the last great untaxed store of wealth! And that makes it a target. The left will be coming after your money. It is irresistible. They taxed income to the max. Your personal wealth is the only chunk of money still available to them.
The value of all stocks publicly traded in America is now $46.7 trillion.
The value of all single-family homes is now estimated to be $35 trillion.
And the value of all cryptos is now just over $3 trillion.
Massive gains all around! Stocks, real estate, cryptos.
To the socialists, all of that is fair game. They are going to take it off you, somehow or other.
Sen. Wyden’s billionaire tax is really a wealth seizure. And although it may be out for now, bad tax ideas don’t die, they just get put on the shelf, for use later!
They will increase the estate tax to make it much more difficult to pass along the wealth that you created.
They will raise the capital gains tax so you keep less of your profit.
They are actually shifting taxation. They have to. They want to spend trillions. Therefore they must tax by the trillion, and the only place left is your money in stocks, real estate and cryptos.
They’re coming for it. And they don’t care if they tank the markets.
Hey after all, as Margaret Thatcher said, "the socialists don’t care if the poor get poorer so long as the rich get poorer too."