STUART VARNEY: Sen. Elizabeth Warren has an idea on how to pay for her socialist paradise: you got money, she'll just take it.
The senator has come up with a new tax: she would take 7%, every year, from all companies reporting over $100 million in profit. An estimated 1,300 companies would be paying that tax. Every year.
Rich, profitable companies don't get much sympathy, and I would expect Sen. Warren's proposal to be politically popular. Delivered with a smile, her line is: hey, they can afford it. And besides, the money would pay for children's health care and free college and free pre-school.
Don't forget that Sen. Warren is going after rich individuals as well. She wants the wealthy to give the government a list of all their assets, every year, and if she thinks you've got too much, she would confiscate 4% of your wealth every year.
All assets would be included in the list: stocks, bonds, real estate, land, artwork, NFTs, cryptos, even your diamonds. Imagine that: submit your wealth list, every year, to a government bureaucrat: this will be life in America?
But again, the rich get no sympathy, so Sen. Warren's wealth seizure will be popular, certainly among Democrats.
This is serious stuff because we're being asked to move way beyond taxation and into the realm of confiscation. Whether your wealth has gone up or down, doesn't matter. If you've got more than $50 million, you pay. If your company makes more than $100 million, you pay.
I think it is flat-out un-American, and probably unconstitutional. To the socialists, that doesn't matter.
You've got it. They want it. And they're gonna try to take it.