Fox Business panel: Capital gains tax would be “communist”
From the April 3 edition of Fox Business' Mornings with Maria Bartiromo:
MARIA BARTIROMO (HOST): Democrats are proposing another tax, this time on capital gains. Joining us now, the host of Varney & Co., Stuart Varney, to weigh in. Good morning, Stu. These taxes are piling up.
STUART VARNEY (FOX BUSINESS HOST): Is there any aspect of our financial lives that the government doesn't want to have a piece of? Answer, no. Ron Wyden, Democrat, senator, Oregon. He proposes that a capital gains tax be levied every year and the tax rate be the same rate as ordinary income. So, if I were to sell my Microsoft, and I have accumulated Microsoft over the years, according to this scheme I would have had to pay a capital gains tax every year, even though I never realized the gain by selling Microsoft. I would have to look at how much money I made the end of the year and pay a capital gains tax on that at the same rate as my ordinary income. I mean, dear lord. Is there any aspect of our lives that they don't want a big piece of? The answer is no, they want it all. That's what they want. We used to have a differential rate between work, and money. They propose to make it all the same. Terrible.
BARTIROMO: Yeah. Well, at least they're telling us all their plans before 2020.
VARNEY: Yeah, unfortunately, a lot of people will enjoy, like those plans, that's my problem here.
BARTIROMO: All right. Stu-- [CROSSTALK]
DAGEN MCDOWELL (FOX BUSINESS ANCHOR): Stuart, real quick. This is wealth confiscation.
MCDOWELL: Say it with me. This is wealth confiscation. And it's communist.
VARNEY: Yes, thank you.
BARTIROMO: That's exactly what it is.
VARNEY: It's at least a socialist.
BARTIROMO: For sure.
Wall Street Journal: Top Democrat proposes annual tax on unrealized capital gains
Fox Business panel panics over Democratic proposals to tax the wealthy: “That is communist”
Fox's Katie Pavlich falsely claims that “the top 1 percent pay 90 percent of the taxes” to argue that we cannot raise taxes on the wealthy
Fox host: There's no point in increasing taxes on the wealthy because “they will come up with various structures to hide income”