STUART VARNEY (HOST): Elizabeth Warren has been gaining ground. In many polls, she is now right behind Joe Biden, and the gap is narrowing. She bashes the rich, and she bashes capitalism. To far-left activists, that's good. They love her wealth tax. They love the revolution she demands for corporate America. So let's look at those policies. What impact would they really have?
Okay, her wealth tax would have cut the net worth of the 15 richest Americans in half. Jeff Bezos and Bill Gates would have had hundreds of billions of dollars confiscated. Now, some people think that's just fine. "Huh, they don't need all that money. It's not fair." Sen. Warren is playing to the jealousy factor — always present in politics, and always ugly. Truth is, accumulated private capital is the engine of growth and innovation for the future. Confiscate it, and we all suffer.
Then, more importantly, there is her Accountable Capitalism Act. And this is a real threat to everybody's money. Sen. Warren would force all big companies to take a lot of their profit away from shareholders. And it would be given to — the workforce, the community, customers, the local and global environment — and community and societal factors, whatever that is. America's great companies, forced to dance to a socialist drumbeat.
Forget about investing in stocks for your retirement. The profits that support stock prices would have been diverted. Seventy-three percent of the value of all stocks today is held by people over 55. Stocks are your retirement vehicle. Warren would ruin your retirement.
The bottom line is this: Socialists don't redistribute wealth — they destroy it.