Fox & Friends: Nobody will work hard if the super rich are taxed at high rates
Ainsley Earhardt: "What's the sense of working hard?"
Video ››› ››› MEDIA MATTERS STAFF
From the January 7 edition of Fox News' Fox & Friends:
Loading the player reg...
STEVE DOOCY (CO-HOST): Taxed at 90 percent, why bother?
STUART VARNEY (FOX BUSINESS HOST): Did he -- did the gentleman refer to a fair share?
BRIAN KILMEADE (CO-HOST): Yes.
VARNEY: A fair share is 90 percent for the government and maybe 10 percent kept by you? That hardly seems fair to me. Look, two points. Looks to me like, number one, the far left is now calling the shots for the entire Democrat Party as you roll up towards 2020.
KILMEADE: At least two of the bigger names.
AINSLEY EARHARDT (CO-HOST): But what's the sense of working hard, then?
VARNEY: OK, OK. They are making all of the headlines. They are making all of the running. And Nancy Pelosi constantly has to talk about whether she is going to go with this or with that. The far left is making the running. And that's very dangerous for America.
EARHARDT: What does that mean for our economy?
VARNEY: Good point.
EARHARDT: Because what's the incentive of working hard, and don't the people who contribute that much to our society and are creating the big businesses, aren't they helping our economy?
VARNEY: Yes. It would be very bad news for America's economy. Right now, we got a boom in progress here. We got strong growth. You saw those jobs numbers on Friday. Over 300,000 new jobs, manufacturing making a real come back. Wages going up at a very strong rate. You start imposing tax increases like they are talking about there, and you slow that economy down dramatically. That's what happens when you raise taxes. And, I got to tell you, Brian, I don't think they care. If you ask them what's the effect of this on the economy, I don't think they care. They simply want to stick it to the rich, and stick it to President Trump.
DOOCY: They got to pay for their big programs.
VARNEY: Yeah, OK, Medicare for all and Alexandria Ocasio-Cortez has this green agenda, which has to be paid for with money from the rich. It simply won't work.
KILMEADE: So you point out too, who are these millionaires? Who are millionaires? Do they inherit their money? Eight of ten got millionaire status through work or 401(k). Seventy-nine percent of millionaires had no inheritance. A third never earned a six-figure salary. So as they make it up the ladder, their message is give it all back.
VARNEY: The whole point is that in America you do climb that ladder. It's not like in Europe where you inherit your wealth through some kind of aristocracy -- or don't. This is America. Climb the food chain. Move up to the top. You know, go as far as your brains, talent and drive will allow to you go. You don't want the government coming in and say, "Well, you've made too much. You're too aggressive. You're too successful. We're going to take 90 percent off you." That's ridiculous.
KILMEADE: Or they just won't do anything. The most successful people will pull back, say I don't have to do anything, I don't have to create any more jobs, start any more businesses, and I'm going to pull back.
VARNEY: That's precisely what will happen.
DOOCY: I think the key is just don't make $10 million a year.
VARNEY: Whatever you say, Steve.
DOOCY: Because that's when it would kick in.