STUART VARNEY (HOST): New Fox poll, got to tell you about this one, 34 percent say the rich are not paying enough in taxes. 34 percent, not paying enough, the rich. Well, that's interesting. Hey, John Lonski, I thought that number would be a lot higher, actually.
JOHN LONSKI (CHIEF CAPITAL MARKETS ECONOMIST, MOODY): But it still shows us, I think, that over time, the country has been drifting to the left on income taxation. That percentage was lower when this survey was previously conducted. For some reason people feel that the rich are not paying their fair share when in fact, they pay a huge percentage of federal income taxes.
VARNEY: Now, what would be the effect of, say, Elizabeth Warren's wealth tax, 2 percent --
LONSKI: Well, what a mess. How are you going to tax wealth? How do you tax real estate wealth? You're going to have people going around trying to figure out the valuation of real estate?
VARNEY: What poll after poll shows is people want the very, very rich -- at the tippy-top, as AOC says, to pay a lot more. What would be the effect of the very, very rich paying a whole lot more?
LONSKI: I don't think it's going to do a heck of a lot of good at helping to narrow the U.S.' federal budget deficit. The deficit is so wide, and if you start taxing this wealth, it's not even going to hardly put a dent in the deficit and it may have the unwanted effect of reducing the incentive of people that are very talented and very rich to go ahead, expand their businesses, and make jobs and drive the economy higher.
