Fox Business panel: Capital gains tax would be "communist"

Fox Business panel: Capital gains tax would be "communist"

Video ››› ››› MEDIA MATTERS STAFF

From the April 3 edition of Fox Business' Mornings with Maria Bartiromo:

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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.

VARNEY: Yes.

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.

Related:

Wall Street Journal: Top Democrat proposes annual tax on unrealized capital gains

Previously:

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"

Posted In
Economy, Jobs, Wages, & Unemployment, Taxes
Network/Outlet
Fox Business
Person
Stuart Varney, Maria Bartiromo, Dagen McDowell
Show/Publication
Mornings With Maria Bartiromo
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