Stuart Varney: Democrats want a piece of your stock market action
Top 1% of income earners paid 40% of all income taxes, but earned just 22% of the total income, Varney says
Varney & Co. host Stuart Varney criticizes the Democrats wealth tax dream.
During his "My Take," Monday, "Varney & Co." host Stuart Varney discussed Demcorats' "fair share" tax ideology after new IRS data showed the extent of their tax "unfairness."
STUART VARNEY: What exactly is a "fair share?" How much of your income should the government take?
One third? One half? The left never says, but they always want more. New IRS data shows the extent of the unfairness
BIDEN ISN'T DONE TAXING US TO DEATH. READ WHAT HE SAID
The top 1% of income earners paid 40% of all income taxes, yet they earned just 22% of the total income.
A picture of an IRS tax form. (Michael Bocchieri/Getty Images / Getty Images)
In other words, the tax they paid was double their share of income. Is that fair?
No, it's not fair according to Senators Sanders and Warren. They want to take even more.
They want to push the top rate from 37% now to 39.6%. Hopefully, President Trump will stop them.
BILL GATES SAYS ULTRA-WEALTHY WOULD ‘HAVE A THIRD AS MUCH’ IF HE CREATED TAX SYSTEM
What we're seeing is the politics of envy, of jealousy.
Throughout the presidential campaign, first Joe Biden, then Kamala Harris insisted the rich weren't paying enough.
They blamed the top 1% for the hardship Middle America was suffering. How wrong can you be? The hardship voters felt came from the inflation that Biden and Harris unleashed.
Taxocracy author Scott Hodge joins Kudlow to criticize President Bidens fiscal policy.
What we need is not new taxes. It's growth and that's what Trump is offering. He would keep his tax cuts in place and take less off corporations.
He'll let loose Elon Musk and Vivek Ramaswamy to shrink the bloated bureaucracy and cut costs. That is a plan.
One last thing. What the Democrats really want is a piece of the stock market action. They've seen the rally. They know that millions of people have made serious money.
KAMALA HARRIS' TAX PLAN COULD COST US NEARLY 800K JOBS
That's why they tried a wealth tax designed to take your stock profits whether you had the money or not. They lost this time around, but they will be back.
My personal political favorite, Margaret Thatcher, put it best, "The problem with socialism is that eventually you run out of other people's money."