Varney: Biden's $775B plan is 'tax and spend bonanza' on real estate investors
'If you're successful and you've invested in real estate, pay up!'
FOX Business’ Stuart Varney, in his latest “My Take,” argues that former Vice President Joe Biden's economic plan has already proven to tax and spend excessively, but the third part released Tuesday morning is a “bonanza.”
“First came the economic plan: raise taxes and spend trillions,” he said. “Then came the green plan: kill oil, gas and coal. Zero-emission power generation by 2035. And now, early this morning, Joe Biden released part three of his ‘build back better’ plan and it’s another tax and spend bonanza.”
Biden’s plan, according to Varney, will spend $775 billion over 10 years. The plan will generate 3 million new health and education jobs, including 150,000 home health care workers, high-quality pre-schools, energy-efficient child care facilities and expanded weekend and summer programs.
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U.S. Democratic presidential candidate and former Vice President Joe Biden speaks during a campaign event about the U.S. economy at Delaware State University in Dover, Delaware, U.S., June 5, 2020. (REUTERS/Jim Bourg)
But who will pay? Varney said it will be put on the shoulders of real estate investors who make more than $400,000 a year.
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“Yes, that’s who Joe thinks should foot the bill,” he said. “Say goodbye to using real estate losses to limit your tax bill. Say goodbye to rolling over your profit from one property into another without tax. It’s not complicated: if you're successful and you've invested in real estate, pay up!”
Varney said Biden’s entire plan is to redistribute wealth and tax the rich, and it's telling of how far left the Democrats have been “dragged.”
“You've got more than me: that’s not fair. Give it up. Hand it over,” he said. “The Biden plan is a measure of how far left the democrats have been dragged. What a contrast with the Trump program: Cut taxes. Cut red-tape. Go for growth and prosperity. 105 days to the election.”
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