Varney: Biden's billionaire tax proposal is 'legalized theft'
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FOX Business host Stuart Varney argues Democrats are "lining up their strategy" for the midterms as the president proposes billionaire tax in budget.
"Varney & Co." host Stuart Varney blasted President Biden for his billionaire tax proposal set to be unveiled in his FY 2023 budget, arguing the Democrats are out of ideas that work as they fall short on key issues important to Americans.
STUART VARNEY: I'd like to label the billionaire tax for what it is: legalized theft. I have no doubt it will be popular, however, billionaires don't get much sympathy. After all, they don't need all that money, do they?
What the socialists are doing is simply seizing somebody else's money.
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If you're really rich, the IRS will add up all your gains from stocks, bonds, houses, even art, and then just take 20%. You don't have to sell the asset. But if you own it, and it’s gone up in value, the IRS takes a piece of it, year after year...
Here's what's going on: until now, the government couldn't get its hands on much of the wealth created in the stock and real estate markets. The billionaire's tax changes that. The IRS would just take the wealth.
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I don't think it’s going to happen: it’s probably unconstitutional and would be challenged in court forever.
But this shows how the Democrats are lining up their strategy for this year's elections. They're not doing well with the border, crime, and above all, on inflation, so, they return to the old stand-by: tax the rich.
They're out of ideas that work, so they've returned to the failure of socialism. Makes 'em feel good. But it wrecks the country!