Business

Varney: Taxing the rich won’t pay for Democrats’ spending

Published

2 years ago

March 23, 2024

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Varney: Taxing the rich won’t pay for Democrats’ spending

FOX Business’ Stuart Varney says the rich won’t be able to pay for all of Democrats’ spending.

…

STUART VARNEY: Senator Elizabeth Warren just told the world how little the left understands about money. She is a politician, driven by ideology. Socialist ideology. Not economics.

She said this: I’m abbreviating so the point is clear: “We need to get the billionaires to actually pay income tax… we have a debt problem partly because the very richest people just aren’t paying.”

Point number one: Senator Warren wants to confiscate the billionaire’s wealth. Not tax it, confiscate. Take. Seize.

That is constitutionally questionable.

Point number two: our massive debt is the result of massive over-spending. It’s not the result of the rich “not paying their fair share.” Tax revenues are already at record levels: it’s spending that’s pushed us into uncontrollable debt.

No matter how much you “tax the rich,” you won’t pay for all the spending that Senator Warren demands.

And then there’s Elon Musk, a man worth over $200 billion.

Senator Warren tweeted that he should pay taxes and stop freeloading of everyone else.

Musk is not a man to take that lying down. He fired back, calling her “Senator Karen.”

“If you opened your eyes for just two seconds, you would realize I will pay more taxes than any American in history this year.”

He went on: “Don’t spend it all at once… oh wait, you did already.”

The billionaire and the socialist!

The billionaire won!

…

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FOX Business Network (FBN) is a financial news channel delivering real-time information across all platforms that impact both Main Street and Wall Street. Headquartered in New York — the business capital of the world — FBN launched in October 2007 and is one of the leading business networks on television, having topped CNBC in Business Day viewers for the second consecutive year in 2018. The network is available in nearly 80 million homes in all markets across the United States. Owned by FOX Corporation, FBN is a unit of FOX News Media and has bureaus in Chicago, Los Angeles, and Washington, D.C.

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