During his "My Take," Wednesday, "Varney & Co." host Stuart Varney addressed Democrats' push for a tax on "accumulated wealth," arguing that government seizure of your savings is unconstitutional and just plain wrong.
STUART VARNEY: Uh oh, they're talking wealth tax again.
Add up the value of all your stocks, bonds, and real estate.
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Then pay the government a percentage of your wealth every year. That is a wealth tax.
It doesn't matter if you've made a profit. No, you're sitting on wealth, so pay up.
It's not a tax on income. It's not a tax on capital gains or profits.
It's just as it says, a tax on accumulated wealth.
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This is a socialist idea brought to us by the "tax justice initiative," which was inspired by Senators Elizabeth Warren and Bernie Sanders.
Right now there is not a single state that taxes unrealized capital gains.
But there are 10 states, mostly dominated by Democrats, where a wealth tax is now being considered.
Washington, California, Hawaii, New York, Pennsylvania, Nevada, Maryland, Minnesota, Vermont and Connecticut.
Accumulated wealth is the last chunk of money that Democrats don't get their hands on before you die, and they want it.
They say they need it to finance their spending plans.
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They'll say you don't need all that money, you're just greedy.
Hand it over.
You don't care about the poor, so we're going to take it off you.
Besides, they say, they're only hitting the very rich. We've heard that before.
The seizure of wealth is surely unconstitutional.
When a government takes, by force, the accumulated savings of people who work for a living, it's just plain wrong.
