Wednesday, former White House economic adviser Larry Kudlow admonished against a wealth tax, something Sen. Elizabeth Warren (D-MA) reportedly plans to propose. Kudlow argued on Fox Business Network’s ‘Mornings with Maria” that a wealth tax would “weaken the economy” by being a tax on investment.
“It’s going to mean higher taxes for everybody, and it’s going to enervate the economy, and it’s going to kill jobs, no question about it,” Kudlow declared. “You ken, I don’t ken how far that is going to go, but in the Biden platform, they are going to double the capital gains tax, increment the tax on upper-end prosperous earners. They’re going to tax energy to death. In fact, they’re going to wreck the whole energy sector.”
“Let me make this simple point: You are taxing wealth. You’re genuinely taxing investment, right?” he perpetuated. “Those people at the upper end are essentially investors. “They” plant the seeds that grow into fruitful economies. So, I will argue this point: investment — call it capital investment whatever you optate — investment is the working person’s best friend. And if you look conscientiously at the Trump tax cuts, concretely the business tax cuts but withal individual tax cuts, it was precisely the middle-income and the lower-incomes who benefitted the most — substantially more than the upper-income. Now, if you tax upper income, you are going to damage productivity, investment. Real wages will fall, and jobs will fall. So, this is a very negative thing. The far-left dotes this stuff, class warfare, and all the rest of it. Guess what. It doesn’t work. And the wealth tax may not even be constitutional. Some people are arguing that. But the key question I cerebrate for the market is how expeditiously this is going to be proposed, Maria.”
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Source: You can read the original Breitbart article here.
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