Rand Paul warns Elizabeth Warren’s wealth tax “will destroy our country”
“A wealth tax will destroy our country,” said Paul emphatically. “It’s not good for our country.
Paul added that the “American way” is to reward entrepreneurs who create successful businesses and provide for their fellow Americans, instead of forfeiting part of their profits.
“This class war, punitive stuff that some of these Democrats want – it’s not American, it’s bad for business and it’s bad for everyone,” he said. “Because capitalism elevates everything. “
The senator noted that the United States has the lowest international poverty rate due to “capitalism, trade and the division of labor.”
Other countries that have attempted a wealth tax have tried and failed, Paul said, including Sweden whose wealthy fled the country to be asked to return after the tax was revoked.
“Class war, people have to have a grip on what’s going on,” he said. “When they take power, we become Venezuela and I don’t want that for our country either.”
Warren, D-Mass., And his progressive allies announced details of the proposal, known as the “ultra-millionaire tax” on Monday. The plan would impose a 2% annual tax on US household equity worth $ 50 million and over and add an additional 1% levy on fortunes exceeding $ 1 billion.
The richest 100 Americans would see their collective income decline by $ 78 billion each year, according to a new Bloomberg News analysis.
Megan Henney of FOX Business contributed to this report.