Senator Rand Paul has warned that a “wealth tax” proposed by Democrats is fundamentally “anti-American” and will kill entrepreneurship.
Appearing on Fox Business, Paul spoke of the “extreme” plan pushed by Senator Elizabeth Warren, insisting that “a wealth tax will destroy our country.”
“It’s not good for our country,” said Paul, explaining that “this class war, punitive things that some of these Democrats want – it’s not American.
“It’s bad for business and it’s bad for everyone,” Paul continued, adding “Because capitalism elevates everything.”
The plan would see higher taxes on the “rich,” with Bloomberg News analysis concluding that the richest 100 Americans would see their income fall by $ 78 billion a year.
Fashion label Boohoo, which has vehemently expressed its support for Black Lives Matter in the wake of George Floyd’s death, is now embroiled in a slave labor scandal.
The plan would impose a 2% annual tax on household equity worth $ 50 million and above, as well as an additional 1% tax on holdings of $ 1 billion on the rise.
The senator referred to other countries that have tried to impose wealth taxes and have failed.
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