Senator Rand Paul has warned that a Democrat proposed ‘wealth tax’ is fundamentally “un-American” and will kill off entrepreneurship.
Appearing on Fox Business, Paul spoke about the ‘extreme’ plan being pushed by Sen. Elizabeth Warren, urging that “A wealth tax will destroy our country.”
“It’s not good for our country,” Paul said explaining that “This class warfare, punitive stuff that some of these Democrats want – it’s un-American.
“It’s bad for business and it’s bad for everybody,” Paul continued, adding “Because capitalism uplifts all.”
The plan would see higher taxes on the “rich”, with Bloomberg News analysis concluding that the 100 richest Americans would have their income shrink by $78 billion per year.
The plan would impose a 2% annual tax on the net worth of households worth $50 million and above, as well as an additional 1% tax on holdings of $1 billion upwards.
Paul argued that “capitalism, trade and division of labor” in the US means it has a poverty level that is one of the lowest internationally.
The Senator pointed to other countries that have attempted wealth taxes, and failed.
“The class warfare people need to get a grip on what happens,” Paul declared, adding “When they take over, we become Venezuela and I don’t want that for our country either.”