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Billionaire investor Mark Cuban slams Elizabeth Warren for demonizing the wealthy

Billionaire investor Mark Cuban slams Elizabeth Warren for demonizing the wealthy

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  1. FTA:

    >The Massachusetts Democrat estimates the Ultra-Millionaire Tax Act would affect about 100,000 households in the U.S., or roughly 0.05% of the population, and would generate about $3 trillion in revenue over the next decade based on estimates from Emmanuel Saez and Gabriel Zucman, economists at the University of California, Berkeley.

    >Last month President Biden said he supports a Democratic proposal to tax billionaires annually on their unrealized investment gains.

    >As part of his sweeping “Build Back Better” agenda, Biden called for a slew of new taxes on corporations and the top sliver of U.S. households, including raising the corporate tax to 28%, nearly doubling the capital gains tax rate to 39.6% from 21%, restoring the top individual income tax rate to 39.6% from 37% and taxing capital gains at death.

    This doesn’t mention the forced liquidation of retirement accounts.

    Put all of this together and what do you get? A reduction in demand for equities! This affects everyone who has their retirement funds in the market. What the Democrat party appears to be doing is intentionally engineering a period of lackluster economic growth and poor stock market returns. Unless they’re so stupid that they can’t imagine their policies doing this. Can they really be *this* stupid?

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