CNBC host Rebecca Quick clashed with Democratic Sen. Elizabeth Warren of Massachusetts Thursday over the senator’s proposed wealth tax.
Warren introduced legislation in 2021 calling for a tax on people whose net worth exceeds $50 million, with the rate potentially rising to 6% for those who have over $1 billion in net worth should a national health insurance program be enacted.
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“I understand the idea of wanting to get at the idea that these wealthy people are living off of things and I think Andrew [Ross Sorkin]’s idea is a good one, of saying if you’re using your — your equity as — as something that you’re living off of, as income, you should be taxed on that,” Quick told Warren. “But the idea of just a wealth tax in itself, really upends things.
“We can say that we’re going to only go after $50 million and above, but we all know that income taxes started out that way too, and it’s gotten to be a bigger and bigger part of everybody’s number,” Quick continued. “And the idea of an unrealized gain that I never see being taxed is anathema. That just doesn’t at all seem fair in any way, shape, or form.”
The Supreme Court heard arguments in Moore v. United States, which could shut down any notion of a federal wealth tax, Tuesday.
“The idea that you say, ‘Oh, I’m worried that billionaires won’t be able to be represented in Congress and taxes will get out of hand,’ give me a break,” Warren responded. “It’s the billionaires who just got the tax cut from Donald Trump that turned out to be, what? Nearly $3 trillion. Most of that money went to millionaires and billionaires. It made the tax system even worse.”
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