CNBC’s Becky Quick Explains to Sen. Elizabeth Warren Why ‘Wealth Tax’ Is a Bad Idea

QUICK Senator Warren It ░░░░░░░░ an income tax that ░░░░░░░░ have right now And ░░░░░░░░ think the idea of ░░░░░░░░ wealth tax throws a ░░░░░░░░ of people off And ░░░░░░░░ can point you can ░░░░░░░░ to the idea of ░░░░░░░░ estate taxes but in ░░░░░░░░ your home is not ░░░░░░░░ reassessed every year and ░░░░░░░░ higher and higher prices ░░░░░░░░ it And when you ░░░░░░░░ have towns that get ░░░░░░░░ aggressive on real estate ░░░░░░░░ you end up pushing ░░░░░░░░ the Elder older people ░░░░░░░░ are no longer working ░░░░░░░░ day we drive senior ░░░░░░░░ out That s what ░░░░░░░░ in our area too ░░░░░░░░ things go to extremes ░░░░░░░░ that I understand an ░░░░░░░░ tax I understand the ░░░░░░░░ Warren You know let ░░░░░░░░ just push QUICK But ░░░░░░░░ I just finish very ░░░░░░░░ and then of course ░░░░░░░░ ll save the time ░░░░░░░░ over Warren Sure Of ░░░░░░░░ QUICK I understand the ░░░░░░░░ of wanting to get ░░░░░░░░ the idea that these ░░░░░░░░ people are living off ░░░░░░░░ things And I think ░░░░░░░░ s idea is a ░░░░░░░░ one of saying if ░░░░░░░░ re using your your ░░░░░░░░ as as something that ░░░░░░░░ re living off of ░░░░░░░░ income you should be ░░░░░░░░ on that But the ░░░░░░░░ of just a wealth ░░░░░░░░ in itself really up ░░░░░░░░ And we can say ░░░░░░░░ we re going to ░░░░░░░░ go after 50 million ░░░░░░░░ above But we all ░░░░░░░░ that income taxes started ░░░░░░░░ that way too And ░░░░░░░░ s gotten to be ░░░░░░░░ bigger and bigger part ░░░░░░░░ everybody s number And ░░░░░░░░ idea of an unrealized ░░░░░░░░ that I never see ░░░░░░░░ taxed is anathema That ░░░░░░░░ doesn t at all ░░░░░░░░ fair in any way ░░░░░░░░ or form and it ░░░░░░░░ impractical to try and ░░░░░░░░ out how to Warren ░░░░░░░░ QUICK how to actually ░░░░░░░░ it out Warren Let ░░░░░░░░ be clear as I ░░░░░░░░ I think Andrew is ░░░░░░░░ in the right direction ░░░░░░░░ m just making the ░░░░░░░░ overall because the system ░░░░░░░░ no longer fair When ░░░░░░░░ first put an income ░░░░░░░░ in place remember we ░░░░░░░░ marginal rates that were ░░░░░░░░ higher than they are ░░░░░░░░ for the very wealthiest ░░░░░░░░ this country The idea ░░░░░░░░ the richer you are ░░░░░░░░ total number of dollars ░░░░░░░░ pay will be more ░░░░░░░░ your income is higher ░░░░░░░░ so you want to ░░░░░░░░ a fraction of that ░░░░░░░░ seems fair across the ░░░░░░░░ That has now been ░░░░░░░░ on its head So ░░░░░░░░ people who are paying ░░░░░░░░ highest percentage of their ░░░░░░░░ are middle class families ░░░░░░░░ the wealthiest the billionaires ░░░░░░░░ this country are paying ░░░░░░░░ nothing Jeff Bezos pays ░░░░░░░░ lower marginal tax rate ░░░░░░░░ a Boston public school ░░░░░░░░ And that is fundamentally ░░░░░░░░ And the idea that ░░░░░░░░ say Oh I m ░░░░░░░░ that billionaires won t ░░░░░░░░ able to be represented ░░░░░░░░ Congress and taxes will ░░░░░░░░ out of hand Give ░░░░░░░░ a break It s ░░░░░░░░ billionaires who just got ░░░░░░░░ tax cut from Donald ░░░░░░░░ that turned out to ░░░░░░░░ what Nearly 3 trillion ░░░░░░░░ of that money went ░░░░░░░░ millionaires and billionaires It ░░░░░░░░ the tax system even ░░░░░░░░ If you want to ░░░░░░░░ a democracy it s ░░░░░░░░ to be that everybody ░░░░░░░░ a fair share and ░░░░░░░░ fair share should have ░░░░░░░░ to do with the ░░░░░░░░ of wealth you ve ░░░░░░░░ Right now we re ░░░░░░░░ that burden on the ░░░░░░░░ class and giving billionaires ░░░░░░░░ free ride I think ░░░░░░░░ s wrong.”