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

EXCERPT:

QUICK: “I understand the idea of wanting to get at the idea that these wealthy people are living off of things. And I think Andrew'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. But the idea of just a wealth tax in itself, really up instincts. And 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. 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 and it seemed impractical to try and figure out how to --“
WARREN: “Look --“
QUICK: “-- how to actually figure it out.”