On the radio program Monday, Pat Gray and Stu Burguiere (filling in for Glenn Beck this week) discussed Democratic presidential candidate Elizabeth Warren's proposed tax plan that would push federal tax rates for some Americans as high as 158 percent, according the The Wall Street Journal.
"So take a billionaire with 1,000-dollar investment, who earns a 6 percent return, or 60 bucks," Pat explained. "If all of Warren's taxes are implemented, he could owe 58.2 percent of that, or $35 in federal tax. Plus, his entire investment would incur a 6 percent wealth tax. That's at least $60. Then the result is a tax that's as high as $95 on income of $60, for a combined tax rate of 158 percent. Is that fair? That's fair, right?" he added sarcastically.
"It's probably fair," Stu joked. "Everything you earned, plus another half of what you earned, plus a little more."
Stu pointed out that Warren's wealth tax is "blatantly unconstitutional." He went on to note the Massachusetts Senator's strong performance in the polls despite her outrageous campaign proposals. Warren has recently dropped from second to third with 20 percent, according to national polls.
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