Varney: Jealousy and rich-bashing never go out of style with socialists
Sens. Warren and Sanders now want to tax your stock market investments, Varney argues
‘Varney & Co.’ host Stuart Varney discusses the latest effort by Sens. Elizabeth Warren and Bernie Sanders to tax the rich.
During his "My Take" on Thursday, "Varney & Co." host Stuart Varney reacted to Sens. Elizabeth Warren, D-Mass., and Bernie Sanders, I-Vt., reintroducing the Ultra-Millionaire Tax Act that would slap a 2% tax on households worth $50 million to $1 billion, and a 3% tax on households over $1 billion.
STUART VARNEY: A friend of mine texted me yesterday.
He said how about Dow 40,000 by the 4th of July? I said we could get there well before then.
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Ane we did. Today we hit 40K. This is a spectacular market rally that has enriched tens of millions of investors.
Traders work on the floor of the New York Stock Exchange in New York. (Getty Images)
One year ago, the value of all publicly traded stocks was $41.48 trillion. Today it is $52.45 trillion.
That means stock values have gained an astonishing $10.97 trillion in just 12 months.
This is extremely good news for anyone who had the good financial sense and the financial ability to get into the market.
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Forty-five million households have an IRA or a 401k. Their retirement investments have surely done well.
Wouldn't you know it, the socialists have taken notice, and they've taken aim at this wealth creation.
They want a piece of it. This is the wealth tax put forward by Sens. Warren and Sanders.
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They've taxed your income to the max, but they still want more money.
So, they are turning to your stock market investments.
Since so many Democrats are rich, this wealth tax proposal may not go through, but it will be back.
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Jealousy and rich-bashing never goes out of style with socialists.
Meanwhile, enjoy. We have the good fortune to live in a country which allows wealth creation.
We have well-regulated markets and we have superb high-tech companies.
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Apple, Microsoft, Google, Amazon, Meta and now Nvidia are the crown jewels of American business.
They have led this rally.
They have helped produce the best wealth creation machine that we've seen in generations.