On his nationally syndicated radio talk show “The Mark Levin Show” on Monday, host Mark Levin warned against the Democratic Party’s proposed federal wealth tax, saying that if it is implemented, “everybody’s going to get ripped off.”
“Ladies and gentleman, everybody’s going to get ripped off here,” stated Mark Levin. “You have an IRA, you have a 401k, you have some kind of union or government pension, you’re all gonna get whacked in the neck. They use this Marxist class warfare to get what they want.”
Mark Levin’s remarks stem from a piece on MSN Money on Aug. 27, 2019 titled “Democrats’ emerging tax idea: Look beyond income, target wealth,” in which author Richard Rubin suggests that “if the Democrats win the White House and Congress,” they will “change fundamentally” the income tax – “an all-purpose policy tool for raising revenue, rewarding and punishing activities and redistributing money between rich and poor.”
Below is a transcript, in pertinent part, of Mark Levin’s comments from his show on Monday:
“‘At the end of 2017, U.S. households had $3.8 trillion in unrealized gains in stocks and investment[s].’ In other words, folks, you invest in the stock market for the long haul. You don’t invest on a yearly basis. So you keep your money there, and sometimes it goes up and sometimes it goes down. You’ve heard Rick Edelman. It’s dollar-cost averaging. You know, some years up. some years down, but in the end it’s a gradual increase. It’s pretty steady as you look over history.
“Well, the Democrats are saying, ‘Well, we don’t want to look over history. We want to whack you each year, whether you sell those stocks or not.’
“So, ‘$3.8 trillion in unrealized gains in stocks and investment[s] … plus more in real estate, private businesses and artwork, according to Economic Innovation Group.’ So, imagine what would happen to real estate and artwork and private businesses. They would kill these markets, kill them.
“So you own real estate. You pay a property tax in every state on your real estate. Well, now they want a federal wealth tax on your real estate. Do you know why there’s no federal property tax? Because it’s not in the Constitution. So how are they going to get a federal wealth tax?
“You own a private business. You’re now going to have towns and states telling you what your minimum wage is. You’re going to have health care for all you’re going to have to pay for. It’ll be a monumental cost. You’re going to have to pay for family leave, another monumental cost. And on top of that, the federal government is going to come in and say, ‘Uh, wealth tax.’
“Why is it that the Democrats never think of ways to expand liberty and opportunity and creativity and productivity. Instead, they’re always trying to choke the golden goose. And they think they’ll choke the golden goose, and yet the golden goose will continue to lay golden eggs. It doesn’t work that way.
“‘Democrats are eager to tap that mountain of wealth to finance priorities such as expanding health-insurance coverage, combating climate change[,] … aiding low-income households. Their ideas range from new rules on inherited assets, to a plan by Sen. Ron Wyden [Marxist, Oregon] for annual taxes on unrealized gains’ – ‘annual taxes on unrealized gains.’
“So, in other words, you own, let’s say, a stock, and it goes up that year. But you don’t sell it. You want to hold onto it. That’s an unrealized gain. ‘So we’re going to tax it anyway.’ Now let’s say it goes down in value. Well, it’s not like they’re going to suddenly give you a credit. So, they tax you if it goes up, they laugh at you if it goes down, even though you don’t have the benefit of using it because you haven’t sold it yet.
“Senator Warren wants ‘to tax wealth’ directly.
“‘The whole tax system is stacked in favor of the tax-avoidance crowd,’ said … Wyden, who would lead the [Democrat committee on taxes] if [the] Democrats [take] the Senate, [the finance committee]. ‘When you stand up and you say, hey look, you’ve got one system for a cop and a nurse and another for highfliers to pay what they want to, when they want to, everybody nods.’
“Ladies and gentleman, everybody’s going to get ripped off here. You have an IRA, you have a 401k, you have some kind of union or government pension, you’re all gonna get whacked in the neck. They use this Marxist class warfare to get what they want.
“None of these people with these proposals have ever created jobs in the private sector. None of them have had to meet payrolls; none of them have paid salaries; none of them have paid pensions; none of them have paid medical care for their folks and so forth. They haven’t invented a thing; they haven’t produced a thing. They’re politicians.
“This is why the firewall in our Constitution was broken in the New Deal, broken again in The Great Society, broken again with Obamacare. It’s appalling.”