Elizabeth Warren's wealth tax plan torched by GOP financier 

Presidential candidate Elizabeth Warren‡s wealth tax plan can be devastating to the individuals pressured to pay it, Republican financier Dan Palmer mentioned Thursday on “America‡s Newsroom.”

"It's gotten to be confiscatory," Palmer went on to say. "There's actually been an perspective towards wealth creators. I don't know anybody who has the expertise or the great fortune to have, say, achieved $100 million {dollars} of wealth who thinks that the US authorities goes to be a greater allocator of that wealth than they’re."

A CNBC ballot indicated {that a} majority of millionaires supported a wealth tax on these price $50 million or extra. Nonetheless, their assist dropped if the tax had been to use to these price $10 million.

ELIZABETH WARREN'S WEALTH TAX MATH DOESN'T ADD UP, NONPARTISAN ANALYSIS SAYS

Whereas the senator‡s plan would apply a 2-percent tax on wealth over $50 million and 6 p.c over $1 billion, 59 p.c p.c of millionaires supported a brand new federal tax on wealth over $50 million, in keeping with the This autumn CNBC Millionaire Survey.

Video

Moreover, 49 p.c didn’t assist a wealth tax on these price over $10 million.

Warren, D-Mass., has defended her tax, arguing that the wealthiest haven't paid their justifiable share.

KEY DEMOCRAT INDICATES WARREN'S WEALTH TAX WOULD FACE HIGH HURDLES IN CONGRESS

"I perceive there are individuals who need to throw up a number of mud round this as a result of they don't actually have any comeback to that central query, and that’s, why aren't we asking of us on the very prime to pitch in a few cents in order that we will really put money into alternative in everybody else," Warren instructed Fox Information.

"Most of those persons are enormously charitable anyway. I imply, over half of the individuals with billion-dollar-plus fortunes are already dedicated to the giving pledge the place they’re going to give it to personal foundations and so forth," Palmer mentioned.

Fox Information‡ Paul Steinhauser and Leland Vittert contributed to this report.