Andy joined CNBC’s Squawk Box this morning alongside economist Gabriel Zucman to discuss Senator Elizabeth Warren’s proposed wealth tax. When asked for his thoughts, Andy argued that while Warren’s proposal may currently only focus on the wealthy, he anticipates that eventually everyone will be impacted. “You’ve got to be some kind of naïve to think that we all won’t be subject to a wealth tax over time if this thing takes place… It [the wealth tax] will discourage economic growth,” added Andy.
Andy went on to counter Zucman’s points by noting that in the past, 12 European countries had a wealth tax and now only three do. “It doesn’t work. People leave, it’s hard to enforce, it’s hard to calculate the wealth,” said Andy. “This has terrible economic ripples. You’ll destroy economic growth. You’ll take the most successful nation in the history of the world and you’ll make it France or Venezuela.”
In closing, Andy concluded, “You put in a wealth tax, the growth that creates more tax revenue disappears. You become like any other socialist country. You become a no growth, oppressive state where the government promises everything and distributes nothing… it makes no sense.”
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