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Presidential candidate Elizabeth Warren’s wealth tax plan would be devastating to the people forced to pay it, Republican financier Dan Palmer said Thursday on “America’s Newsroom.”

“It’s gotten to be confiscatory,” Palmer went on to say. “There’s really been an attitude against wealth creators. I don’t know anyone who has the talent or the good fortune to have, say, achieved $100 million dollars of wealth who thinks that the United States government is going to be a better allocator of that wealth than they are.”

A CNBC poll indicated that a majority of millionaires supported a wealth tax on those worth $50 million or more. However, their support dropped if the tax were to apply to those worth $10 million.

While the senator’s plan would apply a 2-percent tax on wealth over $50 million and 6 percent over $1 billion, 59 percent percent of millionaires supported a new federal tax on wealth over $50 million, according to the Q4 CNBC Millionaire Survey.

Furthermore, 49 percent did not support a wealth tax on those worth over $10 million.

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

“I understand there are people who want to throw up a lot of dust around this because they don’t really have any comeback to that central question, and that is, why aren’t we asking folks at the very top to pitch in a couple of cents so that we can actually invest in opportunity in everyone else,” Warren told Fox News.

“Most of these people are enormously charitable anyway. I mean, over half of the people with billion-dollar-plus fortunes are already committed to the giving pledge where they are going to give it to private foundations and so forth,” Palmer said.

Fox News’ Paul Steinhauser and Leland Vittert contributed to this report.

Joshua Nelson is a freelance reporter for Fox News.

Author: Joshua Nelson

Source: Fox News: Elizabeth Warren’s wealth tax plan torched by GOP financier

As House Democrats ramp up their impeachment push with public hearings starting on Wednesday, House Minority Leader Kevin McCarthy argued that it’s merely their effort to avoid facing President Trump in the 2020 election.

“We’ve never had an impeachment in the first term. They are so afraid of facing the president in the election, they’re trying to frame him,” McCarthy, R-Calif., told “Fox & Friends.

“They’ve [House Democrats] already accused him of being guilty and they keep changing the term because they’re trying to find a crime.”

With the bang of a gavel, House Intelligence Committee Chairman Adam Schiff, D-Calif., will open the impeachment hearings Wednesday into Trump’s alleged pressure on Ukraine to investigate the 2020 presidential candidate Joe Biden’s dealings in the country.

The former vice president has boasted about pressuring Ukraine to fire its top prosecutor, as his son Hunter Biden held a lucrative role board of a Ukrainian natural gas company despite having little relevant expertise.

Schiff, in a memo and open letter to colleagues on the eve of Wednesday’s proceedings, outlined some of the rules — including that members not assigned to the Intelligence Committee were not permitted to make statements or question witnesses, but were allowed to sit in the audience.

McCarthy said there has never been “something so partisan” and that the impeachment inquiry is a “pure” setup by Schiff.

“There’s no due process, the president’s attorney is not in the room, cannot cross-examine, we can not have our witnesses, we can’t have a whistleblower who this all started from, an individual who was not even on the phone call,” McCarthy said.

A whistleblower’s complaint about Trump’s July 25 telephone call with Ukrainian President Volodymyr Zelensky ignited the impeachment investigation. During the hearing Wednesday, a key exchange during that 30-minute call, which has been outlined in a Sept. 24 transcript released by the White House, could take center stage. Zelensky has said he felt no pressure during the call.

Fox News’ Gregg Re, Chad Pergram contributed to this report.

Author: Joshua Nelson

Source: Fox News: Rep. McCarthy: Democrats ‘so afraid’ of facing Trump in 2020, ‘they’re trying to frame him’

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