Middle class families should worry about Dems wealth tax proposals


Democrats running for President want to tax the rich. But if you're in the middle class, you should know that it's you that might very well wind up paying that bill.

History suggests that is exactly what will happen. Former Louisiana. Governor Bobby Jindal told Fox you shouldn't buy what the left is selling.

"The income tax was only going to be on the wealthy. Before you know it, these wealth taxes are going to catch you as well," Jindal said.

Financial adviser Tim Speiss says a good example of this was the Alternative Minimum Tax.

"The AMT really targeted a total of 155 people," Speiss said, adding that the AMT now brings in millions of dollars.

That tax began fifty years ago, and 310 million paid that tax in 2010. Chris Edwards with the Cato Institute told KTRH other countries have tried this, too.

"Twelve European countries had these annual wealth taxes. They found that they were horribly complex," Edwards stated, adding that those countries eventually repealed them.


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