CNBC’s Eamon Javers reports the latest developments on “fiscal cliff” talks in Washington, and debating the financial benefits of raising taxes on the wealthy, with Peter Schiff, Euro Pacific Capital CEO, and Richard Brodsky, Demos senior fellow.
PETER SCHIFF: First of all, I’m in the top two percent. Right now, I’m paying 45% of my total income in income taxes, both to the state of Connecticut and to the federal government, and if you take the 3% Medicare tax. After the tax hikes go into effect next year, more than half — more than half of my total income is going to go to the government. You tell me, what’s fair about that when medieval serfs pay 25%, I’m paying half? I don’t care what the majority voted to do, they don’t have a right to steal my money just because they vote for it.
SCHIFF: You know what the wealthy are going to do? They’re going to invest more abroad, they’re not going to work as hard, they’re not going to pay as much in taxes, they’re not going to employ as many people. Their employees are going to pay all the taxes.
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