The most interesting story I saw today was, “Oregon Senator Ron Wyden’s millionaire son, beat up father and ‘buddy’ for ‘hating the American dream.'”
Adam Wyden, the Oregon Democrat’s son and a multi-millionaire hedge fund manager, beat up his father in a tweet on Sunday night. I will only read these quotes verbatim. It played on the FOX Business website. And it’s too nice to touch:
“Why does he hate us / the American dream so much ???? ‘ The Florida-based hedge fund manager wrote, “The reality is, most legislators have never built anything … so it’s probably easier to thoughtlessly and arbitrarily try to tear things down.”
And then came the prodigal son’s plan: “Fortunately, I think I can build faster than my father and his cronies can confiscate it.” Well there.
We have pervasive analysis, devastating criticism, and a sharp plan of combat action. I don’t know Mr. Wyden Jr. I wish i knew Count me as an admirer. Would love to have you on the show!
All of this shows the good common sense the younger generation has. For me, of course, everyone is the younger generation. But it makes me very hopeful about the future of our nation.
A DEDUCTION FROM THE EXPENDITURE BILL OF THE DEMOCRATS WOULD PROVIDE SIGNIFICANT SAVINGS TO RICH AMERICANS
Well, I’ve known Senator Wyden for many years and always respected him. We worked together on tax policy on the Senate Finance Committee during the pandemic. There was a time when Mr. Wyden was a true growth minded tax reformer. The lower the prices, you broaden the base. But recently his testimony suggests that he has become a socialist class fighter trying to seize wealth, punish success, and harm investment, jobs, wages, and the economy.
My friend Wyden the Elder has somehow stalked Mr. Elon Musk, whom I met briefly at the White House and whom I admire very much. But referring to Musk’s question on the Twitter verse of selling his precious stocks and paying less capital gains tax, Senator Wyden complained in a tweet, “It’s time for billionaires’ income tax.” The idea of taxing unrealized capital gains is a very bad idea.
Since the inception of income tax in 1913, to the best of my knowledge, unrealized gains have never been considered normal income. If there is a transaction, that is, a sale, then there is taxable income. But this idea of wealth tax is really seizing the wealth of successful people. And today’s billionaires mostly weren’t billionaires when they started out.
TREASURY NOMINEE CRITIZES DEMS FOR RESISTANCE TO EXECUTE TAXPAYER’S MONEY
But this crazy idea of property tax would go way back, taxing it 28% or more upfront. Look behind all these wealth tax matters that have been tried and tested in Europe. Damn it, even France ended it – France! Remember. But this is really redistributive stuff.
The new progressive left call for justice – we are all the same, not at the start as the American way is, but now at the finish line, which is the un-American way. That is simply socialism. To maintain our great America-first free enterprise system, which has created more bounties for more people more often than any other country or system in world history, we must reward, not punish, success.
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As Wyden the Younger tweeted, “I think it’s easier to thoughtlessly and arbitrarily try to tear things off.”
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Well, I guess, like Adam Wyden, I would prefer to build things up rather than tear them down. Successful millionaires and billionaires have created millions of businesses and hundreds of millions of jobs over the centuries. They produce so that we can consume. They increase wages, productivity and family incomes. You create things that no one has ever dreamed of.
And then they make them cheap enough that they can afford typical middle-class working-class families. I could go on and on, but I’ll pause. I tell Senator Wyden, it’s not personal, sir. We just disagree on one central issue. I say to the younger Wyden: Atta-Boy! And I say to all of our esteemed viewers: Save America. Kill the bill.
And that’s my reef.
This article is from Larry Kudlow’s opening comment on the November 9, 2021 issue of “Kudlow”.