Democratic Rep Thomas Suozzi is exploring a one-time ‘patriot tax’ act that would tax millionaires and billionaires substantially. The tax would go after those with more than $50 million. Suozzi told The Hill that it’d be a one-time surcharge of 2.5 percent on wealth between $50 million and $100 million and a 5 percent tax on wealth above $100 million. Gary doesn’t think it will ever get done, and he doesn’t like it.
Investor’s Edge with Gary Kaultbaum can be heard weekdays on MoneyTalk 1010. Gary Kaltbaum is a registered investment advisor with more than 30 years of experience in the markets. He is the owner and president of Kaltbaum Capital Management, a financial investment advisory firm headquartered in Orlando, Florida. He is a Fox News Channel Business Contributor regularly appearing on Fox News Channel and the Fox Business Network. Gary is the author of the book “The Investors Edge” and is also the host of a nationally syndicated radio show with the same title “Investors Edge” which is broadcast on numerous stations across the U.S. The show is also available on demand and airs live 6-7 pm EST Monday-Friday. Past shows can be heard online at garykaltbaum.com.