Stuart Varney: De Blasio 70% Tax Rate Would Cause a Depression

New York City Mayor Bill de Blasio's call for a tax rate as high as 70% for Americans earning $2 million a year or more, along with his other suggestions would bring a world that "looks like depression," Fox Business' Stuart Varney said Thursday.

"Any concept of economic growth goes out the window," Varney told Fox News' "Fox and Friends." "This concept of prosperity we have now because of a strong economy, that bows out the window. The stock market I'm not going to say crashes, but it comes way down."

If that happens, the "401(k) ain't worth what it is now," Varney added. "It will be disastrous."

If the government would take that much money, he said, "do they use that money better than you do? I don't think so. You let me keep more of my money. I will do more good with it for this economy and other people than the government will."

The mayor and presidential candidate, appearing on the network's "Hannity" program, said Wednesday that he thinks the federal tax rate should be at 70% for people who make more than $2 million a year when all their assets are combined. 

He defended his call by saying former Presidents Dwight Eisenhower and John F. Kennedy had that "tax rate then."

He also said the tax rate for corporations is "way too low," naming a 40% to 50% tax rate. 

Varney commented that it would be "flat-out immoral for any government to take more than half of your income. I don't care what you make."

He added that during the Eisenhower years, there were several deductions that allowed the tax rate to be lowered before wealthier taxpayers had to cough up so much money.

"Ask yourself this, why would you move, if you're a high-paid executive, get a job in New York City, why on Earth would you move here?" said Varney. "You're going to pay 70% tax rate or something pretty close to it, state taxes, city taxes, pretty soon, you are going to lose 80, 85 cents on every dollar you make."

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