Fox's Stuart Varney claims people “in the 1 percent” like himself are taxed more under Trump

Fox guest Nick Hanauer: “That is objectively false. ... Stuart, we just passed a $1.5 trillion tax decrease” for the rich

From the January 30 edition of Fox Business' Varney & Co.:

Video file

STUART VARNEY (HOST): You know what, Donald Trump, President Trump at his tax reform deal actually worked in your favor. He is doing what you want because the 1 percent, you know, the rich people of this country, the people who make the most money in this country, they, under this new tax law, will end up paying more in tax. Donald Trump is doing what you want. 

NICK HANAUER (VENTURE CAPITALIST): That is objectively false. 

VARNEY: No, it's not. 

HANAUER: That is not true. That is not true. My tax rates did not go up. 

VARNEY: No it's not. It's not, it's not, it's not, it's not, it's not, it's not, it's not. Wait a minute, wait a minute, you will listen to me. You listen to me for a minute. The top 1 percent -- people who are in the 1 percent group, if they live in a high-tax state, they will pay more in tax this April 15th than they paid last year. Tax reform has increased their tax liability. That is a fact.

HANAUER: Stuart, we just passed a $1.5 trillion tax decrease. Under what scenario are people like me paying more during a time when tax rates went down?

VARNEY: Oh I'll tell you, it's easy -- I'll tell you. I'll tell you, let me explain some economics to you. Let me explain some economics. I am in the 1 percent. Thank you very much indeed Fox, I love it. I'm in the 1 percent. I live in New Jersey. I will be paying this year a great deal more in tax than I paid last year because of tax reform. That's a fact. 


Fox Business host baffled by rising federal budget deficit after massive GOP tax cuts for the rich

Fox's Stuart Varney complains that media are covering “children in cages” rather than “the good news on the economy”

Fox panel panics over public disapproval of Trump's tax law: “Socialism is back, socialism is now acceptable”