Latest & Breaking News on Fox News
· collected 2026-08-26 · by Jonathan Turley
analysis
Abdul El-Sayed, a Democratic Senate candidate from Michigan, has reaffirmed his support for a wealth tax in an interview with Fox News' Jesse Watters, proposing that those with over $100 million be taxed to fund public programs. According to El-Sayed, wealthy individuals would not need the excess money they hold, which he suggests could be better left to the public. He cited his own income of $686,069 with his wife in 2025 as an example, noting that they would not be subject to the wealth tax. The article's author argues that a wealth tax would be unconstitutional and disastrous for Michigan's economy.
Written by the local model on 2026-08-26,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Dr. Abdul El-Sayed is tackling a new national crisis: the excess of money held by some tragically wealthy citizens.
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Sayed → tackle → citizens
In his interview this week with Fox News’ Jesse Watters, the Michigan Democratic Senate candidate not only reaffirmed his call for a wealth tax but suggested that wealthy people really do not have much use for money that would be better left to the public.
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that → reaffirm → public
El-Sayed needs money.
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Sayed → need → money
He has called for massive new programs to fund Medicare-for-All, reparations, roads and other programs promised to Michigan voters.
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He → call → voters
He is only the latest Democratic leader to support a wealth tax, which would, in my opinion, be unconstitutional at the federal level and disastrous at the state level.
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which → support → level
Earlier in the week, El-Sayed expressed full support for a wealth tax, including on non-billionaires.
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Sayed → express → billionaires
He declared on a podcast: "I also think we got to start taxing wealth for people who now have over $100 million.
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who → declare → million
I mean at that point like what are gonna even do with more money?"
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I → mean → money
Figures such as Rep. Ro Khanna, D-Calif., have also called for a wealth tax on millionaires, not just billionaires.
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Figures → call → millionaires
As some of us predicted, the use of billionaires was simply a strategic and political framing.
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use → predict → billionaires
Once politicians succeed in opening up this untapped wealth to taxation, they will gradually work down the tax rolls as they acquire a windfall in new revenue.
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they → succeed → revenue
I discuss the tax in my book, "Rage and the Republic," as an example of the "eat-the-rich" politics used by demagogues from ancient Athens to the French Revolution.
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I → discuss → Revolution
Politicians seek to divide a population into "haves" and "have-nots" with the promise that citizens can have it all.
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citizens → seek → it
Much of what El-Sayed said is ripped from the pages of figures such as Huey Long and his "Share Our Wealth" campaigns of the 1930s.
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Sayed → say → 1930s
In his Fox News interview, El-Sayed reaffirmed his call for a wealth tax, adding:
"The question ultimately is, ‘Do you want to drive on good roads, or would you rather have a billionaire make a second billion?’
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billionaire → reaffirm → billion
That’s what Mike Rogers wants.
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Rogers → ’ → what
That’s why Donald Trump wants.
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Trump → ’ → ?
Apparently, that’s what you want.
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you → ’ → what
I think the people in Michigan want something different."
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people → think → something
While El-Sayed and his wife reported $686,069 in income in 2025, they would not be subject to the wealth tax.
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they → report → tax
It would apply to those with $100 million or more in property and other forms of wealth.
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It → apply → wealth
El-Sayed appears to conflate or confuse wealth taxes and income taxes in the interview.
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Sayed → appear → interview
He told Watters, "If we tax you at 7%, you’re still going to make what?
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you → tell → what
I think that’s OK, they’re going to be OK, Jesse."
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they → think → ?
El-Sayed did not explain his assumptions.
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Sayed → explain → assumptions
He may have been assuming that a $1 billion fortune generates a 10% annual return: $100 million in gains, less a hypothetical 7% wealth tax of $70 million, leaving $30 million.
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fortune → assume → million
As Michigan struggles to secure new businesses and jobs, El-Sayed is embracing the same policies that would decapitate the top of its tax base.
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that → struggle → base
The wealthy have already paid taxes on much of their wealth.
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wealthy → pay → wealth
Indeed, they pay income taxes when the money is earned and pay taxes on any profits from that money when it is invested in stock or property.
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it → pay → stock
A wealth tax is an additional tax on all that you own, from homes to boats to art.
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you → own → art
At a 7% tax on wealth for those worth $100,000,000, the wealthy would pay an additional $7,000,000 every year in Michigan beyond their income taxes.
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wealthy → pay → taxes
If a government imposed a 7% annual tax on $100 million in net wealth, the annual liability would be $7 million—though El-Sayed has not released a detailed proposal establishing that rate or threshold.
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Sayed → impose → rate
In Michigan, they would also face the state income tax of 4.25% and a 6% corporate tax on their businesses.
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they → face → businesses
If the wealth tax is added to an income tax, that would be in addition to the 37% top federal income tax rate.
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that → add → rate
Again, the wealth tax would continue to apply each year to what an individual owns in the form of cars, homes and other property, regardless of whether income declines.
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income → continue → cars
Sen. Elizabeth Warren, D-Mass., drove this point home when she ran for president in 2020, taunting the wealthy that she was coming for "your Rembrandts, your stock portfolio, your diamonds and your yachts."
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she → drive → Rembrandts
While some states are actively considering a wealth tax, many of us view it as unconstitutional under the federal system.
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many → consider → system
The federal government secured the right to tax individuals in 1913, but the 16th Amendment only approved income taxes.
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Amendment → secure → taxes
This is why many of these same politicians are promising a hostile takeover of the Supreme Court by either eliminating the Court or packing it with an instant liberal majority.
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many → promise → majority
Once packed, the Court could greenlight a variety of unconstitutional measures.
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Court → pack → measures
…and 19 more, not listed.
