FBN’s Varney Blasts CEO’s Hypocrisy on Taxing the Wealthy More

Fox Business host Stuart Varney nearly lost it when his CEO guest was unable or unwilling to see his own hypocrisy on taxes.  

Varney, who heads up Varney & Company, blasted Dal LaMagna, CEO of Icestone USA, for arguing that the wealthy need to pay more in taxes.

“The Patriotic Millionaires, who I am a group of, and Responsible Wealth members, we are all feeling like we could pay more taxes” LaMagna said on in an interview March 31.

Varney repeatedly asked the millionaire CEO why he doesn’t act on his feelings. “Why don’t you pay more in taxes? You could just write a check. Why don’t you?” LaMagna excused his inaction by saying “it would be like me putting a drop in the ocean.”

“No,” Varney exclaimed “it’s putting your money where your mouth is.”

Frustrated, Varney argued that men like LaMagna, who have accrued wealth over time can actually avoid paying income tax. However, wage earners would be subject to these higher taxes. “I just think it is outrageous that wealthy people should tell strivers, people who make money in income, that we pay more tax but you won't do it. That’s outrageous.”

LaMagna insisted that he only is referring to people earning more than $1 million a year. But, Varney again blasted him for his hypocritical refusal to voluntarily donate his own money to the treasury. “There is nothing stopping you from writing a check to the government if you think that the government can use that money wisely and they need it. Why don't you do it?”

“It works when the collective does it” LaMagna argued. “That’s the point.”

The tense interview concluded with Varney berating the CEO for his hypocrisy. “You come on this program saying you want me to pay more on taxes, but you won't voluntarily write a check to the treasury, and you've got the wealth and I don't.”

 
James Powers
James Powers is an intern in MRC Business.