On whether he believed Sanders and Warren's tax plans demonize the wealthy:
No, look, demonizing wealth -- what I talked about is how you get things done. And the way to get things done is take a look at the tax code right now. The idea -- we have to start rewarding work, not just wealth. I would eliminate the capital gains tax -- I would raise the capital gains tax to the highest rate, of 39.5 percent.
I would double it, because guess what? Why in God's name should someone who's clipping coupons in the stock market make -- in fact, pay a lower tax rate than someone who, in fact, is -- like I said -- the -- a schoolteacher and a firefighter? It's ridiculous. And they pay a lower tax.
Secondly, the idea that we, in fact, engage in this notion that there are -- there’s $1,640,000,000,000 in tax loopholes. You can’t justify a minimum $600 billion of that. We could eliminate it all. I could go into detail had I the time.
Secondly -- I mean, thirdly, what we need to do is we need to go out and make it clear to the American people that we are going to -- we are going to raise taxes on the wealthy. We're going to reduce tax burdens on those who are not.
