John Paul Dejoria: Democratic wealth tax would ‘destroy America totally’

Wealth tax ‘would destroy America totally’: Billionaire John Paul DeJoria

Billionaire entrepreneur John Paul DeJoria discusses the upcoming election, the American Dream and a possible wealth tax.

A wealth tax like the one being considered by California legislators would destroy the American Dream, billionaire entrepreneur and Patron Spirits International co-founder John Paul Dejoria told Fox Business Network's "Cavuto: Coast to Coast" Wednesday.

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“It would destroy America totally,” Dejoria said. “I was homeless 40 years ago. I went from homeless to being very wealthy. I believed in the American dream. And even though I was sleeping in my car, I never gave up … You want to take that away from the American public? Are you kidding?”

Dejoria also discussed The Giving Pledge, in which 180 millionaires pledging 50% of their wealth to “change the world, the environment and those in need.”

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Dejoria told Cavuto his contribution to the pledge “flipped the switch” on 240 houses for the homeless in his hometown of Austin, Texas on Tuesday.

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“We gave them free Wi-Fi to call anywhere in the world and free telephones,” he said. “I'm not the only one. There are a lot of people like me that made that American dream that started with nothing and are giving back tremendously. So you go ahead and take away the American Dream.”

Dejoria admitted he paid a tax bill worth $700 million a few years ago and said people in high-tax states like California have to work 60% of the year just to afford to pay the rates.

“It’s not right. [The] American dream would be hurt,” he said. “Don't hurt the American dream, guys. Don't do it. It's not right. It's not America.”

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