Elizabeth Warren's wealth tax plan torched by GOP financier

Presidential candidate Elizabeth Warren’s wealth tax plan would be devastating to the people forced to pay it, Republican financier Dan Palmer said Thursday on “America’s Newsroom.”

"It's gotten to be confiscatory," Palmer went on to say. "There's really been an attitude against wealth creators. I don't know anyone who has the talent or the good fortune to have, say, achieved $100 million dollars of wealth who thinks that the United States government is going to be a better allocator of that wealth than they are."

A CNBC poll indicated that a majority of millionaires supported a wealth tax on those worth $50 million or more. However, their support dropped if the tax were to apply to those worth $10 million.

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While the senator’s plan would apply a 2-percent tax on wealth over $50 million and 6 percent over $1 billion, 59 percent percent of millionaires supported a new federal tax on wealth over $50 million, according to the Q4 CNBC Millionaire Survey.

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Furthermore, 49 percent did not support a wealth tax on those worth over $10 million.

Warren, D-Mass., has defended her tax, arguing that the wealthiest haven't paid their fair share.

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"I understand there are people who want to throw up a lot of dust around this because they don't really have any comeback to that central question, and that is, why aren't we asking folks at the very top to pitch in a couple of cents so that we can actually invest in opportunity in everyone else," Warren told Fox News.

"Most of these people are enormously charitable anyway. I mean, over half of the people with billion-dollar-plus fortunes are already committed to the giving pledge where they are going to give it to private foundations and so forth," Palmer said.

Fox News’ Paul Steinhauser and Leland Vittert contributed to this report.