Peter Schiff: The wealthy are going to invest more abroad

Peter Schiff came with another dark prediction about the US economy on CNBC’s Closing Bell recently. He talked about his recent commentary in The Wall Street Journal, explaining why raising taxes on the wealthy will do nothing to solve the debt problems of the US.

"You know what the wealthy are going to do? They’re going to invest more abroad, they’re not going to work as hard, they’re not going to pay as much in taxes, they’re not going to employ as many people, their employees aren’t going to pay the taxes," stressed Peter Schiff.