CNBC: Democratic proposals like those from Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez targeting the wealthy are “economically illiterate,” a top economic advisor to President Donald Trump told CNBC on Monday.
Warren, who is exploring a 2020 Democratic run for president, is proposing an additional 2 percent tax every year on households with assets over $50 million and 3 percent on households with assets over $1 billion. Ocasio-Cortez from New York wants a 70 percent marginal tax rate on income above $10 million.
Since those proposals, Senate Minority Leader Chuck Schumer and independent Sen. Bernie Sanders, have called on Congress to limit stock buybacks. They unveiled the proposal in a New York Times op-ed published Sunday. Investors want more transparency from Google and big tech companies, says Aaron Kessler.”
I wish some economist would go and talk to these guys on how buybacks work,” Kevin Hassett, chairman of the president’s Council of Economic Advisors, said on “Squawk Box.” “It’s very disappointing that over and over again I see the Democrats pursue really economically illiterate proposals just because they think they sound good politically.”
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