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 buy-backs. The unveiled the proposal in a New York Times op-ed published Sunday.
"I wish some economist would go and talk to these guys on how buy-backs work," Kevin Hassett, chairman of the Council of Economic Advisers, 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."
from Top News & Analysis https://cnb.cx/2Sx9QwR
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