The super rich at Davos are scared of Alexandria Ocasio-Cortez’s proposal to hike taxes on the wealthy

The 70 percent tax rate on earnings above $10 million proposed by freshman Rep. Alexandria Ocasio-Cortez, D-N.Y., has the elite financiers attending Davos worried.

“By the time we get to the presidential election, this is going to gain more momentum,” says Scott Minerd, global chief investment officer for $265 billion Guggenheim Partners.

“It’s not going to happen – trust me,” says one billionaire.

Hugh Son | Brian Schwartz

CNBC.com

Rep. Alexandria Ocasio-Cortez, D-N.Y., address the Woman’s March in Manhattan, Jan. 19, 2019.

DAVOS, Switzerland – The elite financiers attending the World Economic Forum are worried about the 70 percent tax rate on earnings above $10 million proposed by freshman Rep. Alexandria Ocasio-Cortez, D-N.Y.

“It’s scary,” Scott Minerd, global chief investment officer for $265 billion Guggenheim Partners, said in an interview.
“By the time we get to the presidential election, this is going to gain more momentum,” said Minerd, who added that he would probably be personally impacted by it. “And I think the likelihood that a 70 percent tax rate, or something like that, becomes policy is actually very real.”

The billionaires and millionaires attending Davos had misgivings about Ocasio-Cortez’s proposal, which she made during a recent interview on CBS’ “60 Minutes.” A poll found that 59 percent of voters were in favor of the idea, and even 45 percent of Republicans liked it. The lawmaker has turned heads in Washington and on Wall Street with her left-wing economic rhetoric, despite only being sworn into office earlier this month. Ocasio-Cortez, who represents parts of Queens and the Bronx, identifies as a Democratic-Socialist.

more:

https://www.cnbc.com/2019/01/22/davos-billionaires-are-scared-of-alexandria-ocasio-cortez-tax-proposal.html

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