Ocasio-Cortez, Warren tax plans catastrophic for US economy: Larry Kudlow
Top White House economic adviser Larry Kudlow said the tax ideas proposed by Democrats will destroy the entire U.S. economy.
“Those are prosperity killers. These are growth killers. These are job killers. These are incentive killers. This is a return to some heavy government planning centrally directed economy,” Kudlow said during an exclusive interview with FOX Business’ Maria Bartiromo on Tuesday.
Democrats Elizabeth Warren and Alexandria Ocasio-Cortez have taken aim at America’s wealthiest proposing higher tax rates for top earners.
Massachusetts Democratic Sen. Elizabeth Warren, a contender for the 2020 presidential election, has offered a plan that would levy a 2 percent annual tax on Americans with a net worth over $50 million. The tax rate would also increase to 3 percent for those with assets valued at more than $1 billion.
Whereas self-described Democrat socialist and rising star of the party, Ocasio-Cortez, wants to impose a 70 percent income tax rate on incomes above $10 million for a new green energy plan.
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In Kudlow’s opinion the U.S. could ultimately end up in the same economic crisis as Venezuela, which at one time was a vibrant country with scores of investment.
“They took down to the ears really exact measure you’re describing that are coming from some of these Democratic candidates and the economy was destroyed,” he said. “Everybody is poor in Venezuela except for… Maduro and a handful of his top military people. Is that what we want in America?”
When asked whether Democrats would be able to reverse Trump’s tax plan he replied: “Never – not under the Presidents configuration.”