Wall Street Weighs In On AOC's Proposed 70% Marginal Tax Hike | Davos 2019

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Wall Street Weighs In On AOC's Proposed 70% Marginal Tax Hike | Davos 2019 3.5
One of the hottest topics at the World Economic Forum in Davos, Switzerland has been Alexandria Ocasio-Cortez's proposed 70% marginal tax rate on all income above $10 million. There have been many headlines out of Davos with business leaders calling the proposed tax disastrous, scary, and saying it will have a huge impact on the economy. We sat down with three financial heavyweights to find out what they think everyone is missing about this discussion. The general consensus was that while such a hefty tax would hurt the economy, it simply doesn't effect enough people to be a major issue.

Moelis & Co. founder and CEO Ken Moelis says there isn’t a problem with a high tax on income above $10 million dollars because there isn't that much income to tax above that level. Marginal tax rates need to start around $250,000 in order to have an impact.  And a 70% tax rate at that level "would crush the economy."

Guggenheim Partners global CIO Scott Minerd agrees that the amount brought in by a 70% tax above the $10 million income level won’t make enough of a difference even if you assume people will pay it. But Minerd says historically when we have had high marginal tax rates wealthy people have sheltered their income.

Bob Prince, the co-CIO of Bridgewater — the largest hedge fund in the world — says this tax won't be good because it won't solve many problems.

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Wall Street Weighs In On AOC's Proposed 70% Marginal Tax Hike | Davos 2019

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💬 Comments on the video

What I want to know is why are they holding these interviews outside in the freezing cold?

Author — ballhawk23


Socialism works until you run out of OTHER PEOPLE'S Money to spend.

Author — Amigo Kandu


She also things unemployment is low because everyone has two jobs even though that's not even close to how that works

Author — Preston CSGO


why would someone want to be successful in building a business under AOC"S proposal?

Author — Eric Wood


Ironic... she’ll find a way to ‘tax the rich’ but leave congress as a multi millionaire, live in a gated community, have tier one health care, private schooling for her kids, and a security detail, while exempting herself from all the laws us peasants have to obey. Just like the rest of the rotten crooks in government.

Author — J


They would just move their business and money out of the US.

Author — Troy Thomas


she is driving all BUSINESS OUT OF THE STATE

Author — Eve Gogola


Does anyone remember that AOC was BARTENDING literally 8 months

Author — The Great Attractor


I swear everytime I hear something about AOC, it makes me lose more brain cells.

Author — Kratos Meng


Lucky for AOC there is no stupidity tax.

Author — James Simmons


Move the company then, loose the jobs in the usa

Author — David Gagliotti


Frickin 70 percent tax. Those people would leave America, and jobs would be taken away. She is actually an idiot. The economy would be decimated.

Author — Quackquaak


How can we save the economy? Not be socialist.

Author — Chris H.


Any businessman making more than 10 million a year already has a good enough accountant to beat her clumsy and childish idea.
She should stick to her previous job as a waitress...

Author — generalzod4life


Just when you think no one could possibly be more stupid than Mad Maxine Waters....
AOC: challenge accepted...HOLD MY BEER !!!!

She needs to up her consumption of TidPods...we need more gene pool cleansing !!!

Author — JM Woodruff


Never Completely Trust anyone, so thoroughly research everyone before supporting anyone on anything to be fully aware of who benefits and how since you may or may not benefit at all

Author — Max Waller


Take a look, this is the Democratic party. This is what a vote for a
Democrat gets you. At one time, the Democratic party was a rival
political organization, then they turned a corner. When they adopted the
diseased ideology of socialism, they became the enemy. Now they're
goals are the destruction of America, replacing it with a tyranny, run
by elitists like AOC, who believe they have the knowledge and
intelligence to run every aspect of our lives. This idiot is an
abomination, the vile ideology she espouses is THE most destructive
social construct that has ever existed. And the real kicker, the entire
Democratic party is behind her.
Take a look, this is the enemy, this is the Democratic party, the new EVIL EMPIRE.

Author — Jim Cumback


if you have an income tax of 70% and local and state tax of say 10% ... on top of duties, fees and such . when more than 50% of your income goes to someone else, regardless of why it does you loose motivation to produce and gain more wealth but also gain more motivation to skirt the tax rate, find other ways to gain "value" without gaining "revenue" AOC is a moron who doesn't even understand basic math.

Author — romeoneverdies


I'll remember to strive to make anything less than 10 million.

Author — Marcus Antonius


I wonder how AOC will plan to redistribute the 10 million dollars she gets for her Neflix deal?

Author — RufusLeakin