Former Fed Chair Alan Greenspan thinks the New Green Deal is 'a terrible idea'

Former Fed Chairman Alan Greenspan said an idea floated to tax the richest Americans at 70 percent would be a “terrible idea.”

Freshman Rep. Alexandra Ocasio-Cortez has proposed the higher levy as a way to pay for a “Green New Deal” aimed at halting U.S. reliance on fossil fuels

Alan Greenspan: ‘It would be a terrible mistake’ to raise marginal rates

Raising the marginal tax rate on the richest Americans to 70 percent would put a major dent in the economy, former Federal Reserve Chairman Alan Greenspan said Monday.

During an interview with the CBS program “60 Minutes” that aired Sunday, freshman Rep. Alexandria Ocasio-Cortez proposed that such a levy be imposed to pay for what she calls a “Green New Deal” to slash carbon emissions and ultimately wean the U.S. off its reliance on fossil fuels.

The tax would apply to those earning more than $10 million a year, a group that currently pays the top marginal tax rate of 37 percent.

Without getting into the details, Greenspan said the move would have dire consequences. Read more