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