Apr 22, 2019 Last Updated 16:51 PM EDT

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Wall Street heavyweights on Cortez's proposed 70% super-rich tax

Feb 08, 2019 10:25 AM EST

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  • 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."

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