Democratic proposals like those from Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez targeting the wealthy are “economically illiterate,” a top economic advisor to President Donald Trump told CNBC on Monday.
Warren, who is exploring a 2020 Democratic run for president, is proposing an additional 2 percent tax every year on households with assets over $50 million and 3 percent on households with assets over $1 billion. Ocasio-Cortez from New York wants a 70 percent marginal tax rate on income above $10 million.
