Gary Cohn says a wealth tax would be ‘harmful’ to the economy

Raising taxes on wealthy Americans would ultimately harm the U.S. economy, according to Gary Cohn, the former Goldman Sachs president who served 14 months as President Trump’s chief economic adviser.

“It would be harmful to the economy,” Cohn said in an interview with Leslie Picker on CNBC’s “Closing Bell.”

“I’m not saying that collecting more tax revenue is harmful to the economy,” Cohn said. “I’m saying, we have to compete in a global theatre.”

Cohn, 58, spent more than 25 years at Goldman Sachs, rising to become former CEO Lloyd Blankfein’s right-hand man in 2006.

Cohn left the New York-based investment bank in 2017 to become director of the National Economic Council for Trump. He helped oversee the president’s corporate tax overhaul that became law at the start of 2018. But Cohn had reportedly disagreed with Trump on tariffs, and left the administration in April.

Leave a Reply

Your email address will not be published. Required fields are marked *

64 + = 70