A tax on the rich proposed by newly elected US Congresswoman Alexandria Ocasio-Cortez is being viewed with caution by many at the World Economic Forum.
Ocasio-Cortez, a New York Democrat, suggested earlier this month that a 70% tax on income over $10 million could fund a climate change plan she's pushing called the "Green New Deal.”
But in the Swiss ski resort of Davos, where thousands of the world’s top business, political and academic leaders meet each year, there was skepticism.
During a panel, Michael Dell, the billionaire founder of Dell computers, was asked whether he supports Ocasio-Cortez’s plan. Before he could respond, many in the room burst out laughing, seemingly at the fact that Dell had to answer the question.
Dell said he trusts his private foundation more than the US government to spend money wisely.
“So no, I’m not supportive of [Ocasio-Cortez’s plan]. And I do not think it will help the growth of the US economy,” Dell said.
But Erik Brynjolfsson, director of the Massachusetts Institute of Technology initiative on digital economy, didn’t immediately discount the idea.
"I don’t have a strong opinion on that proposal, the devil is in the details,” he said. “There’s actually a lot of economics that it's not necessarily going to hurt growth and I think we have to examine it more closely."
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