Larry Kudlow, Director of the U.S. National Economic Council, appeared on “America’s Newsroom” Thursday and took on socialism and those in the Democratic party who want to raise taxes for the wealthy.
“You’ve got all these...people talking about socialism all of a sudden,” Kudlow told Bill Hemmer. “I think that right now your poll is showing that working folks want to embrace capitalism not some state-run, state-controlled socialism that will set our economy back a hundred years or more.
A Fox News Poll shows that 57 percent of people have a favorable view of capitalism while only 25 percent have a favorable view of socialism.
Hemmer asked Kudlow about President Trump's State of the Union speech where he addressed socialism.
Kudlow praised Trump for taking on socialism and chastised those on the left who are pushing anti-business policies.
“If you got a whole bunch of people in Congress, if the opposition wants to talk about tax rates that might go to 70 percent, or 80 or 90 percent, and nationalizing healthcare.
"This crazy [New Green Deal] plan is going to cost a fortune,” Kudlow said. “You’re going to roll back one of the most important things that has contributed to this recovery and that is President Trump ended the war on business and he ended the war on success.’”
Kudlow's comment on potential 70 percent tax rates came after Rep. Alexandria Ocasio-Cortez, D-N.Y., floated a tax as high as 70 percent on top earners in an interview with 60 Minutes last month.
“You look at our tax rates back in the ’60s, and when you have a progressive tax rate system, your tax rate, let’s say, from $0 to $75,000 maybe 10 percent or 15 percent. But once you get to the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70 percent,” the New York Democrat said.
Kudlow also expressed the White House would not stand idly by as socialism is debated and the Trump administration was prepared to challenge these policies.
“You have to fight fire with fire. My view, socialism is on trial,” Kudlow said. “We, me, everyone in this group we are not going to let these assertions and crazy policies pass without a strong rebuttal.”