Tax-Cut Era Has Come to an End, Guggenheim’s Millstein Says
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The “investor class” will have to pay for the ballooning debt stemming from the Covid-19 crisis, according to Jim Millstein, the co-chairman of Guggenheim Securities who led restructuring efforts at the U.S. Treasury Department after the financial crisis.
“There is one clear implication: The era of tax cuts is over,” Millstein said Monday in a Bloomberg Television interview. It’s “inevitable” that the wealthy will face greater taxes, he said. “People who have been fortunate enough to be able to make significant incomes are going to have to make a greater contribution.”