For the second time in three weeks, Sen. Elizabeth Warren embraced Wall Street executives’ fear of her potential presidency after CNBC reported Thursday that several anonymous bankers threatened to back President Donald Trump in the 2020 election if Warren becomes the Democratic nominee.
“I think if she can show that the tax code of 2017 was basically nonsense and only helped corporations, Wall Street would not like the public thinking about that.”
—Wall Street executive
CNBC spoke to one executive who said they were considering supporting Trump in the general election fundraising cycle to keep Warren from winning.
“You’re in a box because you’re a Democrat and you’re thinking, ‘I want to help the party, but she’s going to hurt me, so I’m going to help President Trump,'” the executive said.
The executives’ comments illustrated the very political system that the Massachusetts Democrat aims to tear down as president, Warren suggested in a tweet Thursday night.
Another executive said a Warren administration approach to taxation could plainly illustrate the injustice of Trump’s $1.5 trillion tax cut for corporations and the wealthy.
“I think if she can show that the tax code of 2017 was basically nonsense and only helped corporations, Wall Street would not like the public thinking about that,” the banker told CNBC.
Warren plans to require the wealthiest Americans to pay a two percent tax on any assets over $50 million in order to help fund a universal childcare program, investment in rural healthcare and community services, and affordable higher education.
The executives’ comments came weeks after CNBC anchor Jim Cramer said many on Wall Street are afraid of a potential Warren presidency and believe “she’s got to be stopped.”
The senator tweeted “I approve this message” at the time, while supporters observed that the Warren campaign could benefit from a campaign ad using Wall Street’s own words.
On Thursday, political observers again said big banks are advertising Warren’s strengths as they share their concerns over her plans to rein in Wall Street’s power—not just with her tax plan but also her proposals to limit executive compensation, force private equity firms to pay the debts of the companies they buy, and hold executives accountable for their firms’ wrongdoing.
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