Elizabeth Warren has a long path to the presidency. In addition to winning the hearts and minds of Democratic primary voters, Warren has to take the battle to President Donald Trump in an election that is still over a year away. But the Senator from Massachusetts got a boost on Thursday from Galaxy Digital CEO, Michael Novogratz.
Speaking on CNBC’s Squawk Box, Novogratz said Warren appeared to be the best candidate for president.
“I think [Warren] could win the election because she’s smart, she’s winning, she seems to be the best candidate on the stump.”
Novogratz stopped short of endorsing the Democratic nominee, admitting afterward that Warren wasn’t his top choice for president.
The Wealth Tax
Perhaps Novogratz would offer more support if it wasn’t for Warren’s plans to implement a wealth tax.
“I don’t think the wealth tax is the way to go.”
The Galaxy Digital CEO told the Squawk Box hosts that he prefers other forms of taxation to address inequality.
“We should redistribute, we need to redistribute…
There’s lots of ways to raise taxes. I would take capital gains and move it right up to income tax.”
Warren’s plan for a wealth tax has also faced backlash from fellow Democratic candidates. During the fourth Dem debate in Ohio, entrepreneur Andrew Yang said a wealth tax had already been attempted in Europe and failed:
“A wealth tax makes a lot of sense in principle. The problem is that it’s been tried in Germany, France, Denmark, Sweden, and all those countries ended up repealing it because it had massive implementation problems and did not generate the revenue that they’d projected.”
But perhaps Warren and Bernie Sanders needn’t worry about the critics.