Billionaires at art museum party frame Democrats’ tax plans as losing propositions

Hedge fund executive Ken Griffin and Commerce Secretary Wilbur Ross criticize tax-the-rich ideas at Norton Museum of Art event

TRD NATIONAL /
Feb.February 09, 2019 12:00 PM

Ken Griffin (Credit: Getty, iStock)

Billionaires attending a party at an art museum in West Palm Beach criticized proposals by Democrats to increase the federal taxes of the wealthiest Americans.

For example, Senator Bernie Sanders has proposed a 77 percent tax rate on the value of estates that exceeds $1 billion, and Representative Alexandria Ocasio-Cortez has proposed a top tax rate of 70 percent on income of $10 million or more.

“They’re going to eat themselves alive,” Commerce Secretary Wilbur Ross told Bloomberg News during the Feb. 2 party at the Norton Museum of Art, which officially reopened today following a renovation-and-expansion project.

Billionaire and hedge fund executive Ken Griffin told Bloomberg that tax-the-rich proposals by Democrats “are so antithetical for what’s good for growth in our country, they’ll go nowhere.”

Griffin said improving public elementary schools and high schools is a better approach to addressing economic inequality than “trying to destroy the wealth creators in our society” through tax hikes, Bloomberg reported.

But he also said the amount of discussion about Democratic tax proposals among guests at the museum party was “literally zero.”

Griffin, a native of Boca Raton, donated $20 million of the cost of renovating and expanding the Norton Museum of Art, which totaled more than $100 million. His gift made Griffin the largest donor in the history of the museum.

Griffin, a part-time resident of Palm Beach, said the town has attracted acquaintances from his professional and social circles in northern cities.

“It’s a great, eclectic mix that brings my Chicago and Northeast bases together in one place much more than any other place I could be,” he told Bloomberg. “That’s what Palm Beach is.” [Bloomberg]Mike Seemuth


Related Articles

arrow_forward_ios
Ken Griffin over the island of Palm Beach

Inside billionaire Ken Griffin’s massive Palm Beach holdings

Collage of Ken Griffin’s properties and Ken Griffin

Ken Griffin’s many many mansions: Billionaire’s latest is a $99M Palm Beach estate

Ken Griffin and a rendering of the project (Credit: Town of Palm Beach via Chicago Tribune)

Ken Griffin scores approval to demolish Palm Beach property

The owner of America’s most expensive home just sold a unit in South Beach

Who owns Palm Beach’s highest taxed estates?

Toronto asset manager pays nearly $10M for Palm Beach home

Billionaire Ken Griffin adds to Palm Beach assemblage with $20M estate

Ken Griffin shuts down construction of Billionaires Row project in Palm Beach

arrow_forward_ios