Paul: Tax Hikes on Wealthy Will Take $900 Billion Out of Private Sector


Proposed tax hikes by the Obama administration on the wealthiest Americans means $900 billion would come out of the private sector, Sen. Rand Paul (R., Ky.) said Wednesday on CNBC's "Squawk on the Street."

"$900 billion taken from the private sector is an enormous drain and will hurt economic growth," Paul said. "Doesn't matter if it's rich people, middle class or poor people. It's money taken out of the productive sector, the private sector, and given to the non-productive sector, the government."