The Republican effort to overhaul the nation's tax code would "unleash economic forces" and undermine any doomsday predictions from Democrats, Ken Langone told CNBC on Monday.
"My guess is [it's] the end of the world for the Democratic Party because if this tax bill, in my opinion, passes it's going to unleash economic forces all to the good for a lot of people," contended the co-founder of Home Depot.
Langone was referring to criticism levied by Schumer ahead of the early Saturday passage of the Senate's version of a bill that aims to cut taxes on working Americans and U.S. corporations. "Historians will mark this day as one of the darkest black-letter days in the long history of this Senate," Schumer said as he tried to delay the vote.
The House approved its tax overhaul package last month.
Lawmakers must now craft and pass a compromise bill before President Donald Trump would get a change to sign it into law.
"My taxes are going to go up. And I think that's wonderful," Langone said. "Nothing is going to change in my life if I pay more taxes."
Langone — founder and chief of investment bank Invemed Associates, specializing in health-care companies — certainly believes tax cuts would jump-start the economy, but he warned the U.S. must cut federal debt and the budget deficit in order to really get its financial house in order.
He argued it's worth risking a "very significant recession" and even a "big hit" to the stock market to address the escalating red ink.
Schumer's office did not respond to a request for comment.