The Daily Beast reports:
Billionaire former Starbucks CEO Howard Schultz says he can’t run for president as a Democrat because he doesn’t like Rep. Alexandria Ocasio-Cortez’s proposal to slap a 70-percent marginal tax rate on income above $10 million.
In an interview with CNBC Monday night, he shed some light on why he feels he would not run as a Democrat: Because he could end up having to argue for massive taxes on the super-rich like himself.
“I respect the Democratic Party. I no longer feel affiliated because I don’t know their views represent the majority of Americans. I don’t think we want a 70 percent income tax in America,” he said.
What's “ridiculous” is billionaires who think they can buy the presidency to keep the system rigged for themselves while opportunity slips away for everyone else. The top 0.1%, who'd pay my #UltraMillionaireTax, own about the same wealth as 90% of America. It's time for change. https://t.co/D04G5fNvpa
— Elizabeth Warren (@ewarren) January 29, 2019