Rep. Alexandria Ocasio-Cortez slammed Howard Schultz, the former CEO of Starbucks, over marginal tax rates. She stated that Schultz didn’t have a plan at all.
“Reminder that their plan = no plan. Why? Because for billionaires, things are already going fine.” – she tweeted.
This was a response to a tweet from Jennifer Granholm in which she ripped Schultz for saying Ocasio-Cortez’s plan was bad while not saying what marginal tax rate would be fair.
The freshman lawmaker has floated creating a top marginal tax rate of 70 percent on income above $10 million.
Howard Schultz has been very critical of the plans to raise the taxes for the wealthy Americans. For example, he criticized the plan from Elizabeth Warren, calling it “ridiculous” and said it was designed only to get media attention.
If you recall, Warren has proposed an annual tax of 2 percent on a household’s wealth above $50 million and a 3 percent tax on household net worth that exceeds $1 billion.
On a CNN town hall yesterday, Schultz stated that he believes he should pay more taxes. However, he didn’t specify how much.
“The headline is here,” Schultz said. “I should be paying more taxes. And people who make this kind of revenue, and are of means, should pay more taxes.”
Asked what the tax rate should be for those making more than $10 million, Schultz said, “I don’t know what the number is.”
Schultz called a 70 percent marginal tax rate punitive.
What are your thoughts on this?