These Billionaires Really Hate Elizabeth Warren’s Plan to Tax Billionaires

Elizabeth Warren
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Sen. Elizabeth Warren’s (D-Mass.) promise for a tax on billionaires hit a personal note with billionaires who have their own political ambitions.

This week, Warren revealed a proposal for a 2 percent wealth tax on those with a net worth over $50 million with an additional 1 percent on net worth over $1 billion.

Former Starbucks CEO Howard Schultz, who is currently mulling a 2020 presidential run, called the plan “ridiculous.”

“When I see Elizabeth Warren come out with a ridiculous plan of taxing wealthy people a surtax of 2 percent because it makes a good headline or sends out a tweet when she knows for a fact that’s not something that’s ever gonna be passed, this is what’s wrong,” he told NPR on Monday. “You can’t just attack these things in a punitive way by punishing people.”

As for how Schultz would address taxes, he didn’t give a definitive answer.

“There are a number of areas here that need to be addressed,” Schultz said. “I’m not trying to dodge any question, but I feel like what we have today is an unfair system.”

Warren hit back hard on Twitter on Tuesday, calling out Schultz’s words directly.

“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 2020 Democratic candidate wrote.

“The top 0.1%, who’d pay my #UltraMillionaireTax, own about the same wealth as 90% of America,” she added. “It’s time for change.”

But Schultz wasn’t the only billionaire to speak out against Warren’s plan. Former New York City Mayor Michael Bloomberg told The Washington Post that he thought the tax could be unconstitutional. He said to look at Venezuela as an example of wealth redistribution.

Forbes magazine reported Bloomberg has a fortune of about $51.8 billion.

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Phyllis Softa
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I have been searching up and down the IJR articles for 2 days. The Trump appointed Intelligence agency directors testified before Congress yesterday on the national security risks to our nation. WHY no IJR coverage? National security is an issue for ALL Americans. At least 90% of IJR readers are registered Republican. So why so many articles on Democrat primary candidates? https://www.c-span.org/video/?457211-1/national-security-officials-testify-threats-us

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