Billionaire former Starbucks CEO Howard Schultz is no fan of Rep. Alexandria Ocasio-Cortez’s proposal to slap a 70 percent marginal tax rate on income above $10 million.
In an interview Monday night, he cited her idea as one of the reasons he could never run for president as a Democrat. Schultz believes the party has moved too far left, and he doesn’t believe in their tax and spending priorities.
“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,” Schultz told CNBC’s Andrew Ross Sorkin in New York.