Davos billionaires are nervously laughing at Alexandria Ocasio-Cortez's tax plan
Rep. Alexandria Ocasio-Cortez (D-N.Y.) says it's "wrong" that billionaires exist in a country where there's extreme poverty. Unsurprisingly, one massive gathering of international billionaires isn't thrilled.
Ocasio-Cortez is among a wave of progressives proposing big changes to fight economic inequality, notably mentioning a "60 or 70 percent" marginal tax rate on America's top earners. That proposal has drawn harsh criticism from conservatives, and got similar feedback when posed to the super-rich gathered in Davos, Switzerland for the World Economic Forum on Wednesday.
First to tackle the tax plan was Michael Dell, founder and CEO of his namesake tech company with a $28.6 billion net worth.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
But Scott Minerd, investment head for Guggenheim Partners, called the freshman Democrat's proposal "scary" in an interview with CNBC. What some call a liberal fantasy is "going to gain more momentum" by the 2020 presidential election, Minerd said, adding there's "very real" possibility it'll become a real policy.
Anand Giridharadas, an author who's known for progressive economic ideas like Ocasio-Cortez's, got a laugh from former U.K. Prime Minister Tony Blair for suggesting rich elites "broke the modern world." Microsoft co-founder Bill Gates suggested those same ideas were reminiscent of "communism." And when all was Davosed and done, Ocasio-Cortez fired back with her signature Twitter sass. Kathryn Krawczyk
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Kathryn is a graduate of Syracuse University, with degrees in magazine journalism and information technology, along with hours to earn another degree after working at SU's independent paper The Daily Orange. She's currently recovering from a horse addiction while living in New York City, and likes to share her extremely dry sense of humor on Twitter.
-
'All too often, we get caught up in tunnel vision'
Instant Opinion Opinion, comment and editorials of the day
By Justin Klawans, The Week US Published
-
2024: the year of legacy media failures
In the Spotlight From election criticism to continued layoffs, the media has had it tough in 2024
By Justin Klawans, The Week US Published
-
Marty Makary: the medical contrarian who will lead the FDA
In the Spotlight What Johns Hopkins surgeon and commentator Marty Makary will bring to the FDA
By David Faris Published
-
Judges block $25B Kroger-Albertsons merger
Speed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
By Peter Weber, The Week US Published
-
Rupert Murdoch loses 'Succession' court battle
Speed Read Murdoch wanted to give full control of his empire to son Lachlan, ensuring Fox News' right-wing editorial slant
By Peter Weber, The Week US Published
-
Bitcoin surges above $100k in post-election rally
Speed Read Investors are betting that the incoming Trump administration will embrace crypto
By Peter Weber, The Week US Published
-
Enron mystery: 'sick joke' or serious revival?
Speed Read 23 years after its bankruptcy filing, the Texas energy firm has announced its resurrection
By Peter Weber, The Week US Published
-
US charges Indian tycoon with bribery, fraud
Speed Read Indian billionaire Gautam Adani has been indicted by US prosecutors for his role in a $265 million scheme to secure solar energy deals
By Peter Weber, The Week US Published
-
Boeing machinists approve contract, end strike
Speed Read The company's largest union approved the new contract offer, ending a seven-week strike
By Peter Weber, The Week US Published
-
US economy still strong in final preelection report
Speed Read It grew at a solid 2.8% annual rate from July through September
By Peter Weber, The Week US Published
-
Boeing machinists reject deal, continue strike
Speed Read The rejection came the same day Boeing reported a $6.2 billion quarterly loss
By Peter Weber, The Week US Published