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.
.@AOC tax plan gets put to Michael Dell. Asked if he supports it, room here in Davos bursts out laughing. Dell says "I’m not supportive of it. And I do not think it will help the growth of the US economy."
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
Is it getting hot in here, or just the elevating public consciousness around rampant wealth inequality? https://t.co/jEvoGVRbT9