Liberal billionaire Bill Gate, who supports more robust taxation of the wealthy, slammed extreme plans like the plan our favorite Socialist Alexandria Ocasio-Cortez proposed, as CNBC reports:
Bill Gates says he supports “more progressive” taxes on the rich, but proposals targeting high income brackets, like a plan from Rep. Alexandria Ocasio-Cortez, are missing the point.
Ocasio-Cortez, D-N.Y., has pushed raising the top marginal tax rate to 70 percent on income over $10 million. The top marginal rate is currently 37 percent. In an interview in The Verge, Gates said such an approach is “a misfocus.”
“If you focus on that, you’re missing the picture,” he said without mentioning the Democratic socialist congresswoman by name.
“In terms of revenue collection, you wouldn’t want to just focus on the ordinary income rate, because people who are wealthy have a rounding error of ordinary income,” Gates, one of the richest people in the world, told The Verge. “They have income that just is the value of their stock, which if they don’t sell it, it doesn’t show up as income at all, or if it shows up, it shows over in the capital gains side. So the ability of hedge fund people, various people — they aren’t paying that ordinary income rate.”
Instead, he said, lawmakers should focus on things like the estate tax, taxes on capital and Social Security. His view may be more closely aligned with Sen. Elizabeth Warren’s proposed tax policy that focuses on taxing net worth on households worth more than $50 million.
“Now, you finally have some politicians who are so extreme that I’d say, ‘No, that’s even beyond,’” Gates said, an apparent reference to Ocasio-Cortez. “You do start to create tax dodging and disincentives, and an incentive to have the income show up in other countries and things. But we can be more progressive without really threatening income generation — what you have left to decide how to spread around.”
Leading Democrats and Progressives are running away from Ocasio-Cortez and her radical ideas as fast as they possibly can.
It’s not just Bill Gates. Even liberal House Majority Whip Steny Hoyer rebuked Ocasio-Cortez over her radical position on ICE and immigration to put distance between her and the party leadership, the Washington Free Beacon is reporting:
House Majority Whip Steny Hoyer (D., Md.) on Monday pushed back against the anti-ICE rhetoric of Rep. Alexandria Ocasio-Cortez (D., N.Y.), saying that it “goes too far.”
Hoyer appeared on Fox News’ “Your World” with Neil Cavuto to discuss the Democratic strategy to prevent another government shutdown, which transitioned into a conversation on Immigration and Customs Enforcement (ICE).
Host Neil Cavuto mentioned how some of the far-left members of Congress, such as Ocasio-Cortez, have called for ICE to be defunded altogether and asked Hoyer how he responds that rhetoric.
“They didn’t go that far. Some suggested eliminating ICE as an organization. I was not for that. The speaker was not for that clearly,” Hoyer said. “We’re going to have immigrants. We’re going to have customs. We need enforcement.”
Cavuto asked Hoyer to clarify whether he believes ICE “has value,” prompting him to say, “Of course it does… It’s an essential agency.”
“So when [Ocasio-Cortez] and others say that it isn’t doing that and it should be shut down, you say that goes too far?” Cavuto asked.
“I think that goes too far,” Hoyer said.
When Bill Gates and Steny Hoyer are calling you a radical, you know you’ve gone too far.
Grab some popcorn, the Democrat party civil war is going to be fun to watch. The radical progressives against the Democrat party establishment.
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