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Home / Business / US billionaires require upgrades to capitalism and start with higher taxes on themselves

US billionaires require upgrades to capitalism and start with higher taxes on themselves



Washington is divided by the question.

Several democrats, including presidential candidates and senators Elizabeth Warren and Bernie Sanders, are fighting against higher taxes on the rich. Freshman Congresswoman Alexandria Ocasio-Cortez – a self-proclaimed democratic socialist – has called for a tax rate as high as 70 percent. The plan, posted in an interview with CBS "60 minutes" with Anderson Cooper, has had no shortage of pushing back from corporate America. Former Federal Reserve leader Alan Greenspan called it "a terrible idea."

The problem of inequality has led to a resurgence of the debate between the two economic systems. President Donald Trump and some Republicans have warned of consequences if Democrats and hence leftist ideologies win next year's presidential election. Trump said during his state union last year, "We are upset by new talks to adopt socialism in our country" and that "we renew our decision that America will never become a socialist country."

writes the tax code in 201

7, reduced the GOP rates, as advocates said, would fear the economy and result in a larger GDP to pay for them. Individual taxes mostly came down as well as those on American companies.

Lee Cooperman, who signed Buffett and Gates Giving Pledge, has been critical of the left's current progressive tax policy. Earlier this year, Amazon hit plans to open its so-called HQ2 among resistance around $ 3 billion in incentives the city and state promised Amazon.

"What we have is a bunch of candidates running on the left-leaning democratic ticket, which is, in my opinion, very counter-productive and destructive," said Cooperman, who signed The Giving Pledge, meaning He agreed to donate most of his wealth to charitable causes.

Cooperman has said that he would be open to paying higher taxes if they were used wisely.

Other billionaires also say they want to pay more. Among those publicly entitled to higher prices: Pimco co-founder Bill Gross, Mark Cuban and Starbucks founder Howard Schultz, which Forbes estimates have a net worth of $ 3.7 billion. Schultz said he considered a bid for the White House as an independent to cope with the crisis of capitalism in this country.

Even with higher taxes, Dimon, Dalio and others support barely socialism. Dalio made it clear that his educational initiatives require reform, not throwing capitalism out of the window. In the 2019 letter to the shareholders, released along with the bank's 2018 annual report, Dimon said "socialism inevitably produces stagnation, corruption and often worse."

"This would be just as much a disaster for our country as it has been in the other place it has been tried," said Dimon. "I am not a spokesman for unregulated, unprotected, free of all capitalism. (Few people I know are.) But we should not forget that true freedom and freedom (capitalism) at some point are indestructible. "


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