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Howard Schultz Blames Alexandria Ocasio-Cortez for His Decision to Run as Independent

Billionaire says he can't get behind 70% marginal tax rate.

Billionaire former Starbucks CEO Howard Schultz says he can’t run for president as a Democrat because he doesn’t like Rep. Alexandria Ocasio-Cortez’s proposal to slap a 70-percent marginal tax rate on income above $10 million. Schultz revealed Sunday that he’s “seriously considering” running for president as an independent. In an interview with CNBC Monday night, he shed some light on why he feels he would not run as a Democrat: Because he could end up having to argue for massive taxes on the super-rich like himself. “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,” he said. Ocasio-Cortez's idea to tax earnings over $10 million at 70 percent has wide support, according to polls—a recent Hill-HarrisX survey found that 59 percent of voters back it. Schultz went on to say: “The way I’ve come to this decision is, I believe that if I ran as a Democrat, I would have to say things that I know in my heart I do not believe, and I would have to be disingenuous.”

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