Alexandria Ocasio-Cortez: ‘The Ascent of Billionaires is a Symptom & Outcome of an Immoral System’

By Staff | October 2, 2019 | 2:39pm EDT
(Getty Images/SAUL LOEB/AFP)

( - Rep. Alexandria Ocasio-Cortez sent out a tweet on Wednesday backing up Sen. Bernie Sanders declaration that “billionaires should not exist” by asserting that they are the produce of an “immoral system” in the United States.

Ocasio-Cortez’s tweet included a tweet that featured Stephen A. Schwarzman, the co-founder and CEO of the Blackstone investment firm, who responded to Sanders’ statement that billionaires should not exist by suggesting that perhaps Bernie Sanders should not exist.

“‘Billionaires should not exist’ does not mean certain people should not exist,” said Ocasio-Cortez in her tweet. “It means no person should have a billion dollars.

“The ascent of billionaires is a symptom & outcome of an immoral system that tells people affordable insulin is impossible but exploitation is fine.”

On Sept. 24, Sanders released his plan for what he called a ‘tax on extreme wealth.” The tax would confiscate a certain percentage of an individual’s or family’s “net assets” each year, gradually eating them down to a size Sanders would find acceptable.

That day, Sanders tweeted out a New York Times story about his plan and said: “Billionaires should not exist.”

He followed this by tweeting out a link to a copy of the plan itself. This tweet said: ‘There should be no billionaires. We are going to tax their extreme wealth and invest in working people.”

Sanders’s plan says in part:

“It would start with a 1 percent tax on net worth above $32 million for a married couple. That means a married couple with $32.5 million would pay a wealth tax of just $5,000.

“The tax rate would increase to 2 percent on net worth from $50 to $250 million, 3 percent from $250 to $500 million, 4 percent from $500 million to $1 billion, 5 percent from $1 to $2.5 billion, 6 percent from $2.5 to $5 billion, 7 percent from $5 to $10 billion, and 8 percent on wealth over $10 billion. These brackets are halved for singles.

“Under this plan, the wealth of billionaires would be cut in half over 15 years which would substantially break up the concentration of wealth and power of this small privileged class.”


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