LAS VEGAS (AP/WCMH) Several Democratic presidential contenders are clashing over whether massive wealth accumulation is un-American or something that should merely be subject to equitable tax rates.
Asked about Vermont Sen. Bernie Sanders’ tweet that “billionaires should not exist,” Minnesota Sen. Amy Klobuchar said during Wednesday’s Democratic debate that she supported capitalism but also an appropriate tax rate on wealth, unlike what she felt had been promoted and signed by President Donald Trump.
When Sanders argued that billionaires pay an unfairly low tax rate compared to the middle class, former New York City Mayor Mike Bloomberg asked, “Why do you complain? Who wrote the code?”
Sanders said the United States has a “grotesque and immoral distribution of wealth and income,” noting that Bloomberg “owns more wealth than the bottom 125 million Americans.”