Possible US Presidential candidate Howard Schultz doesn't want to be called a billionaire

A billionaire considering running for president of the United States has requested he not be called one.

Former Starbucks CEO Howard Schultz is considering running for president as an independent, after saying he no longer identifies with the Democratic Party.

He specifically singled out New York representative Alexandria Ocasio-Cortez and her suggestion of a 70 percent marginal tax rate.

"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.

Ms Ocasio-Cortez's suggested tax rate would only apply to wealth Americans like Mr Schultz.

Mr Schultz has now suggested people use a different term to describe wealthy Americans like himself, other than billionaire.

"The moniker billionaire now has become the catchphrase," he told CNBC in an interview last week.

"I would rephrase that and I would say that 'people of means' have been able to leverage their wealth and their interests in ways that are unfair."

Mr Schultz also suggests the term "people of wealth" to describe billionaires.


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