• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

1

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

2

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Howard Schultz

Former Starbucks CEO Schultz Calls for Higher Taxes on Wealthy

By
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Bloomberg
Bloomberg
Down Arrow Button Icon
February 7, 2019, 3:08 PM ET
Add Fortune on Google for similar content.

Billionaire Howard Schultz said wealthy Americans like him should pay higher taxes.

The former Starbucks CEO called for the rich to pay more during a speech Thursday at Purdue University in Indiana that was another stop on a nationwide tour he’s making as he weighs an independent run for president in 2020.

“I myself should be paying higher taxes — and all wealthy Americans should have to pay their fair share. I think we can all agree on that,” Schultz said at the university.

He also called for an overhaul of the tax code that includes rate cuts for middle-income people and small businesses, though he didn’t unveil any specifics on his tax policy ideas such as rates.

Schultz has said he’s considering an independent White House run because of the leftward tilt of the Democratic Party, and he’s criticized proposals from Democratic presidential hopefuls such as Massachusetts Senator Elizabeth Warren for sharp tax increases for the ultra-wealthy. Schultz is worth $3.7 billion according to the Bloomberg Billionaires Index. He’s also criticized Republicans for cutting taxes on corporations and the wealthy.

Higher Taxes

Polls show public support across party lines for raising taxes on the wealthy, including ideas by Democrats such as Warren to impose an annual tax on wealth above $50 million and by Representative Alexandria Ocasio-Cortez of New York to tax incomes above $10 million as high as 70 percent. Republican lawmakers widely oppose tax hikes, though surveys show many of their voters disagree.

In his speech, Schultz also touched on the threat posed by the nation’s $22 trillion debt and the need to reduce health care costs. “Neither side has developed — let alone offered — a credible plan to reduce costs by increasing competition,” he said.

As he has at other appearances, Schultz was critical of both major parties. “Our two-party system is broken,” he said.

His remarks on taxes are similar to what President Donald Trump said as a 2016 presidential candidate. In an August 2015 interview with Bloomberg, Trump said he’d favor raising taxes on rich people like himself. In May 2016, he told ABC News, “I am willing to pay more, and you know what, the wealthy are willing to pay more.”

As president, the Republican enacted a sweeping overhaul that lowered taxes, with two-thirds of the individual tax gains accruing to the top one-fifth of earners by 2025, according to the nonpartisan Tax Policy Center.

Schultz, 65, and his advisers said he would make a run for the White House if it’s clear there is enough support for an independent to win. He’s pitching himself as an alternative to the ideological extremes that he views as ascendant in both Republican and Democratic parties.

A poll released Thursday showed he would be unlikely to win the White House as an independent but that he would probably pull enough votes from the Democratic candidate in 2020 to strengthen Trump’s prospects for re-election.

Schultz is drawing 7.7 percent of voters overall but pulls twice as much support from Democrats (11.6 percent) as Republicans (5.6 percent), according to the survey conducted by Optimus, a data-science firm that’s studying the effects of independent candidates on the 2020 race.

About the Author
By Bloomberg
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Trump says he is nominating former Oklahoma state trooper Lance Schroyer as ICE director
PoliticsICE
Trump says he is nominating former Oklahoma state trooper Lance Schroyer as ICE director
By Ali Swenson and The Associated PressJune 27, 2026
1 hour ago
Forget the ceasefire — The U.S. and Iran are still locked in combat over the Strait of Hormuz as Tehran tries to shut down a competing route
Middle EastIran
Forget the ceasefire — The U.S. and Iran are still locked in combat over the Strait of Hormuz as Tehran tries to shut down a competing route
By Jason MaJune 27, 2026
1 hour ago
The contrarian view for Fed rate cuts: Payrolls will weaken, inflation will plunge, and Kevin Warsh was ‘largely performative’ in his hawkishness
EconomyFederal Reserve
The contrarian view for Fed rate cuts: Payrolls will weaken, inflation will plunge, and Kevin Warsh was ‘largely performative’ in his hawkishness
By Jason MaJune 27, 2026
2 hours ago
3 million Americans have dropped Obamacare health coverage over past year, after Republicans let federal subsidies expire
HealthHealth Insurance
3 million Americans have dropped Obamacare health coverage over past year, after Republicans let federal subsidies expire
By Ali Swenson and The Associated PressJune 27, 2026
4 hours ago
Amazon Prime Day total online spending surpasses Adobe estimate
Retailecommerce
Amazon Prime Day total online spending surpasses Adobe estimate
By Spencer Soper and BloombergJune 27, 2026
4 hours ago
The end of Putin’s regime will spring from war spending chaos, former central bank advisor says, amid military mutiny threat and fuel-shortage brawls
EuropeRussia
The end of Putin’s regime will spring from war spending chaos, former central bank advisor says, amid military mutiny threat and fuel-shortage brawls
By Jason MaJune 27, 2026
5 hours ago

Most Popular

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
14 hours ago
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
3 days ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
4 days ago
The 33-year-old executive Satya Nadella is trusting to fix Microsoft’s Copilot AI assistant
AI
The 33-year-old executive Satya Nadella is trusting to fix Microsoft’s Copilot AI assistant
By Sebastian HerreraJune 27, 2026
15 hours ago
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
Asia
Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’
By Nick LichtenbergJune 24, 2026
3 days ago
Current price of silver as of Friday, June 26, 2026
Personal Finance
Current price of silver as of Friday, June 26, 2026
By Joseph HostetlerJune 26, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.