Investors are rushing into the relative safe haven of the bond market, causing the yield on the U.S. 10-year Treasury to plummet.Real Estateread more
President Donald Trump on Thursday directed the U.S. intelligence community to "quickly and fully cooperate" with Attorney General William Barr's investigation into the...Politicsread more
The Wall Street Journal and The New York Times, citing people familiar with the deal, reported that $30 million would go to plaintiffs and $14 million would be used to pay...Entertainmentread more
Wall Street is becoming convinced that both the White House and Beijing are willing to engage in a protracted trade war that could begin to hit consumers and slow global...Market Insiderread more
SpaceX sent 60 satellites into space in a key first mission toward the company's own high-speed internet network.Internetread more
The U.S. Commerce Department said its proposed rule would amend the normal countervailing duty process to include new criteria for currency undervaluation.World Economyread more
Zilingo founder Ankiti Bose says working as an investment analyst helped her build her near-$1 billion fashion start-up.Ditching the Corporate Liferead more
Asia Pacific markets were mostly in negative territory on Friday morning as investors remained worried over trade tensions between the United States and China.Asia Marketsread more
Indian Prime Minister Narendra Modi's Bharatiya Janata Party would have the first back-to-back majority in the lower house of parliament for a single party since 1984.Asia Politicsread more
TransferWise, the money transfer start-up, was valued at $3.5 billion after investors bought $292 million of shares in a secondary sale.Technologyread more
Stocks fell sharply on Thursday as investors started to fear the U.S.-China trade war is slowing the economy.Marketsread more
The call to increase taxes on the wealthy has been gaining steam — but that isn't enough to stop to the growing wealth and income gap in America, Democratic former Sen. Heidi Heitkamp told CNBC on Monday.
"How do we close that gap and make America's economy and capitalism work for everyone, including working people in this country? It's not just through the tax code," she said in an interview with "Power Lunch. "
Prominent Democrats have been floating different plans to make the super rich pay more.
Sen. Elizabeth Warren, who represents Massachusetts and launched her 2020 presidential campaign on Saturday, wants to impose a 2 percent tax every year on households with assets over $50 million and 3 percent on households with assets over $1 billion. Meanwhile, Rep. Alexandria Ocasio-Cortez, from New York, wants to slap a 70 percent marginal tax rate on income above $10 million. And independent Sen. Bernie Sanders, from Vermont, has proposed a big hike in the estate tax, including a 77 percent rate for over $1 billion.
It's an issue that appears to be resonating with the American public. According to a recent Politico/Morning Consult poll, 76 percent of registered voters believe the wealthiest should pay more in taxes.
"My frustration always in Washington is the sound bite policy. It sounds good. It polls well. Everybody jumps on the bandwagon. But will it solve the problem?" said Heitkamp, who represented North Dakota from 2013 to 2019. She was also tax commissioner of the state from 1986 to 1992.
"I could show you numbers that would suggest it will not solve the problem with wealth disparity and income disparity. It might offer some alternatives," she added. "I don't think it can solve every problem that they're trying to solve with it."
For one, everybody can avoid the estate tax if they do some planning, and the rich targeted by the 70 percent tax can find ways to shelter their income, she said.
Heitkamp, a CNBC contributor, said she certainly wants to find a solution but "let's not use simple ways of doing it."
One thing that she advocates is changing the tax code so that unearned income is not taxed less than earned income. Plus, there are workforce issues and a skills gap that need to be addressed, she said.
Heitkamp is also warning of a looming retirement crisis. She is urging Americans to act now and start saving "before it is too late."