“ ‘Does the left understand the long-term consequences of the majority imposing confiscatory taxes on the rich, and do they really want them? Will reducing the incentive to earn more (or incentivizing successful Americans to transfer their citizenship to other nations) really result in the betterment of most people? Americans generally accept the concept of progressive tax rates. But they must not be punitive and de-motivating.’ ”

That’s just a snippet from the latest memo penned by Howard Marks, the billionaire co-chairman of Oaktree Capital Group LLC. He was referring specifically to the proposal by freshly elected Rep. Alexandria Ocasio-Cortez to raise the marginal tax rate on those earning $10 million a year to as much as 70% .

“A great deal of America’s economic progress has resulted from people’s aspiration to make more and live better,” he continued. “Take that away and what do we have? The people at the bottom won’t have as many at the top to resent.”