Post by Admin on Jan 15, 2019 8:32:38 GMT
Rep. Alexandria Ocasio-Cortez just proposed a 70% top marginal tax rate for the rich. While critics have been quick to dismiss the prospect, prominent economists – including Nobel-Prize winners – have supported similar ideas in recent years.
Ocasio-Cortez, who at age 29 just became the youngest Congresswoman in history, floated the notion in a 60 Minutes interview with Anderson Cooper that was released Friday. She framed it as one possible way to fund her so-called Green New Deal, an ambitious plan to reduce inequality and eliminate fossil-fuels by 2030. A 70% rate on income over $10 million would only affect less than 1% of households, and could bring in up to $72 billion in taxes per year, according to experts consulted by the Washington Post.
Many quickly denounced Ocasio-Cortez’s plan: Anderson Cooper called it a “radical agenda” and former Federal Reserve chairman Alan Greenspan said it was “a terrible idea” that would crimp economic growth. In fact, a 70% marginal tax rate would hardly be unprecedented. In the Eisenhower years, the top U.S. tax rate eclipsed 90% and rates didn’t fall below 50% until the Reagan administration.
time.com/money/5496760/ocasio-cortez-tax-rate-economists/?utm_source=twitter.com&utm_medium=social&utm_campaign=social-share-article
Ocasio-Cortez, who at age 29 just became the youngest Congresswoman in history, floated the notion in a 60 Minutes interview with Anderson Cooper that was released Friday. She framed it as one possible way to fund her so-called Green New Deal, an ambitious plan to reduce inequality and eliminate fossil-fuels by 2030. A 70% rate on income over $10 million would only affect less than 1% of households, and could bring in up to $72 billion in taxes per year, according to experts consulted by the Washington Post.
Many quickly denounced Ocasio-Cortez’s plan: Anderson Cooper called it a “radical agenda” and former Federal Reserve chairman Alan Greenspan said it was “a terrible idea” that would crimp economic growth. In fact, a 70% marginal tax rate would hardly be unprecedented. In the Eisenhower years, the top U.S. tax rate eclipsed 90% and rates didn’t fall below 50% until the Reagan administration.
time.com/money/5496760/ocasio-cortez-tax-rate-economists/?utm_source=twitter.com&utm_medium=social&utm_campaign=social-share-article