Rep. Alexandria Ocasio-Cortez (D-N.Y.) is floating an income tax rate as high as 60 to 70 percent on the highest-earning Americans to combat carbon emissions.
Speaking with Anderson Cooper in a “60 Minutes” interview scheduled to air Sunday, Ocasio-Cortez said a dramatic increase in taxes could support her “Green New Deal” goal of eliminating the use of fossil fuels within 12 years — a goal she acknowledges is ambitious.
“What is the problem with trying to push our technological capacities to the furthest extent possible?” Ocasio-Cortez asked. “There’s an element where yeah, people are going to have to start paying their fair share in taxes.”
Ocasio-Cortez pointed out that in a progressive tax rate system, not all income for a high earner is taxed at such a high rate. Rather, rates increase on each additional level of income, with dramatic increases on especially high earnings, such as $10 million.
When Cooper pointed out such a tax plan would be a “radical” move, Ocasio-Cortez embraced the label, arguing the most influential historical figures, from Abraham Lincoln to Franklin D. Roosevelt, were called radical for their agendas as well.
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Rep. Alexandria Ocasio-Cortez is floating an income tax rate as high as 60 to 70 percent on the highest-earning Americans to combat carbon emissions https://t.co/vcKrQlz8Tr
— POLITICO (@politico) January 4, 2019
Dem Budget chairman casts doubt on economic feasibility of Green New Deal https://t.co/x3ILxB0tEp (via @HillTVLive) pic.twitter.com/o6Wrz5I9Sw
— The Hill (@thehill) January 4, 2019
Oh boy! Another starry eyed young radical commie indoctrinated by the public schools and liberal universities. I suppose no one told her that anywhere an outrageously high tax rate was forced upon the wealthy, the wealthy abandoned the country in droves and the scheme backfired. Moreover, most of the time the term “wealthy” is ill defined so that while it might start with millionaires and billionaires, eventually, the increase is applied to everyone else.
What I do know is that these increases are also applied to businesses large and small. When the employers are hit with high taxes, they stop hiring and/or they start laying off existing employees. Prices for goods and services rise so that the average person or small business can’t afford them. Companies go out of business.
I don’t see this nonsense making it through the senate now, so I guess we won’t have to be concerned about it for the time being. But I expect eventually, the Democrats will gain the senate and the presidency too. So it is possible this country will become France sometime in my lifetime.
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