Ocasio-Cortez floats 70 percent tax on the super wealthy to fund Green New Deal
January 4, 2019 at 12:10 PM - Views: 76 #8424N2DocParticipant
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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.”
Huge problems require radical solutions. Go AOC!
January 4, 2019 at 12:17 PM #8430ravensongParticipant
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“A lie doesn't become truth, wrong doesn't become right, and evil doesn't become good, just because it's accepted by a majority.” ~ Booker T. Washington
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January 4, 2019 at 2:02 PM #8476Ohio BarbarianModerator
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Only in Congress two days and AOC’s already getting soft. The ruling class has no idea what it is in for tomorrow if they don’t deal with people like her today.
Never let your morals stop you from doing the right thing.--Isaac Asimov
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January 5, 2019 at 3:18 AM #8708eridaniParticipant
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This conclusion relies on two subsidiary points. One is the notion that for the very rich, the subjective value of an extra dollar is essentially $0. In other words, while a poor person’s life may get a lot better if he gets a little bit of extra money, someone like Mark Zuckerberg isn’t going to care at all.
It follows that regardless of how much money we think the government should spend, we should be squeezing the richest people as much as possible to keep taxes lower on the less wealthy who will miss the money more. They then do empirical calculations that lead them to estimate that a rate of 73 percent or so would maximize revenue — higher than that and taxation becomes counterproductive because people work less.
Their argument is that, empirically, CEO pay and pretax inequality is higher in countries with lower top marginal tax rates. In lower tax countries, they believe, CEOs work really hard to maximize their own pay whereas in higher tax countries they accept lesser compensation, which leaves more money left over for other people.
An even more aggressive 2016 paper from Benjamin Lockwood, Charles Nathanson, and Glen Weyl argues that confiscatory taxation would be good for the economy because it would discourage talented people from entering lucrative lines of work. In a world of low taxes, they show, talented people have strong incentives to work in legal or financial professions rather than be teachers or research scientists. But the social reward to having really good traders or corporate lawyers is either low or negative, whereas the social reward to having excellent teachers and scientists is high.
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January 5, 2019 at 4:31 AM #8720ThouArtThatParticipant
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January 5, 2019 at 3:26 AM #8715Joe ShlabotnikParticipant
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And then there’s the mega-corporations. I’m sure she knows that though, she’s bold AF.
~ All good things are Wild and Free ~
January 5, 2019 at 12:54 PM #8805
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