Ocasio-Cortez floats 70 percent tax on the super wealthy to fund Green New Deal

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    • #8424
      N2Doc
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      • Total Posts: 8,266

      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.”

      more

      https://www.politico.com/story/2019/01/04/ocasio-cortez-70-percent-tax-1080874

      Huge problems require radical solutions. Go AOC!

    • #8430
      ravensong
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      • Total Posts: 2,222

      She’s amazing!

      “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

      The truth is, there’s no such thing as being “anti-Fascist.” Either you are a decent human being with a conscience, or you are a fascist.
      ~ Unknown

    • #8476
      Ohio Barbarian
      Moderator
      • Total Posts: 17,065

      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.

      It is better to vote for what you want and not get it than to vote for what you don't want and get it.--Eugene Debs

      Show me a man that gets rich by being a politician, and I'll show you a crook.--Harry Truman

    • #8708
      eridani
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      • Total Posts: 6,473

      https://www.vox.com/policy-and-politics/2019/1/4/18168431/alexandria-ocasio-cortez-70-percent?fbclid=IwAR20V7F6rpzFXZHAiT2ndBEYAU12W_W-5nA-Elyr-zoH4kSiqynoI0CKHs0

      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.

      Jesus: Hey, Dad? God: Yes, Son? Jesus: Western civilization followed me home. Can I keep it? God: Certainly not! And put it down this minute--you don't know where it's been! Tom Robbins in Another Roadside Attraction

    • #8715
      Joe Shlabotnik
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      • Total Posts: 864

      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 ~

    • #8805
      sonofspy777
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      • Total Posts: 5,427

      “Never argue with a fool, onlookers may not be able to tell the difference.”
      ~Samuel Clemens

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