Whoopi Goldberg to Ocasio-Cortez

Whoopi Goldberg to Ocasio-Cortez

Whoopi Goldberg to Ocasio-Cortez

And how might America pay for programs like these? "When you look at how he reacted to the Charlottesville incident, where neo-Nazis murdered a woman, versus how he manufactures crises like immigrants seeking legal refuge on our borders, it's, it's night and day", Ocasio-Cortez said, adding that Trump was a "symptom" of a problem.

That nonsense ended in the early 1960s with then-President John F. Kennedy, who reduced the top marginal rate to 70 percent, Ocasio-Cortez's benchmark.

Ultimately, though, Goldberg seemed to give Ocasio-Cortez more encouragement than condemnation.

"What a 70 percent tax rate would look like is thus much less hypothetical than people imagine it to be", wrote Bruenig.

"Oh my goodness", the freshman lawmaker responded on 60 Minutes. Be that as it may, by focusing on tax rates alone, proponents of super-soaking the super-rich ignore big changes in the federal tax structure over the past half-century. "And people know that if you're coming after me, you're opening yourself up".

Then, following a freakish episode in which conservatives attacked her for dancing in a video during college and formerly going by the nickname "Sandy", Ocasio-Cortez made headlines by calling for a 70 percent marginal tax rate on the highest incomes in an interview on 60 Minutes. "That doesn't mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder you should be contributing more". Another star of the film, Ally Sheedy, whose dance moves Ms. Ocasio-Cortez imitates in the video, endorsed the tribute.

But Albany Democrats should think twice before cheering her on - because NY, in particular, would have a lot to lose from a return to confiscatory federal taxes on higher earners. Again, there is no real plan. According to NBC News, these Jews are "originally from Spain or the Iberian Peninsula", but during the Spanish Inquisition in the late 1400s, when "many people were forced to convert on the exterior to Catholicism but on the interior continued to practice their faith", she said some of them left their countries and settled elsewhere. And yes, according to data from the Tax Foundation, during the 1960s, 1970s, and even into the early 1980s, the marginal tax rate in the USA was often 70% on the highest levels of household income (which back then was earnings in excess of around $200,000). And a significant number of highly respected economists have endorsed top tax rates roughly as high as the one floated by the congresswoman, while Piketty has advocated for an 80 percent top rate.

Rep. Steve Scalise, R. -Louisiana, tweeted that Ocasio-Cortez's approach would lead to the government taking away "70% of your income". Data cited by the Washington Post indicates that as of 2016, only 16,000 tax filers - or 0.5% of USA households - had income over $10 million.

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Sanders' response - "It's by air it's by land it's by sea, it's all of the above" - employs, essentially, the same logic Ocasio-Cortez is using: My specific fact may be wrong, but the broader point I was making still holds. SALT or no SALT, a sharp increase in marginal tax rates on the highest-earning households would only accelerate the erosion of New York's wealth-dependent tax base.

Not all of an individual's income is taxed at the same rate. "Sweden is not flawless but it's a successful high-income country where ordinary people have a higher standard of living than their USA peers".

It's by no means safe to assume that a future Democratic Congress willing to impose a 60 or 70 percent marginal tax rate also would resurrect the full SALT deduction.

Right now, there are seven federal income tax rates. The top 3% taxpayers already pay more than 50%. In sensible countries, what they are is a way to pay for nice goodies that benefit (almost) everyone.

"It's absolutely risky", the 29-year-old began, "It requires risk to try something new, but also, we know so much of what we've tried in the past hasn't worked, either".

Ocasio-Cortez is new to all of this, yes.

Tax experts consulted by the Washington Post say that a 70% on income over $10 million could theoretically bring in an additional $72 billion per year in taxes, or $720 billion over a decade. What exactly was the newly-elected, self-proclaimed radical proposing?

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