Guest essay by Eric Worrall
Alexandria Ocasio-Cortez appears to take inspiration from past efforts to confiscate wealth.
Ocasio-Cortez Says 70% Ultra-Rich Tax Could Pay for Climate Plan
By Sahil Kapur
5 January 2019, 04:56 GMT+10
Progressive House Democrat Alexandria Ocasio-Cortez called for a sharp tax hike on the highest incomes in order to fund a massive “Green New Deal” plan that would phase out fossil fuels by 2030, as she tries to push the political debate to the left.
“It’s ambitious,” the New York Representative told 60 Minutes in an interview scheduled to air Sunday. “It’s going to require a lot of rapid change that we don’t even conceive as possible right now.”
Asked how high taxes should be set, Ocasio-Cortez didn’t specify a figure but offered praise for policies in the past that set top marginal rates as high as 70 percent. The current top income tax rate is 37 percent.
“Once you get to, like, the tippy tops — on your 10 millionth dollar — sometimes you see tax rates as high as 60 or 70 percent,” she said. “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.”
I guess we can no longer say Ocasio-Cortez has not thought about how to fund her new green deal.