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brooklynite

(96,882 posts) Fri Jan 4, 2019, 11:26 AM Jan 2019

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

Source: Politico

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.

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

161 replies

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Ocasio-Cortez floats 70 percent tax on the super wealthy to fund Green New Deal [View all] brooklynite Jan 2019 OP

Excellent! shanny Jan 2019 #1

Yes, excellent but she needs to be careful Perseus Jan 2019 #9

We've been keeping our powder dry for decades shanny Jan 2019 #12

I disagree. Nancy can reply, "not that high, by the way it was higher in 1940s, 50s, 60s and 70s.." lostnfound Jan 2019 #20

Love this lady RVN VET71 Jan 2019 #30

But there were tons of tax loopholes then at140 Jan 2019 #32

And now there are no tax loopholes? BadgerMom Jan 2019 #41

Caymans have been around longer than you can imagine at140 Jan 2019 #102

My understanding is that those marginal rates were so high PoindexterOglethorpe Jan 2019 #44

The highest marginal tax rate was blue-wave Jan 2019 #39

Those high tax rates did not kick in until $10mil and then only on amounts over onit2day Jan 2019 #70

LBJ lowered the top tax rate to 74% on those high incomes only. We need to repeal the Reagan tax rat onit2day Jan 2019 #71

1980's - Ronald Raygun years begin with "Trickle Down" packman Jan 2019 #63

That's right, income taxes for the 1% was much higher, so much that 1%ers couldn't afford KCDebbie Jan 2019 #130

Not really. SomethingNew Jan 2019 #151

You may doubt that companies spend more than 1 or 2% KCDebbie Jan 2019 #156

Yes, because WOC always need to go slow... not! Go AOC go! InAbLuEsTaTe Jan 2019 #54

Pelosi is certainly not happy. kstewart33 Jan 2019 #61

It's only class warfare .. CloudWatcher Jan 2019 #67

Yes, let's just keep waiting. lagomorph777 Jan 2019 #78

Fuck "the powerful" and the ultra-rich Politicub Jan 2019 #119

Copy that Magoo48 Jan 2019 #38

Yes, bout fuckin' damn time!! This is why AOC is a born leader... InAbLuEsTaTe Jan 2019 #53

So, what's the the plan for getting this through the Senate? Adrahil Jan 2019 #150

That isn't the plan. shanny Jan 2019 #152

Okay..... here's the thing.... Adrahil Jan 2019 #153

Did I say anything about passing pie in the sky bills? shanny Jan 2019 #154

Good Luck with this approach! Adrahil Jan 2019 #157

This is where I post MY happy dance video...... Crutchez_CuiBono Jan 2019 #2

We need a clean environment more than we need billionaires... we don't need any actually ck4829 Jan 2019 #3

++++ agree iluvtennis Jan 2019 #37

Simple suggestion - write the bill and introduce it. George II Jan 2019 #4

At which point it'll be referred to Committee and never seen again... brooklynite Jan 2019 #6

The noise in itself is important and valuable. Some of us appreciate and applaud it. KPN Jan 2019 #31

Damn straight KPN!! This is no time to be quiet and AOC is rockin' it!! InAbLuEsTaTe Jan 2019 #57

FINALLY! A colossal breakthrough! Eyeball_Kid Jan 2019 #5

Finally? From the 2016 Democratic Party platform: lapucelle Jan 2019 #34

Exactly, I'm so tired of being lectured to that Democrats aren't progressive. LisaM Jan 2019 #68

Pelosi got this passed once before but Rep in senate filibustered it onit2day Jan 2019 #72

We should get back to the 50s level of taxation... PeeJ52 Jan 2019 #7

And stop allowing Koch, Disney & others to dodge taxes by shipping their money to Luxembourg. TheBlackAdder Jan 2019 #45

So that the wealthy can take their money outside of the US TexasTowelie Jan 2019 #137

Bad idea Dopers_Greed Jan 2019 #8

We tax stock trades... PeeJ52 Jan 2019 #10

Checked out a Capital gains table lately? Bengus81 Jan 2019 #74

I'm all for a wealth tax. Scruffy1 Jan 2019 #16

Agreed plus excessive rates are always counterproductive grantcart Jan 2019 #17

In 1961 the top marginal rate was 91%. pangaia Jan 2019 #21

Correlation does not imply causation BBG Jan 2019 #22

Tax Wealth Accumulation Like Income PaulX2 Jan 2019 #26

Eisenhower's administration had a top tax rate of 91%. It was LBJ,not Kennedy, who lowered it to 70% Power 2 the People Jan 2019 #46

No, government revenues did not skyrocket. PETRUS Jan 2019 #49

Sincere thanks for publishing the data that proves my points and disproves yours grantcart Jan 2019 #98

No, I was not making that assumption, and I don't think you're being honest about the data. PETRUS Jan 2019 #100

tax appreciation of assets? IronLionZion Jan 2019 #28

In DC, that's called "gentrification." mahatmakanejeeves Jan 2019 #35

There are various workarounds Dopers_Greed Jan 2019 #42

I've been accused of gentrification in DC IronLionZion Jan 2019 #48

Income from dividends and capital gains is taxed. Nt spooky3 Jan 2019 #29

...but at a lower rate than the money people actually work for FiveGoodMen Jan 2019 #59

Please see the post to which I replied. Nt spooky3 Jan 2019 #64

I agree, but this is a good start. I'm sure she would agree with you as well. KPN Jan 2019 #80

What is wealth? JustABozoOnThisBus Jan 2019 #120

President Eisenhower would have approved htuttle Jan 2019 #11

The top tax bracket during Eisenhower's presidency was just over 90%. KPN Jan 2019 #24

Tax increases on the wealthy are needed for a variety of reasons... ProgLibDem Jan 2019 #13

Fuck the wealthy .... jb5150 Jan 2019 #14

Trump's tax scam watoos Jan 2019 #15

I'm with Alexandria Dorn Jan 2019 #18

First of all, the headline in the POLITCO article is wrong and therefore very misleading. pangaia Jan 2019 #19

If they want most of the income, then they should pay most of the taxes. PeeJ52 Jan 2019 #23

Well, yes, of course... pangaia Jan 2019 #25

Seems like they already are according to this.... MichMan Jan 2019 #138

Exactly! Our current income tax structure is a progressive one, meaning tax rates are set in KPN Jan 2019 #27

Look at the history of the national debt truthisfreedom Jan 2019 #33

This is how you do it. Negotiate by presenting 70% then meet someplace in the middle. Quixote1818 Jan 2019 #36

It used to be worse. Wasn't it over 90% under Eisenhauer? pdsimdars Jan 2019 #40

This is crazy talk kennetha Jan 2019 #43

The top marginal tax rate in 50's, 60's and 70's was about 70% groundloop Jan 2019 #51

Forward to the last century, in other words kennetha Jan 2019 #52

When the middle class was at its peak of powers Cetacea Jan 2019 #55

Oh, so everything we've done economic policy-wise since has been good/progressive? KPN Jan 2019 #82

No that's not the point kennetha Jan 2019 #91

What kind of bullshit is that? Have we given up on wheels and fire? nt PETRUS Jan 2019 #96

Yes, new approaches like global socialist revolution Cal Carpenter Jan 2019 #97

The top tax rate under Eisenhower (50s) was 91%. All federal income tax rates are marginal. KPN Jan 2019 #81

Bingo, kennetha. kstewart33 Jan 2019 #60

Stop criticizing an elected Democratic Congresswoman with words like crazy, living in a KPN Jan 2019 #79

Criticism is absolute crucial. Without it, there is no possibility self-correction and progress. kennetha Jan 2019 #94

20 years ago, Gore's climate change warnings were called crazy talk NickB79 Jan 2019 #105

Carbon Taxes kennetha Jan 2019 #117

She got booed by the corporate-fascist-racist-misogynistic blowhards of the GOP RVN VET71 Jan 2019 #47

It would be insane to ignore the twelve year warning Cetacea Jan 2019 #50

Excellent OP Kurt V. Jan 2019 #56

she doesn't understand income Mosby Jan 2019 #58

She wants to do those as well. But she's smart enough to have a focused message for impact. KPN Jan 2019 #83

What we need to do is eliminate the capital gains rate above a certain level TexasBushwhacker Jan 2019 #62

spouting this nonesense doesn't serve america too well...she needs to beachbum bob Jan 2019 #65

She's talking to the average person, not to seasoned politicians or political junkies. KPN Jan 2019 #86

Won't happen, but glad she's pushing it. Bradical79 Jan 2019 #66

Maybe not that high. And if the intent is to combat emissions. LiberalFighter Jan 2019 #69

Best way to reduce usage of fossil fuels in a $10 per gallon gas tax MichMan Jan 2019 #139

So only the rich can drive? Poor people can't afford new electric cars. n/t EX500rider Jan 2019 #147

I want a unicorn damn it. And i have a better chance to get that then any tax being 60% to 70% Demsrule86 Jan 2019 #73

Unicorns? melman Jan 2019 #75

How about fire-breathing dragons then? TexasTowelie Jan 2019 #136

Tell it to Paul Krugman melman Jan 2019 #144

Thanks for providing the article. TexasTowelie Jan 2019 #146

How many people earn over $10 million in income? oberliner Jan 2019 #76

Plenty Polybius Jan 2019 #140

Not more than a few thousand, right? oberliner Jan 2019 #141

I would have to doubt it Polybius Jan 2019 #142

It seems that the number is small enough that it shouldn't cause such a big ruckus oberliner Jan 2019 #143

Are you all Democrats or just crats? Just wondering - cuz it seems like we got a lot of folks KPN Jan 2019 #77

Perhaps reviewing the difference between "criticizing" and "slamming" ehrnst Jan 2019 #84

Okay ... slamming then. KPN Jan 2019 #87

How so? (nt) ehrnst Jan 2019 #92

"Crats"? What is a "crat"? George II Jan 2019 #85

a member of whatever it is they are KPN Jan 2019 #89

"They?" ehrnst Jan 2019 #93

No response? ehrnst Jan 2019 #99

Not going to play your games. We've been over this several times in the past. KPN Jan 2019 #107

Like I said... ehrnst Jan 2019 #108

Their you go with the aspersions again. KPN Jan 2019 #112

That's a mighty big word! ehrnst Jan 2019 #128

Of course no response. Hey, I know that I will vote a STRAIGHT democratic ticket Eliot Rosewater Jan 2019 #127

Unlike some people, you don't have an easily found history of hatred for Democrats and the party. ehrnst Jan 2019 #129

Seems simple, support Democrats and support people who ALSO support Democrats Eliot Rosewater Jan 2019 #131

You'd think, wouldn't you? ehrnst Jan 2019 #133

There are other people at DU who do that too oberliner Jan 2019 #134

I agree with you. Seems people babylonsister Jan 2019 #90

That's interesting. TexasTowelie Jan 2019 #104

Isn't it, tho? (nt) ehrnst Jan 2019 #106

Lol. And you've read all my posts, right? KPN Jan 2019 #110

Sounds like you've gone back on your vow to "not play silly games." ehrnst Jan 2019 #111

Oh hello there! What a surprise. Stalking is your 2nd move. KPN Jan 2019 #113

Project much? ehrnst Jan 2019 #114

No, but I know someone who does. KPN Jan 2019 #115

"I know you are but what am I?" ehrnst Jan 2019 #116

Lol. KPN Jan 2019 #118

Lulz. ehrnst Jan 2019 #122

Oh I know why. KPN Jan 2019 #124

You hang up first! ehrnst Jan 2019 #125

I did apparently miss one post where you showed support for Pelosi TexasTowelie Jan 2019 #121

You missed more than one, but that's okay. KPN Jan 2019 #123

This message was self-deleted by its author Eliot Rosewater Jan 2019 #126

Since you brought it up - howz about you do a DU search... ehrnst Jan 2019 #132

Large corporations that even do business inside the US need the same 70% however cstanleytech Jan 2019 #88

What about paying for Medicare For All? dansolo Jan 2019 #95

Don't you wonder how all first world nations can do this? Hell even Cuba does it. marble falls Jan 2019 #101

I love her but TheFarseer Jan 2019 #103

It would only affect like a thousand people oberliner Jan 2019 #135

This is a non starter- Obama had to move mountains to get a modest increase redstateblues Jan 2019 #109

This is seconded by Paul Krugman Stargleamer Jan 2019 #145

What about a flat tax? NinaNeon Jan 2019 #148

Why do you say every other country thinks sales tax is wierd? MichMan Jan 2019 #149

Horrible idea. Eliot Rosewater Feb 2019 #159

Totally reasonable to increase top marginal rate to 70%. David__77 Jan 2019 #155

Great and daring idea Mr. Frost Feb 2019 #158

it needs more than that KayF Feb 2019 #160

That's a good point Mr. Frost Feb 2019 #161