Opinion| ICYMI| Democratic Representative of New York Alexandria Ocasio-Cortez has announced how much she feels an American is entitled to make before the government starts taking just about everything.
The Daily Wire reported that Ocasio-Cortez made the comment while appearing on the series premiere of “Desus & Mero,” a “podcast-turned-late night show” which, as of recently, has moved to the Showtime network.
The self-proclaimed Democratic Socialist shows up at 17:40 in the below video clip.
The Green New Deal was discussed, in addition to the high marginal tax rates which Ocasio-Cortez is in favor of enforcing on those who make more than $10 million per year.
“If you make more than $10 million in one year, which is a pretty good year … your ten millionth and one dollar gets taxed at 70 percent, which, by the way, we used to have marginal tax rates under Republican presidents of 90 percent, and it was when we experienced some of the largest rates of economic (growth in the United States),” Ocasio-Cortez stated.
Take a look:
The Democratic Socialist questioned, “It really comes down to the question of, isn’t $10 million enough? Like, when does it stop, right?”
“At what point is it immoral that we’re building Jeff Bezos a helipad when we have the most amount of homeless people in New York City?” she continued.
Conservative Tribune reports:
“Very few taxpayers qualified for those top marginal rates back then,” James Pethokoukis wrote for the American Enterprise Institute back in 2015. “And the effective rates for those who did were considerably lower due to various tax breaks and loopholes. In fact, average tax rates for the richest Americans were not much different in the 1950s than in the 2000s.”
Pethokoukis then quotes a paper by Thomas Piketty and Emmanuel Saez — certainly no free-market conservatives — which showed what these marginal tax rates really meant.
“The average individual income tax rate in 1960 reached an average rate of 31 percent at the very top, only slightly above the 25 percent average rate at the very top in 2004,” they wrote.
“Within the 1960 version of the individual income tax, lower rates on realized capital gains, as well as deductions for interest payments and charitable contributions, reduced dramatically what otherwise looked like an extremely progressive tax schedule, with a top marginal tax rate on individual income of 91 percent.”
“Keep in mind that many on the left would like to combine very high tax rates with an elimination of many tax breaks and loopholes, raising effective tax rates to levels never before seen in the United States or anywhere else. (Not even France.),” Pethokoukis wrote.
The news outlet then presents an interesting point. “This isn’t even getting into the fact that high marginal tax rates combined with a paucity of loopholes on individuals who have the means to make their income and assets mobile means we won’t see profound gains in tax revenue (certainly not enough to pay for the Green New Deal) while we’ll see a serious drop in entrepreneurship,” Conservative Tribune predicts.
Why is it that once a person earns $10 million, that is enough? Isn’t the American Dream all about achieving more?
Conservative Tribune explains that the Green New Deal is “about deciding how much money we’re allowed to have and when the government can start deciding what to do with our productivity.”