Democratic Socialist Alexandria Ocasio-Cortez sat down for an interview on “60 Minutes” in which she claimed that her proposed “Green New Deal” could be partially funded by enforcing a tax hike up to 70 percent on the most wealthy earners.
Fox News reports:
Ocasio-Cortez, sworn in as Congress’ youngest member on Thursday, is one of a number of Democrats who backs the Green New Deal — which aims to combat both climate change and income inequality with a massive and costly economic overhaul. Ocasio-Cortez has called it “a wartime-level, just economic mobilization plan to get to 100% renewable energy.”
A draft text circulated around Congress lays out a framework that includes eliminating greenhouse gas emissions from manufacturing and agriculture and “dramatically” expanding energy sources to meet 100 percent of power demand through renewable sources.
The Democratic Socialist sat down for the interview with CBS’s Anderson Cooper on Sunday, during which she claimed that the giant government expansion could be partially funded by taxpayers handing over “their fair share.”
Fox reports, “She said that, like in the 1960s, tax rates for those with incomes up to $75,000 could be as low as 10 or 15 percent, but much higher for those earning millions.”
She stated, “But once you get to the tippie tops, on your ten millionth, sometimes you see tax rates as high as 60 percent or 70 percent. 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.”
Those on the left calling for higher taxes have frequently pointed to tax rates in place before President Ronald Reagan took office, to argue they are not unprecedented. But free-market conservatives have argued there were more loopholes in the ’60s and ’70s, meaning most high earners didn’t actually pay those ultra-high rates.
President Trump in 2017 signed a measure that slashed taxes across the board — a move that was opposed by most Democrats. Democrats have called for those tax cuts — particularly the ones for the wealthy — to be reversed, while Republicans have argued that the cuts have helped fuel economic growth.
Mainstream Democrats are embracing Ocasio-Cortez’s New Green Deal, although she is just about as far-left as they come. Potential 2020 presidential candidates like Democratic Senators Cory Booker and Elizabeth Warren have shown their support.
Fox reports, “In the House, the activist Sunrise Movement says that it has more than 40 House members who are backing the Green New Deal, including Reps. Tulsi Gabbard, D-Hawaii, Joe Kennedy, D-Mass., Ted Lieu, D-Calif., and Veronica Escobar, D-Texas.”
“Abraham Lincoln made the radical decision to sign the Emancipation Proclamation. Franklin Delano Roosevelt made the radical decision to embark on establishing programs like Social Security. That is radical,” Ocasio-Cortez said.
— NewsBusters (@newsbusters) January 4, 2019
“If that’s what radical means, call me a radical,” she stated.