Ocasio-Cortez Compares Herself to Lincoln, FDR as She Calls for 70 Percent Top Tax

[anatta]

The "60 Minutes" clip, which aired on CBS Friday morning, shows Cortez being questioned about her "Green New Deal" by Anderson Cooper. When Cooper got her to admit the goal of zero emissions within 12 years is "ambitious," he inquired further about the taxation necessary.

"What is the problem with trying to push our technological capacities to the furthest extent possible?" Ocasio-Cortez asked. "People are going to have to start paying their fair share in taxes."

Cooper asked for a specific on the tax rate, and Ocasio-Cortez said she was looking to the 1960’s for inspiration.

You look at our tax rates back in the '60’s, and when you have a progressive tax rate system, your tax rate, let’s say from $0-$75,000 may be 10 percent or 15 percent, et cetera, but 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.
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.

Ocasio-Cortez's argument is similar to that used by another self-declared socialist in Congress, Sen. Bernie Sanders (I., Vt.), who has lauded the high tax rates in the middle of the 20th century when the U.S. economy grew rapidly.
Economists have pointed out, however, that the effective tax rate then was actually closer to present levels, despite being 91 percent on paper.

"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," wrote economists Thomas Piketty and Emmanuel Saez in 2007.
"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."

Cooper pushed back on Ocasio-Cortez by noting how radical and seemingly impractical her plan for zero emissions and fossil fuels is. She embraced the "radical" descriptor and compared herself to wartime presidents Abraham Lincoln and Franklin D. Roosevelt

"I think that it only has ever been radicals that have changed this country," she said.

"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."

https://freebeacon.com/politics/ocas...uJUCJVd9u_EsyE

"If that’s what radical means, call me a radical," she concluded.

[anatta]

where to start with this idiot....
She is not a radical like FDR ( who was seasoned in politics and needed to keep people alive during the Depression..)
and designing a then self funding SSA etc.

she's just a flighty mind who doesn't get 1960's tax rates were when there were many more personal deductions available

"Green New Deal" huh..
she should spend some time studying up on taxes and less time worrying about being a radical

[Jack]

I'll bet the Capitalists will make sure she has a short career.

[Irish Exit]

I'll bet the Capitalists will make sure she has a short career.

The establishment democrats will take care of that. She won't be able to move legislation. High tax rates get hurt the poor and working class more because they don't have the power to control how that plays out. The wealthy do. Stick it the lawyer and suddenly you are finding your divorce, will, and criminal defense cost a whole lot more. Stick it to the banker and you will find your mortgage costs you more. Stick it to the factory owner and you will find a robot handing you your pink slip. Stick it to the millionaire and billionaire and you will find a lot less scholarships, charitable giving, etc etc etc. The idea of "fairness" and economic realities are incompatible.

[Tkaffen]

What will the multi millionaire democrats in Congress say when they get taxed 70%.

[Legion]

What will the multi millionaire democrats in Congress say when they get taxed 70%.

They will devise exemptions for themselves, like all nationalizing Socialists do.