In an interview with CNN’s Anderson Cooper newly elected Socialist Alexandria Ocasio-Cortez called for a 70% tax on top earners as a way to pay for her new Green Deal.
Socialist Alexandria Ocasio-Cortez wants people to get taxed at a rate of up to “70%,” demands Americans “start paying their fair share in taxes” pic.twitter.com/BkOSexJaAU
— Ryan Saavedra (@RealSaavedra) January 4, 2019
Ben Shapiro explained why this is a disaster:
Fun fact: that 91% top marginal tax rate applied to an inflation-adjusted joint income of $3.4 million (today: $380K), you could deduct all loan expenses and real estate depreciation, everyone filed under corporate rates, and the effective tax rate for top earners was about 45%. https://t.co/5aydbDrNcg
— Ben Shapiro (@benshapiro) January 4, 2019