In a new 60 Minutes interview, newly minted Congresswoman Alexandria Ocasio-Cortez (D-NY) calls for a federal income tax rate of 70 percent to help pay for her massive new spending plans, especially on green energy programs.
The radical leftist tells Anderson Cooper that she thinks there will need to be massive tax hikes to pay for her “new green deal.”
When Cooper notes that her tax plan seems a bit “radical,” the representative increasingly called Alexandria “Occasional-Cortex” was happy to be called a radical.
“If that’s what radical means, call me a radical,” she says.
Alexandria Ocasio-Cortez suggests taxes as high as 70% on the wealthiest to pay for a "Green New Deal."
— Steven Portnoy (@stevenportnoy) January 4, 2019
Of her absurd paean to greenism, Ocasio-Cortez reportedly tells Cooper, “That is the goal. It’s ambitious. It’s going to require a lot of rapid change that we don’t even conceive as possible right now. What is the problem with trying to push our technological capacities to the furthest extent possible?”
She adds that her plan would necessarily add “an element where people are going to have to start paying their fair share in taxes.”
“You know, you look at our tax rates back in the ’60s, and when you have a progressive tax rate system, your tax rate let’s say from zero to $75,000 may be 10 percent or 15 percent, etc.,” Ocasio-Cortez said.
“But once you get to the tippy-tops on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70 percent,” she continued. “That doesn’t mean all $10 million are taxed at an extremely high rate. It means that as you climb up this ladder, you should be contributing more.”
Under this plan, many New Yorkers, for instance, would end up with an 83 percent tax rate when local, state, and federal taxes are added together.
Of course, it is absurd to claim that the “tippy-top” does not pay “their fair share” of taxes. In fact, people with incomes over $200,000 pay almost 60 percent of all federal tax receipts. Then, another 22 percent is paid by those making between $100,000 and $200,000.
Indeed, the truth is that people who make less than $50,00 are the ones who don’t pay their fair share. Most in this lower bracket pay no federal tax at all.
Follow Warner Todd Huston on Twitter @warnerthuston.