Alexandria Ocasio-Cortez referred to the 70% rate on people at the “tippy-tops” as the rich merely paying their “fair share” of the tax burden.
New Democratic congresswoman Alexandria Ocasio-Cortez (D-NY), drew attention on Friday when she suggested that the wealthiest Americans should pay a tax rate of as high as 70% in order to fund a “Green New Deal.”
“AOC”, as she likes to be called, proposed the idea in an interview set to air Sunday on CBS News’ 60 Minutes. She told Anderson Cooper that the “Green New Deal” would “require a lot of rapid change that we don’t even conceive as possible right now,” including raising taxes to a marginal rate of 70% to people at the “tippy-tops”, as the rich merely paying their “fair share” of the tax burden.
“You know if you look at our tax rates back in the 60s and you have a progressive tax rate system, the tax rate from zero to $75,000 may be 10%, 15% etc. But once you get to the tippy-tops on your $10 million, sometimes you see tax rates as high as 60 or 70%. 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.”