January 5, 2019
Rep. Alexandria Ocasio-Cortez (D-NY) suggested in a “60 Minutes” interview scheduled to air Sunday that the highest-earning Americans may need to pay an income tax rate as high as 60 to 70 percent to combat carbon emissions, reports Politico.
Speaking with Anderson Cooper in a “60 Minutes” interview scheduled to air Sunday, Ocasio-Cortez said a dramatic increase in taxes could support her “Green New Deal” goal of eliminating the use of fossil fuels within 12 years, a goal which even she acknowledges is ambitious.
“What is the problem with trying to push our technological capacities to the furthest extent possible?” Ocasio-Cortez asked. “There’s an element where yeah, people are going to have to start paying their fair share in taxes.”
Ocasio-Cortez pointed out that in a progressive tax rate system, not all income for a high earner is taxed at such a high rate. Rather, rates increase on each additional level of income, with dramatic increases on especially high earnings, such as $10 million. –Politico
Of course when France floated a 75% tax on the uber wealthy it resulted in a flood of high-profile departures, including French actor Gerard Depardieu who fled to Russia, while cratering the country’s real estate market and ultimately leading to the plunge in Francois Hollande’s approval rating.
Ocasio-Cortez relished Anderson Cooper’s characterization of the tax plan as “radical,” before comparing herself to Abraham Lincoln and Franklin D. Roosevelt.
“I think that it only has ever been radicals that have changed this country,” said Ocasio-Cortez. “Yeah, if that’s what radical means, call me a radical.”
’60 MINUTES’ SUNDAY:
Alexandria Ocasio-Cortez suggests taxes as high as 70% on the wealthiest to pay for a “Green New Deal.”