Tags: taxes | cortez | climate | rich

Ocasio-Cortez Floats 70 Percent Tax Rates on the Very Rich

By    |   Friday, 04 January 2019 01:31 PM

Rep. Alexandria Ocasio-Cortez, D-N.Y., is suggesting a tax rate as high as 70 percent on the very rich to help pay for a major plan to fight climate change.

She floated the idea during an interview on the CBS show “60 Minutes,” which will be shown on Sunday.

“People are going to have to start paying their fair share of taxes,” she said.

"You know, you look at our tax rates back in the '60s and when you have a progressive tax rate system, your tax rate, you know, let's say, from zero to $75,000 may be ten percent or 15 percent, et cetera." Ocasio-Cortez said. "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."

The new lawmaker calls the plan the “Green New Deal.” It aims to eliminate carbon emissions within 12 years.

"It's going to require a lot of rapid change that we don't even conceive as possible right now," she said. "What is the problem with trying to push our technological capacities to the furthest extent possible?"

Ocasio-Cortez and other progressives have pushed for the climate change plan that includes thousands of jobs in renewable energy such as wind and solar party.

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Rep. Alexandria Ocasio-Cortez, D-N.Y., is suggesting a tax rate as high as 70 percent on the very rich to help pay for a major plan to fight climate change.
taxes, cortez, climate, rich
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2019-31-04
Friday, 04 January 2019 01:31 PM
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