"In an effort to fund policies that would reduce fossil fuel and carbon emissions within the next 12 years, Democratic Rep. Alexandria Ocasio-Cortez of New York has
proposed a tax rate on the super-rich that is more moderate than U.S. tax policy during parts of the 20th century.
"In a video clip released Friday, she tells journalist Anderson Cooper of '60 Minutes' that taxing incomes above $10 million at a 60 percent to 70 percent rate could be a good step..."
"The approximately 16,000 Americans earning more than $10 million are at the very top of the top
1 percent of earners. Such a tax could bring in approximately $720 billion over 10 years, according to the Tax Policy Center’s Mark Mazur."
Alexandria Ocasio-Cortez Proposes Perfectly American Tax on Ultra-Rich
Over the past forty years, the richest one percent have seen their share of national income increase dramatically, and fossil fuels have been partially responsible.
Maybe it's time for fossil fuels to pay their fair share of taxes?
A crushing recession would reduce CO2 output.
Not sure that's what she was shooting for...……..
A recession more crushing than the one produced by Bubba and Dubya?
70 percent tax rates on ultra rich would help pay for “Green New Deal,” Ocasio-Cortez says
"Ocasio-Cortez's 'Green New Deal' aims to eliminate carbon emissions within 12 years. Speaking about the ambitious goal, Ocasio-Cortez says, '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?'
"To pay for the plan, Ocasio-Cortez floated the idea of tax rates as high as 70 percent on the ultra-rich.
"'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.'"
What's your problem with pushing our technological limits...not enough profit?