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Economic impact of Congresswoman Alexandria Ocasio-Cortez’s 70% tax hike on the ultrarich




Member elect Rep. Alexandria Ocasio-Cortez (D-NY) talks to fellow members of Congress during the first session of the 116th Congress at the U.S. Capitol January 03, 2019 in Washington, DC.
Member elect Rep. Alexandria Ocasio-Cortez (D-NY) talks to fellow members of Congress during the first session of the 116th Congress at the U.S. Capitol January 03, 2019 in Washington, DC.
Win McNamee/Getty Images

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Newly elected Congresswoman Alexandra Ocasio-Cortez is making waves with her proposal for a top marginal tax rate as high as 70 percent to fund green energy policies.

Supporters say increased taxing of America’s wealthiest is a logical solution to climate change and income inequality, while critics argue high taxation puts too large of a dent in the economy and forces socialism onto the market. Alan Greenspan has come out against Ocasio-Cortez’s “Green New Deal” citing “dire consequences.” Some researchers say higher tax rates mirror other successful economies including in our own country’s past.

AirTalk discusses how a higher tax rate would work as proposed by Ocasio-Cortez, and the potential economic costs and benefits.

Guests:

Kyle Pomerleau, economist and director of federal projects at the Tax Foundation, where he oversees the center’s research; he tweets @kpomerleau

Michael Hiltzik, business columnist at the LA Times and author of the book, “The Plot Against Social Security: How the Bush Plan Is Endangering Our Financial Future” (Harper, 2005); his latest piece looks at Congresswoman Ocasio-Cortez’s proposal