Congresswoman Alexandria Ocasio-Cortez sparked a national conversation on taxes with her proposal that will have a high progressive tax rate after and individual’s tenth million dollar earned. Many conservatives cried that her proposal was radical! However, it was how American taxes worked before President Raegan lowered income tax rates. Ocasio-Cortez holds the belief that those who make more should contribute more, as it is within their means. After earning ten million dollars there would be a progressive tax of 70%. This seems high but is actually lower than the high progressive tax rates of the 1930s and 1950s when adjusted for inflation. Her proposal is more conservative than President Eisenhower’s!
After conservative news outlets and talking heads twisted her words that she wants a 70% income tax rate for all earnings Ocasio-Cortez clarified that “It’s not on all of your income. It’s on your 10 millionth and one dollar. So after you make 10 million dollars in one year, your dollars after that start to get progressively taxed at a much higher rate.”
I agree with her progressive tax rate plan since it will allow for better funding of everything from infrastructure to education. Historically we see progressive tax rates create for a more equal distribution of resources for all citizens. It could also allow for more higher ed funding and reduce college debt by allowing students to take out smaller loans.