Rep. Alexandria Ocasio-Cortez (D-N.Y.) is floating an income tax rate as high as 60 to 70 percent on the highest-earning Americans to combat carbon emissions.
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 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.â€
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.
https://www.politico.com/story/2019/01/04/ocasio-cortez-70-percent-tax-1080874