F reshman congresswoman Alexandria Ocasio-Cortez, D-N.Y., suggested that the highest earners in America should pay tax rates of 60 to 70 percent to help pay to fight climate change. Jul 30, 2019 By Valerie Richardson - The Washington Times - Tuesday, July 30, 2019 In its first year, Rep. Alexandria Ocasio-Cortez’s Green New Deal would cost more than $70,000 per household in five states for. Most notably, Ocasio-Cortez has called for a 70 percent top tax rate. However, this insane new marginal rate would only pay for a small portion of the Green New Deal. The “Green New Deal” aims to eliminate carbon emissions within the next 12 years, and Ocasio-Cortez acknowledges success would only follow a difficult and unprecedented effort. Jan 04, 2019 In an interview Thursday evening, Rep. Alexandria Ocasio-Cortez (D-N.Y.) called for a top tax rate of 70 percent, pushing a “Green New Deal” that she admitted is “radical.” “You’re talking about.

New York Representative Alexandria Ocasio-Cortez has a lot of big ideas, including the Green New Deal, an economy-wide green jobs initiative to combat climate change. But big ideas require big funding — and she has a new plan to make that happen.

In an interview with Anderson Cooper on Sunday’s 60 Minutes, Ocasio-Cortez floated the possibility of a marginal tax rate on the top-earning bracket — people who make $10 million a year or more — of up to 60 or 70 percent to fund the Green New Deal. “There’s an element where, yeah, people are going to have to start paying their fair share in taxes,” she said.

Ocasio 70 Green Deal Reviews

A 70 percent tax rate might seem astronomically high, but only if you have a short memory. “Under Eisenhower, the top earners paid a 91 percent marginal rate,” Vox’s Matthew Yglesias points out. Under presidents Kennedy and Johnson, that rate was closer to 70 percent, and now it’s around 37 percent.

Right now, someone who makes $10 million gets taxed at the same rate as a person who makes $550,000. Ocasio-Cortez’s progressive tax would basically ensure that there are more tax rate milestones between the wealthy and the ultra-wealthy. She’s suggesting a rate that rises as you make more money, with steeper percentages kicking in above certain benchmarks.

Ocasio Green New Deal

If that sounds radical to you, AOC is fine with that. “I think that it only has ever been radicals that have changed this country,” she said.

You can watch the full episode here.

Sign up for The First 100 newsletter

Ocasio 70 Green Deal Reviews

Will Biden deliver on climate? Get weekly analysis of federal climate policy action in the first months of Biden’s term.