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Home / U.S. / Ocasio-Cortez ignites the debate with a marginal rate of 70 percent.

Ocasio-Cortez ignites the debate with a marginal rate of 70 percent.



The Democrats in the House of Representatives are treading carefully when it comes to talking about a marginal tax rate of 70 percent on incomes above $ 10 million, an idea launched by the first-year representative. Alexandria Ocasio-CortezAlexandria Ocasio-Cortez Ocasio-Cortez quotes Rorschach from & # 39; Watchmen & # 39; in response to criticism from Dem. The progressive group endorsed by Ocasio-Cortez looks at Dem's first goal in 2020 from Top House Dem to Ocasio-Cortez: "Do not attack your own people" PLUS (D-N.Y.) In a recent "60 minute" interview.

Many Democrats support the call of the first-year phenomenon for higher taxes for the rich, but even some progressives do not agree with such a high marginal rate.

Rep. Pramila JayapalPramila JayapalTen legislators added to the Ways and Means Committee of the House of Representatives Jayapal presents a bill to repeal medical care during the night: the states dem the first step to appeal the ruling of ObamaCare | Pelosi supports hearings on & # 39; Medicare for all & # 39; | Maine Governor Signs Order for Medicaid Expansion MORE (D-Wash.), A co-president of the Congress Progressive Caucus, said she thinks "the fact that people are not paying their fair share is a problem and the millionaires and billionaires are the ones who have to rest."

Representative Raul Grijalva (Democrat of Arizona), leader of the progressive caucus at the last Congress, said that while it is important to make sure that "everyone carries their cargo," he did not know if 70 percent would be "the correct number or do not ".

Chairman of the Budget Committee of the Chamber John YarmuthJohn Allen YarmuthDems looks to undermine Trump's tax reform law Overnight Health Care: President of Dem seeks CBO report on single payer | Democrats demand answers about Trump's short-term insurance plans | The drug manufacturer Eli Lilly will publish the prices of the list of medicines The president of Dem requests the report of CBO on the design of the invoice of a single payer MORE (D-Ky.) He said he was not sure about a specific maximum rate, but he said that Ocasio-Cortez "is not out of base."

Other Democratic lawmakers were more critical.

"I thought it was funny," Rep said. Bill PascrellWilliam (Bill) James PascrellHouse Democrats offer a bill to require presidents to release tax returns. The Democrats hope to eliminate Trump's tax reform law. The post office tower on Trump property will remain open during closing MORE (D-N.J.), A member of the Tax Ways and Means panel.

"You can have reasonable taxes and then you can send signals that we're just going to go after people who have a few dollars," he said.

Rep. Ro KhannaRohit (Ro) Khanna. Rethinking the commitment of the United States with Afghanistan. The progressives tried to block this important protection of the taxpayers. Ten Dem legislators added to the House More Resources and Resources Commission MORE (D-Calif.), Who is the first vice president of the Congress Progressive Caucus, said he would take a different approach to increasing revenues, such as nullifying previous tax cuts to high-income people, imposing taxes on corporations on the foreign earnings that are not currently taxed, creating a tax on financial transactions and reducing US military participation abroad.

"My opinion is that there are better ways to get to income" than a 70 percent tax on high income, he said.

Ocasio-Cortez proposed the idea as a way to help pay for a "Green New Deal", a proposal aimed at taking action on climate change.

More generally, the new legislator has argued that it is worthwhile to consider a progressive tax system with higher taxes for the rich, as the country looks for ways to pay for healthcare initiatives and other security-related issues.

She also argued that such high rates are unprecedented.

"Look at our tax rates in the 60s and when you have a system of progressive tax rates, your tax rate, say, from zero to $ 75,000, maybe 10 percent or 15 percent, etc. But once you get to, like, the tippy-tops – in your $ 10 million – you sometimes see tax rates as high as 60 or 70 percent, "said Ocasio-Cortez.

He pointed out that a high marginal rate would not affect the majority of Americans, and that it would also only affect a part of a rich person's income. A marginal rate of 70 percent on income of $ 10 million would be effective only on a person's income above $ 10 million.

"That does not mean that all $ 10 million is taxed at an extremely high rate, but it means that as you climb this ladder, you should contribute more," he said in the "60 minute" interview.

Ocasio-Cortez spokesman Corbin Trent told The Hill that the congresswoman's comments on the program were "more conceptual" than a specific proposal for a marginal rate of 70 percent.

The highest marginal tax rate in the United States was over 90 percent in much of the 1950s and early 1960s, and the rate was 70 percent in 1980. That year, the rate of 70 percent was applied to income of more than $ 215,400 for married couples.

During the presidency of Ronald Reagan, the maximum rate was first reduced to 50 percent and then decreased again to 28 percent.

In the last 25 years, the highest rate has been between 30 and 30, with President trumpDonald John TrumpAnalyst says that Trump's base will support him if he supports the demand for wall funds. The writer of the "Green Paper" apologizes for the Islamophobic tweet: "I'll do better" The survey considers that Trump's approval rating is 44 percent in the middle of a closureThe tax law reduces the maximum rate from 39.6 percent to 37 percent. In 2019, the 37 percent rate applies to incomes above $ 612,350 for a married couple filing jointly.

The Ocasio-Cortez call at a marginal tax rate of 70 percent is supported by another progressive first-year legislator: Rep. Ayanna PressleyProgressive group Ayanna Pressley, backed by Ocasio-Cortez, looks forward to Dem's first goal in 2020 116th Congress breaks records for women, minority legislators Freshman Dem legislator says that Trump brought dishonor to his office with the closing MORE (D-Mass.), Who said that she could potentially see herself presenting or sponsoring legislation in the future.

"I think we have a decisive mandate from this electorate, this 116th Congress class to be bold. I think every creative solution should be on the table, "Pressley told The Hill." And from a values-based perspective to tax those who make $ 10 million a year, I think that's exactly what we should be doing. "

Pressley said that while she and most of the members currently focus on partial closure of the government, she hopes to continue to hold a dialogue with like-minded members while considering policy making.

First year student Ilhan OmarIlhan Omar116th Congress breaks records for women, minority Muslim lawmakers, black congressmen pose for a photo together: "Representation matters" Phoenix congratulates Ocasio-Cortez in the election after the dance clip goes viral MORE (D-Minn.), When asked about a maximum rate, he noted that there had been a rate of 90 percent in the past and thinks that lawmakers should be "as bold as possible so that we can implement the courageous policies that they are being implemented. " to make way for prosperity for all Americans. "

Rep. Jan SchakowskyJanice (Jan) Danoff Schakowsky. The 116th Congress can improve Medicare and Social Security. "Medicare advocates for all" emboldened by the ObamaCare lawsuit. Sen. Warren and Representative Schakowsky have a plan to fix the generic drug market MORE (D-Ill.), Who offered a bill in 2017 that would have created a 49 percent rate for revenues of more than $ 1 billion, said he had not proposed rates as high as 70 percent in the past, but "I would not reject it". of the hand ".

Some Democrats in the Media and Fashion Committee said the focus should be on holding hearings on the tax code after the enactment of Trump's tax law, rather than following the idea of ​​Ocasio-Cortez.

"I think what makes sense is for the committee to step back and start holding hearings on what is spreading right now, seeing what the impact is, whether it meets our needs and obligations as a country, and maybe not just apply the policy because the freshman in minting thinks it's a good idea, who is not on the committee, "said the representative. Ron KindRonald (Ron) James KindThe 15 Democrats who voted against Pelosi's live coverage: the House of Representatives elects the new speaker when the Democrats take over Pelosi divides the Democrats with a proposal for a deadline (D-Wis.), Who is also a member of the moderate Coalition of New Democrats.

Rep. Lloyd DoggettThe chaos of Lloyd Alton DoggettShutdown complicates the tax season of the IRS The Democrats look for anticipated victories over the prices of drugs The 116th Congress can improve Medicare and Social Security MORE (D-Texas), a member of Ways and Means that belongs to the progressive caucus, also said lawmakers should focus on reviewing Trump's tax law.

"I think we're better focused on that than at a rate that many people will consider a little bit of an exaggeration," Doggett added.


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