Read the story here. Advertise at Before It's News here.
Profile image
Story Views
Last hour:
Last 24 hours:

The 70 Percent Solution

% of readers think this story is Fact. Add your two cents.

Last month, freshman New York Rep. Alexandria Ocasio-Cortez, 29, pitched a proposal for a 70 percent marginal tax rate on incomes of $10 million and beyond. In similar style, Vermont socialist Bernie Sanders seeks to escalate the estate tax and Sen. Elizabeth Warren, a candidate for president, wants an “ultra-millionaire” surtax on wealthy families. Soaking the rich is not a new tactic but some of the nuances may have escaped notice.

Jacking up the marginal tax rate to 70 percent comes packaged as a “progressive” move but in reality, it’s punitive. Those who earn at high levels find themselves punished with higher taxes. Those who earn in the millions tend to draw their income from investments, businesses and such. Promoters claim that punitive marginal tax rates will exempt the working class but workers have problems of their own.

Through the practice of withholding from workers’ paychecks, the government gets the workers money before they do. This grab dates from World War II and it was supposed to be temporary. The government likes getting workers money up front, so it became permanent. No politician is currently pushing to abolish this unjust, confiscatory practice, least of all the “soak the rich” crowd. They like to claim that the government gives tax cuts to the rich, but to allow anybody to keep more of what they earn is not to give them anything.

Meanwhile, Ocasio-Cortez’s proposal for a “Green New Deal” would give money even to those unwilling to work. It also aims to eliminate air travel and all gasoline-powered automobiles. FDR’s New Deal was at odds with Adam Smith and F.A. Hayek. The Green New Dealers also detest capitalism but they also have a beef with the Wright Brothers and Henry Ford.


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Order by Phone at 888-809-8385 or online at M - F 9am to 5pm EST

Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.

Report abuse


    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    Load more ...




    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.