The Corner

Economy & Business

Untangling More Inaccuracies about Alexandria Ocasio-Cortez’s Tax Plan

While I’m on the subject of commentators who do not seem to be able to read, Antonio García Martínez of Wired writes:

[Representative Alexandria Ocasio-Cortez] dropped a very concrete policy proposal on Anderson Cooper’s show: increase the top marginal income tax rate to 70 percent, effectively rewinding history to before the 1980s Reagan-era tax cuts.

Ah, no. Not even close. Not even a little bit close.

Representative Ocasio-Cortez has spoken about introducing a 70 percent bracket on incomes of $10 million and up. In 1980, the top rate of 70 percent kicked in at $107,000, or about $360,000 in current dollars. A 70 percent tax that applies at $360,000 is an entirely different thing from a 70 percent tax that applies at $10 million.

I know, I know — details don’t matter on Twitter. But they do matter in the real world.

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