News

Politics & Policy

Ocasio-Cortez: U.S. Can Fund Socialism with ‘Large Amount’ of New Tax Revenue

Alexandria Ocasio-Cortez on The Daily Show (Screengrab via Comedy Central)

During a Thursday night appearance on The Daily Show, Democratic congressional candidate Alexandria-Ocasio Cortez explained some of the mechanisms she believes can provide sufficient government revenue to fund the many costly promises she’s made to voters.

Asked by host Trevor Noah how the debt-addled federal government can fund Medicare-for-all and no-cost college tuition, the avowed Democratic socialist suggested that if people “pay their fair share” in taxes, and the government makes some “back of the envelope” budgetary adjustments based on “our values,” the government will have the requisite revenue to pay for her campaign promises.

“If people pay their fair share, if corporations and the ultra wealthy, for example as Warren Buffet likes to say, if he paid as much as his secretary pays, if he paid a fifteen percent tax rate,” Ocasio-Cortez explained. “If we reversed the tax bill but raised our corporate rate to 28 percent. If we do those two things and also close some of those loopholes that’s $2 trillion right there.”

“Now, if we implement a carbon tax so that we can financially incentivize people away from fossil fuels, that’s an additional amount, of a large amount, of additional revenue that we can have,” she added.

The political novice, who upset six-term incumbent Joe Crowley (D., N.Y.) in a primary last month, went on to explain how a “reprioritization” of spending could aid her political project. Specifically, she referenced cutting military spending, arguing that the omnibus spending bill passed last year allocated more money to the Pentagon than was requested.

“The last key, which is extremely, extremely important, is reprioritization,” she said. “Just last year we gave the military a $700 billion budget increase, which they didn’t even ask for. They were like, ‘We don’t want another fighter jet, don’t give us another nuclear bomb.’ They didn’t ask for it and we gave it to them,” she said.

NOW WATCH: ‘Alexandria Ocasio-Cortez Can’t Answer Questions About Israel’

Most Popular

Culture

What We’ve Learned about Jussie Smollett

It’s been a few weeks since March 26, when all charges against Jussie Smollett were dropped and the actor declared that his version of events had been proven correct. How’s that going? Smollett’s celebrity defenders have gone quiet. His publicists and lawyers are dodging reporters. The @StandwithJussie ... Read More
Politics & Policy

The Lessons of the Mueller Probe

Editor’s Note: The following is the written testimony submitted by Mr. McCarthy in connection with a hearing earlier today before the House Permanent Select Committee on Intelligence on the Mueller Report (specifically, the first volume of the report, which addresses Russia’s interference in the 2016 ... Read More
Elections

Kamala Harris Runs for Queen

I’m going to let you in on a secret about the 2020 presidential contest: Unless unforeseen circumstances lead to a true wave election, the legislative stakes will be extremely low. The odds are heavily stacked against Democrats’ retaking the Senate, and that means that even if a Democrat wins the White House, ... Read More
World

Why Are the Western Middle Classes So Angry?

What is going on with the unending Brexit drama, the aftershocks of Donald Trump’s election, and the “yellow vests” protests in France? What drives the growing estrangement of southern and eastern Europe from the European Union establishment? What fuels the anti-EU themes of recent European elections and ... Read More
Energy & Environment

The Climate Trap for Democrats

The more the climate debate changes, the more it stays the same. Polls show that the public is worried about climate change, but that doesn’t mean that it is any more ready to bear any burden or pay any price to combat it. If President Donald Trump claws his way to victory again in Pennsylvania and the ... Read More
White House

Sarah Sanders to Resign at End of June

Sarah Huckabee Sanders will resign from her position as White House press secretary at the end of the month, President Trump announced on Twitter Thursday afternoon. https://twitter.com/realDonaldTrump/status/1139263782142787585 Sanders, the daughter of former Arkansas governor Mike Huckabee, succeeded Sean ... Read More
Politics & Policy

But Why Is Guatemala Hungry?

I really, really don’t want to be on the “Nicolas Kristof Wrote Something Dumb” beat, but, Jiminy Cricket! Kristof has taken a trip to Guatemala, with a young woman from Arizona State University in tow. “My annual win-a-trip journey,” he writes. Reporting from Guatemala, he discovers that many ... Read More