Alexandria Ocasio-Cortez’s Tax Proposal Could Raise $720 Billion Over The Next 10 Years
Such a high tax rate is not unheard of and higher rates used to be the norm during a large portion of the 20th century. Why was this the case? Because higher tax rates on the wealthy generated huge revenue. As Alexandra Ocasio-Cortez proposes, the revenue from raising taxes on the wealthy could be spent to fund the Green New Deal, a proposal that would implement radical policy in order to eliminate fossil fuels and carbon emissions within the next 12 years. Prior to the 1980s, when President Ronald Reagan slashed tax rates for the wealthiest, the tax rate for any taxpayer that made more than $216,000 a year was 70 percent.