The 70 Percent Solution

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

Read more at The Independent Institute