Ocasio-Cortez's 'Green New Deal' Would Raise Taxes On Millionaires
Alexandria Ocasio-Cortez has publicized her plan that would tax multimillionaire Americans 60-70% to fund energy and infrastructure overhauls in an aim to reduce the country's carbon emissions to zero.
Business Insider reports the New York representative said in a "60 Minutes" interview that a new marginal tax rate would help pay for the so-called "Green New Deal." Ocasio-Cortez said, "Once you get to the tippy-tops, on your $10 millionth dollar, sometimes you see tax rates as high as 60 percent or 70 percent.
...As you climb up this ladder, you should be contributing more." The Washington Post says if taxes on the approximately 16,000 Americans who earn more than $10 million is raised from 39.6% to 70%, the federal government would earn an extra $72 billion each year.