Rep. Alexandria Ocasio-Cortez (D-N.Y.) is proposing 70% Tax Rate for Ultra Rich to Help Pay for for Green Infrastructure saying
You know, you look at our tax rates back in the '60s and when you have a progressive tax rate system, your tax rate, you know, let's say, from zero to $75,000 may be ten percent or 15 percent, et cetera. But once you get to, like, the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70 percent. That doesn't mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder you should be contributing more.
The twitter account (NDP Grassroots) is running with this tweeting
#SOLIDARITY! South of border in #USpoli: 'Fine,call me a radical then': @AOC boldly+rightly suggests 70% tax rate 4 UltraRich as way 2 help pay 4 #GreenNewDeal. AWESOME 2 watch stifling 1980s neoliberal political consensus of voodoo economics on its way OUT of "mainstream gospel"
Derrick O'Keefe (co-founder of Ricochet) has expanded on this policy pitch by tweeting in a long thread
Idea for Jagmeet Singh & federal NDP: Emulate @AOC and call for a ~70% top marginal tax rate in Canada. Could totally reframe 2019 federal election debate.
NDP needs to go big or go home in 2019. Make this campaign about taxing the rich to fund new national social programs like childcare, massive new public housing investments, and Green New Deal style urgent transition to renewable energy.
In 2015 Mulcair-led NDP ruled out higher top marginal tax rate, allowing Trudeau Liberals to outflank them on crucial issue.
A 70%+ top tax bracket was the norm in Canada for decades. Neoliberal dogma that *all* major parties bought into has been discredited, people are ready to get back to some semblance of tax fairness.
Bigger picture: Worldwide, democratic socialism is back. The federal NDP will either embrace it or become irrelevant.
On that characteristically understated note ;) I’ll wind up this mini thread on the coming federal elxn.