I'm sure you, wise and woke readers, are aware of New York Congresswoman Alexandria Ocasio-Cortez and her "radical" and "unprecedented" proposal to impose a 70% marginal tax rate on incomes over $10m to fund a Green New Deal. This idea is neither radical, nor unprecedented as that rate and higher have been implemented as marginal tax rates in the past, including a 91% tax rate under Eisenhower.
In the conservative frenzy to demonize and deligitimize Ocasio-Cortez's non-radical and not unprecedented proposal, it seem that the exact explanation of what a marginal tax increase is has been dropped by the wayside with disingenuous misinformation being spread across the web.
So, if I may.
First of all, it's not hyperbole; 'marginal' is not a cutesy was of saying 'unobtrusive,' it literally means 'a margin of'. the 70% tax for people who make over $10million DOES NOT mean that if a person make more than that, then all of their income will be taxed at 70%. It meant that a person get to make TEN MILLION dollars at normal tax rates before the marginal tax rate applies.
For example, if someone makes 20 million dollars per year, they would still have that grotesque sum of personal wealth taxed at a normal federal rate. The other half of that obscene wealth would be takes at 70% of the dollar. So, 7 million of those dollars would go back into the Green New Deal, and infrastructure, and education, and healthcare, and all of the things a society needs to keep from collapsing in on itself like a dying star.
The other 3 million dollars would go back into the pocket of that persona and land right on top of however much money they got to keep of the first $10m that was taxed at federal rate.
And don't worry; if ten million dollars sounds like the kind of wealth you can't realistically expect to make in a single lifetime, let alone a single year, you'll never have to worry about this tax. You, woke and wise reader, will benefit from it's implementation with cleaner air and renewable energy through the Green New Deal that it would fund.
Alexandria Ocasio-Cortez's idea isn't radical. It's measured, attainable, and reasonable. It's a bold and much-needed step in the direction of income equality and renewable energy.