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Alexandria Ocasio-Cortez's 70 percent tax isn't about the money

Asked earlier in January by “60 Minutes,” how she might pay for a Green New Deal, Rep. Alexandria Ocasio-Cortez noted that top marginal tax rates in the mid-20th century were “as high as 60 percent or 70 percent.” A slew of articles have since debated whether higher tax rates would actually raise much revenue. But these articles miss the point. Taxes on the very wealthy are corrective taxes, like tobacco taxes, that should be judged by their societal impact, not simply their revenues. The purpose of high tax rates on the rich is the reduction of vast fortunes that give a handful of people a level of power incompatible with democracy.

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