The left wing of the Democrats is playing with fire, advocating revenge against those who have succeeded in making a lot of money by taking almost all of it away. Yesterday, a probable candidate for president (and a former Obama Cabinet member) one-upped even Alexandria Ocasio-Cortez, who broke the ice on public discussion of stratospheric income tax rates by suggesting a marginal 70% federal rate on incomes of ten million and up. That would yield an effective rate over 80% for residents of New York and California, the states that produce the highest number of super-earners.
Julián Castro, the former mayor of San Antonio and HUD secretary under President Obama, makes her look like Grover Norquist, appearing with George Stephanopoulos yesterday:
Screen grab, video and transcript via Grabien.
STEPHANOPOULOS: You laid a lot of programs there. One of the questions you’re going to face if you run is how are you going to pay for them?
Let me show you the newest – youngest member of the congress right now, Alexandria Ocasio-Cortez, said that’s going to air on 60 Minutes tonight about how to pay for things.
REP. ALEXANDRIA OCASIO-CORTEZ, (D) NEW YORK: You look at our tax rates back in the ’60s, […]
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