For a real-world example of Ocasio-Cortez's tax proposal, look to Sweden
Last edited Thu Jan 10, 2019, 01:55 AM - Edit history (1)
U.S. Congresswoman and Bronx-native Alexandria Ocasio-Cortez would find herself at home in Stockholm.
The newly minted lawmaker is proposing to lift the top marginal tax rate to 70 percent on incomes starting at $10 million. The idea has drawn both praise and jeers from across the political spectrum.
For a real world example, critics and fans alike should look to Sweden. The Nordic country has a marginal tax wedge -- the difference between the cost to the employer and what a worker takes home -- of 69.7 percent on salaries above $79,000. That’s almost 30 percentage points higher than in the U.S., and it kicks in a lot earlier than Ocasio-Cortez is proposing.
Critics of high taxes claim the policy stifles economic growth by reducing the incentive for people to work. But Sweden’s employment rate is 77.5 percent, beating the U.S.’s 71 percent. The Nordic country has also surpassed the U.S. in terms of economic growth this decade, expanding 2.7 percent a year, on average, compared with 2.2 percent for the U.S.
https://www.msn.com/en-us/money/taxes/for-a-real-world-example-of-ocasio-cortezs-tax-proposal-look-to-sweden/ar-BBS1don?li=BBnbfcN
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and it is always the Nordic countries who are healthy and happy (actually they say contentment is what they have instead of greed and always wanting more, more, more and "bigger and better"
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IMO, tends to encourage rape, pillage, plunder, corruption, and whatever among assholes like Trump chasing "excess": castles, yachts, "status," leverage over the law and society. Massive inequality follows. Progressively higher taxes tend to temper the greed and reduce inequality/promote equality as seen in Scandinavia and the U.S. between WWII and Reagan.
Reagan, Thatcher, GOP tax cuts, and Citizens United have all played a big role in unbridling the greed that over the past 40 years has slowly degraded the quality of life for many who aren't greedy Trump-like assholes chasing absurd excess.
