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Alexandria Ocasio-Cortez's 70 Percent Tax on the Rich Isn't About Revenue.....
Alexandria Ocasio-Cortez's 70 Percent Tax on the Rich Isn't About Revenue, It's About Decreasing Inequality
From well into the article:
Taxes on the wealthy discourage a different societal ill: exploitative capitalism. Progressive tax policy is a powerful corrective to economic inequality and wealth concentration. As economists Thomas Piketty and Emmanuel Saez concluded in their seminal paper on U.S. income inequality, “steep progressive income and estate taxation” helped prevent the accumulation of immense fortunes in the middle of the 20th century.
In cross-national data, moreover, there is a “strong negative correlation between top tax rates and top 1% income share.” In other words, where top tax rates are higher, the income distribution is more egalitarian – not just post-tax, but even before taxes are taken out.
In cross-national data, moreover, there is a “strong negative correlation between top tax rates and top 1% income share.” In other words, where top tax rates are higher, the income distribution is more egalitarian – not just post-tax, but even before taxes are taken out.
To read more:
https://www.commondreams.org/views/2019/01/28/alexandria-ocasio-cortezs-70-percent-tax-rich-isnt-about-revenue-its-about?cd-origin=rss&utm_term=Alexandria%20Ocasio-
The rich are buying our democracy because the current system allows them to avoid paying their fair share. And in many cases, to avoid paying anything at all.
