A majority of Americans adults back Alexandria Ocasio Cortez’ idea to raise the top marginal tax rate on the wealthiest Americans to 70%, a new Hill-Harris poll has revealed.
In a recent poll by Hill–Harris, voters were asked: “Would you favor or oppose a tax proposal that would apply a 70% rate to the 10 millionth dollar and beyond for individuals making $10 million a year or more in reportable income?”. 59% of respondents saying yes.
There’s been a lot of lies and spin going around the media as to what AOC is actually proposing, so let’s clear it up. A marginal tax is not the same as normal tax. Say you earn $20,000 annually, and I say I’m going to tax 20% of that. Well, that means I take $4,000 and I leave you with $16,000. I’ve taxed your whole amount at a certain rate. That’s a normal tax. A marginal tax only applies for incomes of a certain size or higher, and only on that money you earn after that initial high amount. So, say you want a marginal tax rate of 70% for incomes of £10 mill or more. That means you pay the normal amount on the first £10 mill, but for every $1 you earn more than $10 mill, you pay 70%. So say you’re super, dooper rich and earn $15 mill. You pay the normal amount on that first £10 mill under this hypothetical scheme, and then 70% of the other $5 mill you earn.
Setting marginal tax rates then on the highest earners by definition means the super wealthy, who have more money than they know what to do with and can even spend, and not the poor and middle class, is an excellent way to generate revenue and stimulate the economy.
This recent proposal by AOC that the wealthiest Americans should pay more in marginal taxes has, predictably, made the Establishment’s headspin. The Democratic Party has been split on the issue, with centrists and the mainstream media saying the idea is impossibly socialist, and will sink the party. The actual socialists rightly are saying the policy is a great start, but too moderate - even by previous Republican presidents’ standards. I say rightly not just because of my own opinion, but because even recent research on optimal tax values has put the ideal marginal value at closer to 80%. The Republicans of course are saying it’s the craziest thing they’ve ever heard, and other nonsense.
But, by a 57-47 margin, Southerners backed AOC’s plan, as did 56% of rural voters, and even a whopping 45% of Republicans! Once again, populism - policies for the people - proves to be popular. As well as being supported by rigorous expert study and endorsement.
Leftists have been arguing that Americans absolutely want much higher taxes on the rich, and an end to the hoovering of their wealth straight to the 1%. This new poll joins reams of research that the mainstream media almost completely ignores - research that proves this claim to be true.