Leftist Wants To Tax Millionaires at 90%

Riley Dennis, a far-left YouTuber, created a video endorsing Alexandria Ocasio-Cortez’s proposed 70% marginal tax rate on Americans earning more than $10 million annually. The revenue collected from this tax would be used to pay for a Green New Deal. Currently, the highest marginal tax rate is 37%.

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Riley begins by explaining the concept of a marginal tax rate. To help explain this concept, Riley proposes a 90% marginal tax rate on all income over $1 million. Assuming that the first $1 million is tax-free, a corporate executive earning $2 million would pay $900,000 in taxes, cutting down their annual income to $1.1 million.

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Supporters of radically increasing the top marginal tax rate claim that the rich need to pay their “fair share” of taxes. However, according to the Congressional Budget Office, the top 20% of income earners paid 88.1% of all federal income taxes in 2015. During the same year, the top 1% of income earners paid 39.4% of federal income taxes and 26.2% of all federal taxes.

In addition, many leftists cite the high marginal tax rate in the 1950s to justify raising the highest marginal tax rate today. Under President Eisenhower, the top marginal tax rate exceeded 90%. However, it is an apples-to-oranges comparison to compare the marginal tax rate today to that of the 1950s. Under President Reagan, the Tax Reform Act of 1986 not only reduced the top marginal tax rate, but eliminated much of the tax loopholes. This means high-income earners in the 1950s were able to use many more tax loopholes to lower their effective tax rate. According to the Tax Foundation, the top 1% of income earners paid an average effective tax rate of 42.0% in the 1950s, comparing to 36.4% in 2014.

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Riley concludes by claiming that everyone who disagrees with her lacks compassion for the poor.

If you enjoyed reading this article, check out some of Riley’s other videos, including why she believes…

Watch Riley explain why she supports a top marginal tax rate of 70% below!

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