What AOC Misunderstands About ’50s, ’60s Marginal Tax Rates
Andrew Moran, Economic Collapse News
To justify its proposals of sky-high tax rates on the wealthy, the left typically alludes to the 1950s and 1960s for inspiration. Because the federal government maintained marginal tax rates as high as 91% by the time President John F. Kennedy finished his second year in the White House, progressives believe they can emulate this policy to fund their big-government programs.
How do you know when a leftist is talking? You feel movement in your pocket.
AOC Talks Taxes
Speaking in an interview with 60 Minutes, Rep. Alexandria Ocasio-Cortez (D-NY) floated the idea of a 70% tax rate on the “tippy tops.” She told Anderson Cooper:
“You know, you look at our tax rates back in the ’60s, and when you have a progressive tax rate system, your tax rate, you know, let’s say, from zero to $75,000 may be 10% or 15%, et cetera. But once you get to, like, the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70%. That doesn’t mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder, you should be contributing more.”
She concedes that some of her ideas are radical. But Ocasio-Cortez thinks “it only has ever been radicals that have changed this country,” pointing to Abraham Lincoln (Emancipation Proclamation) and Franklin Delano Roosevelt (Social Security).
AOC, as she now promotes her brand, suggested that facts do not matter if you’re morally right. One can only imagine how the Counterfeit News Network would react if someone from the White House uttered such nonsense. While facts may be stupid to her, they are important when you’re devising public policy to confiscate even more from Americans.
So, let’s examine what tax rates on the wealthy were really like in the ‘50s and ‘60s.