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Cortez Marginal Tax Rate.

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    politifact.com/truth-o-meter/article/20...

    "Under Ocasio-Cortez's idea, the 70 percent rate would affect only the dollars received above $10 million. Economists call this a 70 percent"marginal tax rate." Currently, the top marginal tax rate is 37 percent, which kicks in for income above $510,300 for individuals and $612,350 for married couples."

    My feeling is too much money subverts Democracy.

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    Her last name is Ocasio-Cortez and not Cortez. As per the article, the 70 percent marginal tax rate on incomes above $10 million doesn't cover that many people. I assume there would be a graduated rate of several brackets leading up to the $10 million. The 1980 top marginal rate of 70 percent was levied on earnings above $108,300 for individuals and $215,400 couples. In today’s dollars, that would be equal to $350,845 and $697,802. That's quite a bit lower than Ocasio-Cortez's income level of $10 million.

    When one starts dinking around with taxes it is better to consider the whole gambit of local, state and federal taxes on individuals and corporations to determine what their real disposable income is after taxes.

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    "doesn't cover that many people"

    It might cover enough people to start returning the country to a Democracy and overt the plutocratic government we are suffering through now.

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    "That's quite a bit lower than Ocasio-Cortez's income level of $10 million."

    I don't think that is her goal. I expect something much more comprehensive.

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    She

    "to help finance a new green energy plan"

    Waste of resource. First use tax code to funnel money into jobs sustains ventures. Then use the tax revenue to address climate and social needs. Penalty taxing to support any program won't work.

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    Schmidt Wrote:

    Her last name is Ocasio-Cortez and not Cortez. As per the article, the 70 percent marginal tax rate on incomes above $10 million doesn't cover that many people. I assume there would be a graduated rate of several brackets leading up to the $10 million. The 1980 top marginal rate of 70 percent was levied on earnings above $108,300 for individuals and $215,400 couples. In today’s dollars, that would be equal to $350,845 and $697,802. That's quite a bit lower than Ocasio-Cortez's income level of $10 million.

    When one starts dinking around with taxes it is better to consider the whole gambit of local, state and federal taxes on individuals and corporations to determine what their real disposable income is after taxes.

    "Her last name is Ocasio-Cortez and not Cortez." Thank you. To say the least that is embarrassing let alone disrespectful to a person standing up against most of this country and the status quo. I disagree with her voiced use of the money but she is headed in the right direction.
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    "That's quite a bit lower than Ocasio-Cortez's income level of $10 million."

    To say the least that is treading lightly. Dutch had mentioned $50 million and I agreed with him.