Alexandria Ocasio-Cortez's proposal of a 70-80% tax on the highest earners makes economic sense, holds Paul Krugman of The New York Times. Key is that the US already had tax rates that were even higher than this in the mid-20th century, while still overseeing a period of immense economic success. Taxes getting lower and lower over past decades has corresponded with waning economic growth. The ultra-rich have a far too big slice of the pie, which changes little in their everyday lives. Meanwhile, most Americans’ lives would drastically improve from earning even a few hundred dollars more a month, which is a drop in the bucket for the rich.
The tax rate that Alexandria Ocasio-Cortez proposes is not in the best interest of the country, argues Grover Norquist of Fox News. She is one among many Democrats that want to raise Americans’ taxes. This could increase the financial burden on even modest-income families. Higher rates that initially focus on only a small wealthy percentage are likely to trickle down to the rest of taxpayers. Ocasio-Cortez may have reasons for this tax plan, but it goes against the values of the US, which has historically frowned upon excessive taxation. This is part of a bigger debate about whether America wants to become a country with significantly higher taxes.