AOC Just Got ROASTED on the World Stage

At the Munich Security Conference in Germany over the weekend, Rep. Alexandria Ocasio-Cortez of New York once again voiced her long-standing support for a wealth tax. But she got a reality check from an unexpected source: an Argentinian lawmaker who has lived through the consequences of such policies.

A moderator asked Ocasio-Cortez, “When you run for president, are you going to impose a wealth tax or a billionaires tax?”

“I don’t think… we have to wait for any one president to impose a wealth tax. I think that it needs to be done expeditiously,” the Democratic socialist replied, echoing her previous proposals.

In 2019, CNBC reported that AOC floated a staggering idea: a 70 percent federal marginal tax rate for those earning $10 million or more annually. By comparison, the current top federal marginal rate sits at 37 percent for incomes just over $626,000. Add state and local taxes, and some Americans already pay roughly 50 percent of their earnings in taxes.

.@AOC's plan to raise taxes on the richest to 70% won't bring in much revenue. We've had 70% (even 90%) top tax rates before…yet government revenue as a share of the economy has been relatively steady. That's because the rich find loopholes in high tax rates, or just work less pic.twitter.com/BjhlSXRKoF
— John Stossel (@JohnStossel) April 7, 2019