2 % own 90 % of all the wealth in America . People with 10's of billions one person having 150 billion ? .The problem is once they buy all the mansions , jets, yachts , they have nothing more they could possibly buy .They park their $$$ in a swiss bank account so there is less $$$ in the American economy for everyone else . Thats why the real income of the middle class has gone down from 20 yrs ago. Of course people don't notice as much cause they have brought all the cheap Chinese stuff in paying slave wages .So the consequences are keep doing the same thing and lower the incomes of the middle class even more or tax these multi billionaires with more $$$$ than they need or could ever spend so the $$$ gets back into the American economy .
That is exactly what AOC was talking about, the need for a tiered system of taxing people - where one is taxed so much on income up to a certain amount, and then taxed a bit more on any income after that, and up to a certain level of income, and so on.
This allows the rich their wealth while taxing them more on income beyond that, that they don't really need anyway.
Does a Bill Gates really need another Billion?
For what?
One more mansion?
For what?
Of course, back when this system was in operation, the super rich it mostly impacted had access to all sorts of loopholes that would allow them to recapture a good portion of what they'd paid in taxes.
In the meantime, the government had access to all that short term loan from them, for various social programs in the public sector, which is what one aspect of taxes is for, anyway.
But, the media - on all sides - has seen that there is a buck to be made in repeatedly distorting every aspect of AOC - her every word, action, style of dress, dance moves, you name it.
I find the whole thing on their part and that of many of their readers, continually amusing.
Here is a better article (with support resources) on what AOC had actually been referring to...
Alexandria Ocasio-Cortez is floating a 70 percent top tax rate — here’s the research that backs her up
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