Alexandria Ocasio-Cortez has been running around spreading a lot of misinformation about how tax rates used to be higher. For example, Cortez and fellow Democrats will tell us that the rich were taxed at 90% during the Eisenhower years but forget to mention the fact that number was only a marginal tax rate that kicked in after a certain amount of income and only the amount of income after that was taxed at such a high rate. It’s also just ridiculous to compare today to back then but they do it anyway in hopes that no one will actually look it up and think about it.
We have also learned from history that higher taxes don’t automatically make life better.
James Woods reminded people of that on Twitter.
From Conservative Tribune:
High taxes didn’t help then and they won’t help now. This is especially true when you consider the people who earn the kind of money Ocasio-Cortez wants to be taxing have incredible monetary mobility. That could mean by the time she gets around to taxing the 70 percent that she wants to, that money has long been burrowed away somewhere else.
And that’s not inconsequential. Consider data from the Tax Foundation, which found “(t)he top 1 percent paid a greater share of individual income taxes (39.0 percent) than the bottom 90 percent combined (29.4 percent).”
Then you look at the “Green New Deal,” which is really more a bunch of rhetoric than a plan. Once we mobilize the American economy for the purposes of eliminating carbon-based fuels within 12 years, as she wants to, what’s going to happen is systematic imbalances even greater than the Iranian revolution could provide.
Thus, if you thought that gas lines were bad before, wait until you see what Ocasio-Cortez wants to do. She’s no radical — at least, not unless you consider Jimmy Carter a radical.
Obviously, gas lines were mostly a result of the instability in Iran and Carter’s ineptitude but it still goes to show you that higher taxes don’t necessarily fix the problems. The government doesn’t have a revenue problem. It has a spending problem.