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AOC's 70 percent billionaire tax is not high enough; 90 percent is more like it

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When Rep. Alexandria Ocasio-Cortez said on “60 Minutes” that she would favor raising the highest marginal tax rate on the nation’s wealthiest taxpayers to 70 percent, roughly doubling what it is now, the idea was cast as “radical.” It is not.

Looking at the actual post World War II trend lines, it is no where near radical enough. The sobering reality is that it will take a lot more to undue the massive damage done to the federal balance sheet and the average American household by a corrupt national government that is controlled by the rich.

For decades, the federal government has cut taxes on the wealthiest Americans and corporations while spending and borrowing so profligately, it should be chargeable as a criminal act.

While the corporate news media fixates on the Trump clown-car demolition-derby over his absurd $5.7 billion border wall, we are automatically adding $5 billion a day to our $22 trillion debt pyramid. Make no mistake this has been built by the wealthy, for the wealthy who have co-opted both political parties to do their bidding.

To get a sense of the ‘lost opportunity cost’ associated with blowing $5 billion a day on adding to the national debt, consider that we are in the midst of a devastating national opioid crisis and spike in suicides that the Federal government spends $4.1 billion annually to address.
Now, we are on the verge of spending more on servicing this debt than the current $700 billion we spend on our military each year. For decades we have been cutting taxes on the highest earners and replacing that revenue with debt for which the entire nation is on the hook. Put more........

© Salon