The purpose of an income tax isnt just about raising money

Sep 2018
6,679
1,112
cleveland ohio
#1
Is genrating revenue the only legtimate purpose of taxation, isnt the real purpose of a prgressive tax to redistribute wealth and to equalize incomes to take back from those who stole from the whole?
Asked earlier in January by “60 Minutes,” how she might pay for a Green New Deal, Rep. Alexandria Ocasio-Cortez noted that top marginal tax rates in the mid-20th century were “as high…

Asked earlier in January by “60 Minutes,” how she might pay for a Green New Deal, Rep. Alexandria Ocasio-Cortez noted that top marginal tax rates in the mid-20th century were “as high as 60 percent or 70 percent.” A slew of articles have since debated whether higher tax rates would actually raise much revenue. But these articles miss the point. Taxes on the very wealthy are corrective taxes, like tobacco taxes, that should be judged by their societal impact, not simply their revenues. The purpose of high tax rates on the rich is the reduction of vast fortunes that give a handful of people a level of power incompatible with democracy.

Among progressive economists, Ocasio-Cortez’s comments have mostly been received with something akin to relief. Though top marginal income tax rates were, for decades, substantially higher than 70 percent, even Sen. Bernie Sanders’ 2016 plan to fund “Medicare for All” tapped out at a top rate of 52 percent. For liberals, high tax proposals have long remained taboo. Now, it seems, that barrier has finally been broken.


Alexandria Ocasio-Cortez's 70 percent tax isn't about the money