As you’ve likely seen, the now-ubiquitous Alexandria Ocasio-Cortez is now floating a 60% to 70% marginal income tax rate on income over $10 million a year. I think this is a great proposal whether or not it ever goes anywhere or whether this particular price point makes sense simply because it opens up the tax policy conversation in ways it’s been closed for a few decades. It is simply crazy that the progressivity of the tax code currently tops out at $500,000 a year incomes.
-Josh Marshall
