Category: Economics

Roughly 1,000 news cycles ago—or at the beginning of January—Congresswoman Alexandria Ocasio-Cortez offhandedly proposed a 70% marginal tax rate on incomes over $10 million. The pro-wealth right wing responded in exactly the way that people expected. First, they deliberately misunderstood marginal tax rates. Second, they started complaining that a tax rate that high would be taking money away from productive people. And that really misunderstands what productivity is, who the producers are, and how capitalism works. That’s what David Kalb was getting at in his original tweet… and what I was expanding on in mine. You see, capitalism works…

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