Likely 2020 Dem Presidential Candidate Ups The Ante: Speaks Of 90% Tax Rate

[DGUtley]

Likely 2020 Dem Presidential Candidate Ups The Ante: Speaks Of 90% Tax Rate. Apparently unsatisfied with the suggestion of fellow Democrat Alexandria Ocasio-Cortez that wealthy Americans should be forced into a 60-70% tax rate, likely 2020 presidential candidate Julian Castro, who served as the Obama Administration’s Housing and Urban Development secretary, seemed to speculate on Sunday (https://www.washingtonexaminer.com/news/julian-castro-cites-90-percent-tax-on-rich-in-defending-alexandria-ocasio-cortez-on-tax-hikes) about the possibility of raising Ocasio-Cortez’s bid to 90%.

90%

Incredible. Just incredible.

https://www.dailywire.com/news/41885/watch-likely-2020-dem-presidential-candidate-ups-hank-berrien?utm_medium=email&utm_content=010819-news&utm_campaign=Actengage


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[Peter1469]

I would suspect that if those tax rates came with similar tax breaks that existed when top rates were the high, the wealthy would not complain too much.

When Eisenhower was president corporations started offering non-monetary benefits- which at that time were not taxable. And of course there was a lot of other tax breaks. One was oil exploration. So wealthy people would buy a plot of land, sink a well, and not give a crap if it produced oil or not. The tax write-off was the goal. But it created horrible malinvestment and is likely responsible for areas like north Texas pumping their oil fields dry (dry for the then current drilling technology).