Skip to comments.Julian Castro cites 90 percent tax on rich in defending Alexandria Ocasio-Cortez on tax hikes
Posted on 01/06/2019 7:10:03 PM PST by E. Pluribus Unum
Likely 2020 Democratic presidential candidate Julian Castro agrees with Rep. Alexandria Ocasio-Cortez that tax rates on some of the wealthiest Americans should skyrocket.
"Oh, I can support folks at the top paying their fair share," Castro told ABC News' "This Week" on Sunday when asked directly whether he could endorse the high-profile New York Democrat's idea.
The Obama-era Housing and Urban Development secretary, who is expected to officially announce he's running for the White House this week, made the comments after Ocasio-Cortez caught flak for suggesting people earning more than $10 million could be taxed between "60 or 70 percent."
In offering support to Ocasio-Cortez, Castro provided historical context given the current highest marginal income tax bracket is 37 percent for those receiving more than $500,000 a year.
"There was a time in this country where the top marginal tax rate was over 90 percent, even during Reagan's era in the 1980s it was around 50 percent" the former mayor of San Antonio, Texas, said.
Castro also floated "that we get more serious about making sure the corporations pay their fair share," so the country can fund policy programs like "Medicare-for-All," as well as universal pre-kindergarten and higher education.
(Excerpt) Read more at washingtonexaminer.com ...
And how about asking the people affected? Notice all wanting to destroy American are mostly first generation, bring their third world cesspool cultures and politics with them.
They don’t respect life. Why would they respect others’ property?
Russia has a flat tax of 13% on peoples’ income, however much they earn.
Which nation is free & which nation is going Commie?
I know a family that employs around 500 people. What do commies like these 2 idiots think would happen to those jobs if the owners of that business were taxed at 90%?? And this woman Alexandria Cortez supposedly has a degree in economics? And they graduated her?
90% Federal + 12% State (CA) = 102%. The Hollywood types will love it. Tim Cook (Apple) will relocate their HQ to Texas.
Thanks for posting that, I had no idea that happened to Louis. Absolutely outrageous.
Just what we need: A commie named Castro as President.
She had to cheat to get that degree. Boston College should asj for its diploma back.
IF the media were objective, intelligent, concerned about the whole story, the entire truth,
they would ask these people serious follow-up questions that would destroy their idiot positions.
Such as, ‘you realize that by going after corporations money they earn, they raise prices, cut staff, and pass along their higher costs of doing business to consumers, who then buy less as a group, and this all slows the overall economy? Which then decreases tax revenues collected by government?
you do realize the tax system is not meant to be punitive on particular groups you personally hate or are biased against or that you personally believe have ‘too much money’, taxes are for funding essential government functions?
why do democrats want everyone to be prosperous and thriving yet every prosperous business that does well, youwant to tax at outrageously high rates to penalize them for their success?
Castro sounds like a appropriate name for this communist.
Not defending it...but this is the marginal tax rate, not a tax on every dollar someone earns. For example, it might be 90% over anything over 1M dollars earned or whatever the govt. decides the figure would be.
“Castro also floated “that we get more serious about making sure the corporations pay their fair share,”
Meanwhile in “socialist” Sweden....
“The present corporate income tax rate of 22% would be reduced to 21.4% in 2019 and then further reduced to 20.6% in 2021.”
This guy’s father must be Fidel.
That's one the leftists really like. It appeals to the class warfare types. But it also results in hidden taxation as these taxes are passed down to you and me in the prices of products.
Ah -- hidden taxes. It doesn't get any better than that for these leftists. Economics be dammed.
But the wealthy have the money, and therefore the freedom, to move somewhere else to avoid paying these high taxes.
Hollande tried this in France and the wealthy fled to foreign environs to avoid their 75% tax.
Who would stand still to have a bunch of government bureaucrats steal most of their hard-earned money?
90% of nothing is nothing.
Some people already pay such amounts... it is s special direct tax called child support or spousal support.
The 90% rate should kick in for any income above $174,000
He got the New Deal alright.
Why should socialists/communists get to define ‘fair share’?
Same as ‘common sense’ and ‘reasonable’.
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