Opinion | Alexandria Ocasio-Cortez’s Tax Hike Idea Is Not About Soaking the Rich
O-Lab affiliates Emmanuel Saez and Gabriel Zucman discuss Alexandria Ocasio-Cortez’s tax plan.
Alexandria Ocasio-Cortez has kick-started a much-needed debate about taxes. But the debate, so far, has been misplaced. It’s obvious that the affluent — who’ve seen their earnings boom since 1980 while their taxes fell — can contribute more to the public coffers. And given the revenue needs of the country, it is necessary. But that’s not the fundamental reason higher top marginal income tax rates are desirable. Their root justification is not about collecting revenue. It is about regulating inequality and the market economy. It is also about safeguarding democracy against oligarchy.
