America’s Two Tax Systems

Alexandria Ocasio-Cortez, the charismatic new Congressmember from New York, recently floated the idea of a 70% top marginal tax rate on those earning over $10 million. Her proposal was met with criticism from the center and the right, but was also publicly supported by numerous Nobel Prize-winning economists, with some studies even suggesting that 70% was not shooting high enough. In much of the discussion that followed, news outlets issued…