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Giving Compass' Take:
• Pacific Standard reports on proposals made by Alexandria Ocasio-Cortez, Bernie Sanders, and Elizabeth Warren, who want to tax the wealthy in efforts to reduce income inequality.
• Are these high-profile progressives changing the conversation on taxes to encourage the economic growth or are they demonizing the wealthy?
Over the course of the last month, a number of high-profile progressives have released big, bold proposals to tax the wealthy.
Senator Elizabeth Warren (D-Massachusetts), who announced in late December she was forming a presidential exploratory committee, has proposed an annual wealth tax of 2 percent on ultra-millionaires with assets over $50 million, and 3 percent on those with over $1 billion.
Representative Alexandria Ocasio-Cortez (D-New York) recently proposed increasing the income tax rate on the top bracket—effectively on all dollars made above $10 million a year—to 70 percent to fund her "Green New Deal."
Read the full article on how to tax America's wealthy by Dwyer Gunn at Pacific Standard.