Op-Ed: Mainstream Democrats Are Signing On To A 65 Percent Tax Rate

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As the most reliable and balanced news aggregation service on the internet, DML News offers the following opinion editorial written by political analyst Andrew Wilford and published by DAILYCALLER.COM:

Rep. Alexandria Ocasio-Cortez made headlines for endorsing a top income tax rate of 70 percent. The young Democratic socialist claimed this would offer a path forward to pay for pricey items such as the “Green New Deal” and Medicare for all.

What she and other adherents of the “soak the rich” philosophy seldom disclose is such tactics rarely raise the amount of revenue they assume, and even if they did, it wouldn’t come close to covering the full costs of tens of trillions in new spending.

The article goes on to state the following:

This is why it is remarkable that 200 Democrats have signed on new legislation that imposes the tax burden required to fund expanded retirement benefits on every working American. This bill would effectively create a top combined income, payroll, and investment tax rate of 65.6 percent to pay for Social Security’s solvency.

Introduced by Democratic Reps. John Larson Conor Lamb and Jahana Hayes, the legislation would phase in a combined OASDI (Social Security) payroll tax rate that would reach14.8 percent, up from today’s 12.4 percent.

In contrast to the left’s rhetoric that tax increases would only fall on plutocrats, the payroll tax is paid in every paycheck by every single person with a job. The bill’s sponsors seek to hike this tax because they know that there’s just not enough money in “wealthy-only” tax increases.

Combined with the current top federal income tax rate (37 percent), Medicare payroll tax (2.9 percent), and top state income tax rate (California’s, 13.3 percent), that adds up to a combined top marginal rate of 65.6 percent faced by some high-income Americans.

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