Alexandria Ocasio-Cortez Has the Better Tax Argument
When Alexandria Ocasio-Cortez suggested this month that the United States should tax income over $10 million by 70 percent, it galvanized something unusual: a broad and substantive national conversation about the design and purpose of federal tax policy.
No, I’m just kidding. It kicked off a lot of screaming about socialism, especially on cable news.
From the cacophony of communist callouts, however, a subtler argument emerged. Entrepreneurs and center-right economists insisted that raising taxes dramatically on the rich would undo America’s ability to spark innovation and attract entrepreneurs who want to start companies and solve big problems.
In the abstract, their case is Paul Graham, the founder of Y Combinator, the country’s preeminent start-up incubator.
