During the first week of her new job as a representative from New York, Alexandria Ocasio-Cortez proposed a top statutory tax rate of 70 percent. What this means is that if you are a very high earner, such as a successful actor, musician, or business owner, you would need to pay 70 cents for every dollar you report in taxable income over $10 million. It’s not clear yet whether it would apply only to earned income, or if it would apply to all income, including capital gains, dividends, and business income.
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