Alexandria Ocasio-Cortez and the Top Marginal Tax Hike Boondoggle

Socialist newcomer Alexandria Ocasio-Cortez recently revived a radical Democrat talking point from its slumber, suggesting to Anderson Cooper in a 60 Minutes interview that we should have a top marginal income tax rate of 70% applied to an arbitrarily set $10 million or so in annual earnings, or the "tippy tops" of income earnings, as she frames it. First, let's state the obvious.  When the top marginal tax rate is discussed in this manner, taxation is nothing more than a political cudgel to advance a narrative of class struggle.  But let's pretend, as leftist social engineers often do, that there's actually an economic argument behind it. Perhaps a good place to start is with the godfather of government stimulus himself, John Maynard Keynes.  He observed that "[t]axation may be so high as to defeat its object, and that, given sufficient time to gather the fruits, a reduction of taxation will run a...(Read Full Article)