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Should The Wealthy Be Taxed More? Two Economists Weigh In

Two economists debate the pros and cons of an issue that progressive Democrats are floating ahead of the 2020 election: raising taxes on the rich.
U.S. Rep. Alexandria Ocasio-Cortez (D-N.Y.) leaves a photo opportunity with female Democratic members of the 116th U.S. House of Representatives outside the U.S. Capitol in Washington, D.C., Jan. 4, 2019. (Saul Loeb/AFP/Getty Images)

Democratic Rep. Alexandria Ocasio-Cortez’s plan to raise taxes on the wealthiest Americans has stirred the pot in Washington.

Economists can’t seem to agree on whether or not raising the marginal tax rate would ultimately be beneficial for the U.S. economy. Ocasio-Cortez has proposed increasing the marginal tax rate on income above $10 million to 70 percent, in an effort to reduce the nation’s wealth inequality and fund the “Green New Deal,” a massive policy proposal aimed at addressing climate change.

One economist, Marshall Steinbaum (@Econ_Marshall), research director at the Roosevelt Institute for Market Power and Inequality, says a 70 percent marginal tax rate isn’t high enough.

“I think we now know that the economy did

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