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Today, Explained

Let's talk about tax, baby. Let's talk about AOC.

Today, Explained

Vox

News, Daily News, Politics

4.310.3K Ratings

🗓️ 9 January 2019

⏱️ 23 minutes

🧾️ Download transcript

Summary

Congressmember Alexandria Ocasio-Cortez has floated a marginal tax rate of 70% for top earners in America. A lot of people are upset, and even more have no idea how it works. *********************************** Check out this easy video on how tax brackets work: https://youtu.be/VJhsjUPDulw Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Support for this Wednesday, January 9th, 2019 episode of Today Explained comes from

0:05.0

Quip Electric Toothbrushes. More people than you'll find in the entire state of South Dakota.

0:11.4

Use the Quip Electric Toothbrush. You can get started at GetQuip.com slash

0:16.0

Explained, g-e-t-q-u-i-p.com slash Explained. The Quip Starts at $25 and your first set of refills is free.

0:30.6

The President was all over Primetime TV last night. Why do wealthy politicians build walls,

0:39.2

fences and gates around their homes? They don't build walls because they hate the people on the

0:45.2

outside, but because they love the people on the inside. But his address was almost immediately

0:52.6

overshadowed by Chuck Nancy awkwardly sharing a podium during their rebuttal.

1:00.0

Congressmember Alexandria Ocasio-Cortez was also on Primetime TV this week.

1:06.0

Tonight on 60 Minutes. And she said something that people still haven't stopped talking about.

1:12.6

You look at our tax rates back in the 60s and when you have a progressive tax rate system,

1:18.6

your tax rate, you know, let's say from zero to $75,000 may be 10% or 15%, etc. But once you get to

1:28.6

like the tippy tops, on your 10 millionth dollar, sometimes you see tax rates as high as 60 or 70%,

1:37.1

that doesn't mean all 10 million dollars are taxed at an extremely high rate, but it means that as you

1:42.4

climb up this ladder, you should be contributing more. And cue the freak out in 3, 2, 1.

1:53.8

I strongly disagree with this idea that you should just confiscate all the money or most of the

1:59.4

money that people make. If you want to find out how to tell people not to make a lot of money,

2:05.4

you take 80% of what they make and tell them that we're taking it all and they won't do it.

2:10.2

So now she wants to confiscate what would be the equivalent if you lived in her state in New York

2:15.6

of 85 cents of every dollar. It turns out a lot of people don't really understand how taxes work.

2:36.5

They really don't. What became clear just looking around the comments and the way people are

2:41.3

framing this idea was people really thought that it meant she wanted to tax everyone's income

...

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