• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

1

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

2

Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

3

Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic

Alexandria Ocasio-Cortez Suggests a Return to 70% Tax Rate on the Super Wealthy to Help Fund Green New Deal

By
Kevin Kelleher
Kevin Kelleher
Down Arrow Button Icon
By
Kevin Kelleher
Kevin Kelleher
Down Arrow Button Icon
January 4, 2019, 7:17 PM ET
Add Fortune on Google for similar content.

Newly seated Rep. Alexandria Ocasio-Cortez says she is open to returning the top income-tax rate on the wealthiest Americans to the 70% level last seen in the 1960s and 1970s.

In an excerpt of an interview with 60 Minutes scheduled to air on Sunday, Ocasio-Cortez told Anderson Cooper that the Green New Deal she has proposed was “ambitious” and would “require a lot of rapid change that we don’t even conceive of yet.”

When Cooper suggested funding the plan would require raising taxes, Ocasio-Cortez replied, “Yes, there is an element where people will have to start paying their fair share in taxes.” Cooper then asked if she had a specific tax rate in mind, and Ocasio-Cortez said,

“You know if you look at our tax rates back in the 60s and you have a progressive tax rate system, the tax rate from zero to $75,000 may be 10%, 15% etc. But once you get to the tippy-tops on your $10 million, sometimes you see tax rates as high as 60 or 70%. That doesn’t mean all $10 million are taxed at an extremely high rate, but it means that as you climb up this ladder you should be contributing more.”

According to the IRS, the modern income tax began in 1913, although for three decades, exemptions were high enough that most people didn’t pay much if any income taxes. During World War II, exemptions were cut and the top tax rate rose as high as 94%. During the Korean War, the top tax rate stood at around 91%, then fell to about 70% in the late 60s and 1970s. The tax rate for the lowest bracket during the 70s was 14%.

Starting in the 80s, tax reform brought the top tax rate down to 50% at first, and eventually to 39.6%. Economists caution that oversimplifying maximum tax rates can be misleading because many taxpayers use deductions, exemptions, and other means to lower their actual tax rates.

When Cooper suggested to Ocasio-Cortez that the tax rate she was considering was, by today’s standards, a “radical agenda,” she replied that “it’s only been radicals” like Abraham Lincoln and Franklin Delano Roosevelt who have changed the country.

“If that’s what radical means, then call me a radical,” Ocasio-Cortez said.

About the Author
By Kevin Kelleher
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

Forget the ceasefire — The U.S. and Iran are still exchanging attacks over the Strait of Hormuz as Tehran tries to shut down a competing route
Middle EastIran
Forget the ceasefire — The U.S. and Iran are still exchanging attacks over the Strait of Hormuz as Tehran tries to shut down a competing route
By Jason MaJune 27, 2026
59 minutes ago
p
RetailWorld Cup
The 2 billion-print, $2-pack last hurrah for a World Cup legend: the Panini sticker album’s last ride
By Dave Skretta and The Associated PressJune 27, 2026
3 hours ago
‘I’ll listen to ‘Only the Young’ at home on my own’: Zohran doesn’t know about a Swift-Kelce wedding at MSG, but he’s not going
Arts & EntertainmentNew York City
‘I’ll listen to ‘Only the Young’ at home on my own’: Zohran doesn’t know about a Swift-Kelce wedding at MSG, but he’s not going
By Kimberlee Kruesi and The Associated PressJune 27, 2026
3 hours ago
Australia to strengthen enforcement of under-16 social media ban
PoliticsSocial Media
Australia to strengthen enforcement of under-16 social media ban
By Ainslie Chandler and BloombergJune 27, 2026
3 hours ago
g
EuropeGermany
It’s so hot in Germany the Autobahn literally burst open at the seams and had to be closed down
By Kirsten Grieshaber, Sylvia Hui, John Leicester and The Associated PressJune 27, 2026
3 hours ago
Apple seeks U.S. approval to buy chips from blacklisted CXMT: FT
Big TechChips
Apple seeks U.S. approval to buy chips from blacklisted CXMT: FT
By Angela Cullen and BloombergJune 27, 2026
3 hours ago

Most Popular

MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
Success
MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year
By Sydney LakeJune 25, 2026
2 days ago
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
Success
Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
By Preston ForeJune 27, 2026
7 hours ago
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
Success
Now worth $200 million, Sarah Jessica Parker credits being ‘one of eight kids that struggled financially’ for her hunger, ambition, and work ethic
By Orianna Rosa RoyleJune 24, 2026
3 days ago
The bond market knows something about the $39 trillion national debt that Washington doesn’t
Economy
The bond market knows something about the $39 trillion national debt that Washington doesn’t
By Eva RoytburgJune 25, 2026
2 days ago
Current price of oil as of June 26, 2026
Personal Finance
Current price of oil as of June 26, 2026
By Joseph HostetlerJune 26, 2026
1 day ago
Leon Black says Epstein's network included Elon Musk, Sergey Brin and Peter Thiel, while saying 'I knew Jekyll. I didn't know Hyde'
Politics
Leon Black says Epstein's network included Elon Musk, Sergey Brin and Peter Thiel, while saying 'I knew Jekyll. I didn't know Hyde'
By Joey Cappelletti and The Associated PressJune 26, 2026
1 day ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.