When new Democrat Congresswoman Alexandria Ocasio-Cortez announced a 70 percent marginal tax rate on the wealthiest of Americans, some people were immediately thrown into a frenzy.
The announcement was no longer campaign rhetoric but was from an actual member of Congress, in a Democratic-majority chamber, capable of implementing the law.
Some people thought the idea of a 70 percent tax rate hike on making more than ten million dollars a year was outlandish but that figure dwarfs in comparison to the 90 percent tax rate likely 2020 Democratic presidential prospect Julian Castro suggested.
As the Washington Examiner reports, Castro wants the wealthiest Americans to pay more—a lot more.
From the report:
The Obama-era Housing and Urban Development secretary, who is expected to officially announce he’s running for the White House this week, made the comments after Ocasio-Cortez, D-N.Y., caught flak for suggesting people earning more than $10 million could be taxed between “60 or 70 percent.”
In offering support to Ocasio-Cortez, Castro provided historical context given the current highest marginal income tax bracket is 37 percent for those receiving more than $500,000 a year.
“There was a time in this country where the top marginal tax rate was over 90 percent, even during Reagan’s era in the 1980s it was around 50 percent” the former mayor of San Antonio, Texas, said.
“During this campaign, if I run, I’m going to be very up front with the American people on how we would do that because I think that they are owed that, but it is worth it,” Castro said during the interview. “It is worth it in this country for us to do that.”
Castro was the first Democrat to launch an exploratory presidential committee in December of last year. According to the report, Castro will make a formal decision concerning a presidential run on January 12.
Castro also visited Iowa—a frequent first-stop for presidential candidates—and was warmly received, ABC News reports.
Julian Castro’s arrival in Iowa didn’t garner the same national attention as the departing Sen. Elizabeth Warren’s did, but the young 2020 hopeful found his warm reception nonetheless in a home just outside Iowa City Monday night, where a group of Democratic activists hosted him at their monthly potluck dinner.
“What I see in our country today is that for the first time in a long time we’re going backward instead of forward,” Castro said at the gathering. “In the coming months, starting on Saturday, I’m going to be talking about my vision for the future.”
“I’m not going to be a single issue candidate if I run,” Castro continued in the ABC News interview, the Hill reports. “I believe that what we need for America to prosper in the 21st century is a strong vision for the country’s future. My vision for the country’s future is that we aim in the 21st century to be the smartest, the healthiest, the most fair and the most prosperous country.”