Steve Forbes to AOC: Taxing Americans' savings will hurt the US economy
New York Democratic Rep. Alexandria Ocasio-Cortez doubled down on her calls for a 70 percent tax rate on income over $10 million.
The freshman Congresswoman appeared on Showtime’s “Desus & Mero” Thursday saying, “It really comes down to the question of, ‘isn’t $10 million enough? Like, when does it stop? At what point is it amoral that we’re building Jeff Bezos a helipad when we have the most amount of homeless people in New York City?’”
The top marginal income tax rate is currently 37 percent for income over $500,000. The U.S. last had a top marginal tax rate of 70 percent in 1981.
Forbes Media Chairman Steve Forbes responded to the comments made by the congresswoman on FOX Business’ “After The Bell” on Friday.
“When you start taxing and destroying peoples’ savings, whether it’s at $10 million or 10,000 you’re going to hurt the economy. The ones that are hurt the most are the very people she purports to represent.”
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Forbes then went on to criticize Ocasio-Cortez for her role in Amazon’s decision to abandon its HQ2 plans in New York City.
“She already helped run Amazon out of town, costing 25,000 jobs paying $150,000 each a year and the tens of thousands of other jobs that would have created.” Forbes said. “That kind of destruction we don’t need, we need incentives, removing barriers to people starting new businesses and savings are critical.”