Here's How Alexandria Ocasio-Cortez Would Pay for All Her Freebees
We have to come up with a suitable nickname for Alexandria Ocasio-Cortez. Don't you hate having to type names with hyphens? I'm sure we could do something with her initials "OC" -- maybe "The Great and Powerful OC" or something.
Whatever you want to call her, she's an economic ignoramus. Appearing on "The Daily Show" with Trevor Noah, OC was asked a question that just about any politician worth their salt would hit out of the park: how she plans to pay for all those freebies she wants to offer the voters.
“This is an excellent, excellent question,” she replied. “I sat down with a Nobel Prize economist last week — I can’t believe I can say that, it’s really weird — but one of the things that we saw is, if people pay their fair share, if corporations and the ultra wealthy — for example, as Warren Buffett likes to say, if he pays as much as his secretary paid, 15 percent tax rate, if corporations paid — if we reverse the tax bill, raised our corporate tax rate to 28 percent … if we do those two things and also close some of those loopholes, that’s $2 trillion right there.”
Liberal economist Paul Krugman won a Nobel Prize. That's all you need to know about the value of that endorsement.
It would certainly be nice to have an extra two trillion a year -- or over 10 years, since she fails to mention the time period over which we'd get that windfall. Her only problem is that she's coming up a little short. That's because she also wants to "transition" America to a "100 percent renewable economy.” This is in addition to the $1.4 trillion per year she wants to spend on Medicare for all and another $75 billion a year for free college tuition for all.
She also said it would take $3 trillion to $4 trillion and a carbon tax to create a “renewable energy economy” and claimed the Trump tax cut bill prevents the wealthiest Americans from paying “their fair share.”
“One of the wide estimates is that it’s going to take $3 trillion to $4 trillion to transition us to 100 percent renewable economy,” she continued.
Are you keeping track? Two trillion in new revenue but at least $3 trillion for renewable energy and $1.5 trillion in spending on just two of her many gifts to taxpayers.
Well, no one every accused socialist OC of being a whiz at math.
What about that $2 trillion in new revenue? Maybe she should ask France how their "tax the rich" plan worked out?
François Hollande’s unpopular tax changes that imposed a 75% rate on earnings above €1m (£780,000) will quietly disappear into the history books from Thursday.
The French socialist president announced plans for the controversial measure during his 2012 election campaign as a means of forcing the wealthiest to help dig the country out of economic crisis.
Although supported by the left, the reform sparked accusations of an anti-business agenda. After the “supertax” was announced in September 2012 the government was accused of shooting itself in the foot by risking an exodus of high-profile personalities. Business leaders expressed fears that investors would pull out of France.