AOC’s outline of a tax plan is a 70% like marginal tax bracket starting at $10,000,000. Thats true, but for most people thats just a mishmash of words. Heres some better messaging.
Even if you make $5000/hour — yes, thats FIVE THOUSAND DOLLARS PER HOUR — the 70% tax rate still does not apply to you.
A full time worker working 40 hours per week works 2000 hours per year.
$10,000,000 / 2000 hours = $5,000/hour.
So, repeat after me,
Even if you make $5000/hour — yes, thats FIVE THOUSAND DOLLARS PER HOUR — the 70% tax rate still does not apply to you.