Rep. Alexandria Ocasio-Cortez, D-N.Y., floated a 60 to 70 percent tax rate on the richest Americans in an interview with CBS News's "60 Minutes" that was released Friday, arguing higher taxes on multimillionaires could help pay for the "Green New Deal" she and other left-wing members of the Democratic Party have proposed.
Talking to Anderson Cooper, the new House member suggested the new tax rate apply to Americans earning more than $10 million a year, noting that similar rates existed in America a few decades ago. The top tax rate was above 90 percent during the 1950s, and while it has slowly descended, it remained as high as 50 percent for much of President Ronald Reagan's tenure in the 1980s.