Harry Reid Criticizes Ocasio-Cortez Tax Proposal As Too ‘Rapid’
Former Nevada Democratic Sen. Majority Leader Harry Reid had some criticism for his party’s new star.
Reid ripped New York Democratic Rep. Alexandria Ocasio-Cortez’s proposal for a 70-percent marginal tax rate during an interview with The Nevada Independent. Reid called out Ocasio-Cortez for her “radical” proposal while arguing that Democrats should push for incremental change instead. (RELATED: Trump Shrugs Off Ocasio-Cortez Criticism:’Who Cares?’)
“A person could say we need to raise taxes a little bit,” Reid said. “We have to be careful because the American people are very conservative in the sense of not wanting radical change quickly.”
The self-proclaimed socialist from Queens, New York, has shaken up the Democratic Party with her desire for sweeping leftist policy change including: higher tax rates for top income earners (in her words, the “tippy tops” of the U.S. population); a “Green New Deal,” which would plan to eliminate carbon emissions in the United States within 12 years and possibly create other regulations; and “Medicare for All,” a proposed socialist-style healthcare system — which has received support from many congressional Democrats — that Ocasio-Cortez claims would be cheaper than our current healthcare system, though some have argued against such an idea.
Reid made clear that he would rather Democrats focus on shoring up past legislative accomplishments rather than advocate for sweeping change.
“It’s a shame what they’ve done with ObamaCare,” Reid said. “That was certainly a step in the right direction. The Democrat has to talk about health care, restoring Obamacare or versions of it.”
A long-time Nevada senator, Reid served as the Senate Majority Leader from 2007-15 and as Minority Leader from 2015-17 before deciding not to seek a seventh term in the Senate in 2017.
The Tax Foundation, an “independent tax policy nonprofit” organization, according to their website, found that a proposal to raise the marginal tax rate to 70 percent for incomes over $10 million would only raise roughly $51.4 billion over the next 10 years.
A more generous study conducted by the organization, however, found that a different proposal for the same tax hike idea for incomes over $10 million would raise $291 billion over the same time period — still only a fraction of the cost needed to pay for Ocasio-Cortez’s ambitious agenda.