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Comment by porpoisely | Hacker News Reader

No. The current top bracket is a few hundred thousand.

https://www.bankrate.com/finance/taxes/tax-brackets.aspx

Edit: To the people downvoting, I'm well aware that the current bracket won't be taxed at 70%. But there is a lot of room between $500K and $10 million. And I have feeling that there will be many brackets between the current top bracket and the new one.

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> And I have feeling that there will be many brackets between the current top bracket and the new one.

So, you are arguing against your feeling, and not the actual proposal at issue?

Nobody I’m aware of is suggesting we tax the current top bracket at 70%, but that we make a new top bracket.

There is already a thing called AMT so a new top bracket makes zero sense.

The AMT's top rate is 28%, a far cry from the proposed new 70% bracket.

The polling is not about raising the current highest tax bracket to 70%, it's about adding a new one. From the article:

> The New York Democrat kicked off a debate within her party in a Jan. 6 interview with "60 Minutes" during which she said she would support setting the highest tax, which she said would kick in at individuals 10 millionth dollar of income, at 70 percent.

The question used in this poll seems to be "Do you favor a 70% tax rate to the 10th million dollar and above?"

It is unfortunate that the poll asked about changing the highest tax bracket, whereas Ocasio-Cortez suggested creating a new $10m tax bracket. They are very different things.

Edit: I stand corrected. The picture in the article doesn't mention the new $10m tax bracket, but the actual poll question did.

That was the question. Scroll down and you'll see the details of the poll. The question was about taxing past $10M/year income.

From the embedded results table at the bottom of the article:

> "AB2: Currently the top tax rate is 37%. Would you favor or oppose a tax proposal that would apply a 70% rate to the 10 millionth dollar and beyond for individuals making $10 million a year or more in reportable income?"

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