Published: Fri, February 15, 2019
Global News | By Blake Casey

Ocasio-Cortez shocked to learn lobbyists pay others to stand in line

Ocasio-Cortez shocked to learn lobbyists pay others to stand in line

Bill Gates says he supports "more progressive" taxes on the rich, but proposals targeting high income brackets, like a plan from Rep. Alexandria Ocasio-Cortez, are missing the point. The top marginal tax rate is 37%.

Gates told The Vergecast podcast that such a change would be "a misfocus".

Gates said "we can be more progressive without really threatening income generation - what you have left to decide [is] how to spread [it] around". Instead, people with an ultra high net worth can sell stocks and other assets, adding to their wealth but not their taxable income.

"That is some insane talk", Gates told The Verge. That's when the spox designated Ocasio-Cortez "Never Amazon", obviously a play on the "Never Trump" label that has become ubiquitous in political conversation over the last three years. It dictates that governments should not be concerned about deficits because they control the printing of their own currency. But we can be more progressive, the estate tax and the tax on capital, the way the FICA and Social Security taxes work.

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"It's fine with me", the freshman lawmaker told TMZ.

Gates, who amassed a fortune by building Microsoft, noted that many very wealthy people's earnings subject to income taxes make up a tiny fraction of their overall wealth - a "rounding error of ordinary income" as he put it. He has also given away tens of billions of dollars to charities addressing the AIDS crisis, poverty, sanitisation and medical research. According to Bella, Ocasio-Cortez "inspires change" and deserves a tribute.

Ocasio-Cortez, D-N.Y., has pushed raising the top marginal tax rate to 70 percent on income over $10 million.

"Now, you finally have some politicians who are so extreme that I'd say, 'No, that's even beyond, '" Gates said, an apparent reference to Ocasio-Cortez.

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