Julian Castro to Run for President on 90% Tax Rates, Free Stuff

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The Obama-era Housing and Urban Development secretary, who will announce he is running for President this week, backed comments made by Socialist Ocasio-Cortez (D-NY) who believes a tax rate of 60 to 70 percent on those making more than $10 million is reasonable.

In New York and California, that means these high earners would be taxed 80 percent or more.

Elizabeth Warren gave the nod to a 90 percent tax rate last week.

This is the Communist concept of taxation: steal/confiscate the wealth of the most productive members of society, people who provide employment.

Castro asserted the historical context given the current highest marginal income tax bracket was over 90 percent.

“There was a time in this country where the top marginal tax rate was over 90 percent, even during Reagan’s era in the 1980s it was around 50 percent” the former mayor of San Antonio, Texas, said.

He didn’t mention that no one ever paid that amount.

FREE HEALTHCARE, FREE COLLEGE, FREE PK

Castro also floated “that we get more serious about making sure the corporations pay their fair share,” so the country can fund policy programs like “Medicare-for-All,” as well as universal pre-kindergarten and higher education.

“During this campaign, if I run, I’m going to be very up front with the American people on how we would do that because I think that they are owed that, but it is worth it. It is worth it in this country for us to do that,” he said, vowing not to be “a single issue candidate.”

The high rates that Ronald Reagan cut (and triggered a boom thereby) were paid by almost nobody, because the tax code of the times was full of generous loopholes.  Those loopholes were mostly closed in exchange for lowering the marginal rates.  Thus, any comparison of marginal rates from then to now is without validity.

It will be difficult for Republicans to compete with all that free stuff.

When the rich leave the country and the money dries up, the only ones left to pay will be the rest of us and nothing will be free. Once this concept becomes American, it will be too late to dial it back. We will be Venezuela.


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