Ryan Saavedra for the Daily Wire reports, President Donald Trump blasted far-left Rep. Alexandria Ocasio-Cortez (D-NY) while talking to reporters on Thursday, highlighting the collapse of socialist Venezuela as an example of how her policies do not work.
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Trump was referring to Ocasio-Cortez’s proposed 70 percent marginal tax rate, which would have devastating consequences on the U.S. economy. The Washington Examiner reported:
Many conservatives have expressed concern that this tax plan would be as bad as Venezuela’s, China’s, or those of the Nordic socialist states. The taxes she proposed are not as high as those in other nations. They’re even higher.
Sweden taxes its wealthiest citizens at a 61.75 percent marginal rate. Finland, Denmark, and the Netherlands all have top marginal tax rates between 50-60 percent. Ocasio-Cortez proposed a top marginal tax bracket that is far higher than those of the socialist countries that her supporters admire.
The highest earners in China must pay a 45 percent marginal income tax rate. Venezuela’s top marginal tax rate is only 34 percent, but rampant government-boosted inflation and high taxes on goods and services have all but destroyed its economy.