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Tax Their Stuff, Not Their Money: Raising income taxes on America’s richest wouldn’t bring in that much cash. A wealth tax is where it’s really at.

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On The Gist, Kirsten Gillibrand running for president. Alexandria Ocasio-Cortez recently floated the idea of a 70 percent marginal tax rate on America’s highest earners. That’s bad for millionaires, but is it even that good for everyone else? The New Yorker’s Adam Davidson argues it isn’t: High taxes wouldn’t rake in that much cash, and they might even scare taxpayers out of the country. Still, he’s clear-eyed about the dangers of concentrated money and thinks a wealth tax (on the value of what you own, not what you make) is where it’s really at. In the Spiel, you should have thought of that.This episode is brought to you by the following advertisers: Slack, the collaboration hub for work. Learn more at Slack.com.Learn more about your ad choices. Visit megaphone.fm/adchoices

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