Freshman US Congresswoman Alexandria Ocasio-Cortez made waves in recent days with her suggestion that the US raise its top marginal tax rate to 70 percent for income over $10 million dollars.
To clarify, this does not mean taking 70 percent of everyone's income. It means the government would take 70 percent of any income above $10 million dollars. Currently the top tax rate in the US is 37 percent, but just a few decades ago it was nearly twice that level. Here's how top tax rates have evolved since 1970 in some of the world's largest economies.
