Well, I'm going to surmise that few of the 59% who favor it expect to
pay any part of it. It's a classic case of how easy it is to spend other
people's money.
Let's do a hypothetical.
Currently, people making 10M are in the 37% bracket. The proposal that
59% of the people support would not quite double it, to 70%.
Or, as O-C so succinctly tells an interviewer:
“But once you get to the tippie tops, on your ten millionth, sometimes
you see tax rates as high as 60 percent or 70 percent. That doesn’t mean
all $10 million are taxed at an extremely high rate. But it means that
as you climb up this ladder, you should be contributing more.”
https://www.foxnews.com/politics/alexandria-ocasio-cortez-floats-70-percent-tax-on-top-earners-to-fund-green-new-deal
So it appears to be fairly vague at this point.
Let's assume that whatever bracket you're in currently, in order to have
the 37% bracket raised to 70% (89% increase), your top bracket would
increase by 45%.
So if you're in the 12% bracket, you'd now pay 17.4%; if in the 22%
bracket, it would be 31.9%; if 24% 34.8%; if 32%, then 46.4%.
Of course those now in the top income bracket, 37%, would go to 70%.
Fair? If not, why not?
Now, this assume that their income is all some form of earned income:
they were paid 10M, e.g., for services, or from passive investments. But
many people in the upper ranges of income derive their income from cap
gains. I assume that you know this, and that cap gains rates are not the
same as earned income brackets we've been talking about. The maximum
rate for cap gains is 20%. This is NOT the same as the income brackets
that everyone is talking about, so raising the top bracket from 37 to 70
would not affect the cap gains rate.
You know this already, right? Do you suppose that O-C does? Does she
make direct mention of it when she calls for a 70% top rate?