CNN Admits It Has No Idea How High 70% Tax Rate Is
CNN is one of the leading news organizations on the planet. The network loves two things: Breaking News and People Running for President. With a few Democrats already throwing their names into the ring for the 2020 race, CNN has had wall to wall coverage of the candidates. But, they have not been very in-depth when it comes to the candidates’ tax plans.
CNN loves a headline like “Alexandria Ocasio-Cortez Wants To Tax The Rich 70%” or “Elizabeth Warren Suggest New Billionaire Tax.” CNN’s coverage of these tax suggestions are very surface level — no math is ever really shown. CNN brings on a talking head for opinion and you’d think in the course of 24 hours they could sneak in one graphic of a tax bracket.
We reached out to CNN and they finally admitted to Flake News they have no idea what a 70% rate means. CNN told us, “Honestly, I was in the bathroom talking to some unnamed congresswoman about how she may run for president. So I totally missed that class where they explained marginal tax rates.”
For those less knowledgeable, a 70% tax plan would be a tax of 70% of a person’s income over the 10 millionth dollar. So a person’s 10,000,001st dollar would be taxed 70% and all other income under that would be under the current tax system. Not really overly complicated but not as much of a clickbait article.
Hopefully CNN can go to rehab for their addiction to people running for president and learn a little bit about tax systems — emerging a new network ready to actually inform the American people about what is happening today.
Photo by Gage Skidmore from Peoria, AZ, United States of America | CC-BY-SA-2.0