>>>https://www.cnbc.com/2019/01/22/davos-billionaires-are-scared-of-alexandria-ocasio-cortez-tax-proposal.html
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>>>When the Dems were the champions of working people, the most extreme of the crop - primarily from states like Ohio, Michigan and Wisconsin - were called "Rotten Talking Liberals."
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>The rich are not afraid of Ocasio-Cortez. They are happy to portray dismay and draw attention so people expend their energy on her rather than thinking about something the super rich do have reason to be afraid of, like gilet jaune.
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>When tax rates last were up at the levels she proposes, there was no global economy. Even as late as the 1970s, international currency movement was a challenge. For those who never had reason to try, consider instead that even an international phone call required operator assistance and cost a fortune. A factory owner in Hamilton could not pay a fee to Romney to have production offshored to China, even if it hadn't been an economic basketcase at the time. The rich certainly enjoyed vacationing in foreign climes but rarely abandoned the US altogether for Monaco or some other rich enclave. Even if they did, US citizen liability for international income was far more difficult to avoid unless you truly internationalized your holdings and severed US ties. Mostly the population and industry was content in self-imposed captivity and the rich shrugged, paid accountants to move things around to best effect, and turned the remaining tax into a virtue.
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>Few of these supportive attributes exist today.
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>So if you really, seriously want to do this- then how will you re-establish the captive conditions? For a start, you need to seriously disincentivize offshoring- by tariffs, for example. What does Ocasio-Cortez think of tarrifs, or what's her proposal to prevent capital flight? How about foreign profit hoarding? If shareholders push corporates to hoard billions in foreign subsidiaries, 70% of %0 is $0.

Interesting, but it's really a lot simpler than that.

I know people with advanced degrees who have worked all their lives and now are choosing between paying the rent and buying medicines, while condos in NYC and London are selling at $20million per.

What's wrong with $20million condos, you ask?

Drive through sections of Brooklyn, Queens and Jersey City and you'll see cranes everywhere. Each crane represents displaced people or businesses and massive increases in living costs.

Check this out:
http://fortune.com/2019/01/17/microsoft-seattle-affordable-housing/
If six figure techs can't afford housing, what does a retired teacher do?

Capitalism is a wonderful system but as we saw in the early 20th century, unfettered capitalism is self-destructive. Simple math dictates that the rich will become exponentially richer, and that increased wealth will inevitably come at the expense of the less powerful, especially when there is basically no limit on how much money can be used to influence politicians.

The New Deal put some brakes on the process, but since the 1970's those brakes have been gradually released.

High tax rates on high incomes are one way to slow the pace.