Billionaires who hate Alexandria Ocasio-Cortez's 70% tax on the superrich are adamant it will hurt t

Rep. Alexandria Ocasio-Cortez of New York has touted a plan that would tax Americans earning more than $10 million at a marginal rate of roughly 70%. The proposal was immediately met with consternation from the billionaire class, which argued that it would hurt the economy. Evidence shows, however, that the US economy has been strong during periods when the marginal tax rate for the ultrarich was at or above 70%. Peter Diamond — a Nobel laureate in economics who is one of the world's most...