Alexandria Ocasio-Cortez's Proposal for a 70% tax on the wealthy to fund climate change reduction plan.
Who knows what can actually happen, but this is worthy of discussion. As she is advocating, change may need to happen faster than what we normally expect.
I'm in favor of taxing the wealthy, but allowing exemption for business expenses, such as capital expansion. If the money is invested in running and expanding the business, fine, but if it just goes to the personal wealth of the owners and executives, yes, tax it heavily.
Many solutions to address the carbon footprint do effect lower income people. Average folks can consume lots in their cars, home heating and even putting food on the table. That's why it's hard to pass things like carbon taxes. These type of taxes tend to be regressive. Lots of low income people, who drive and so forth, feel strapped.
To really get people to do something about climate change, we may need to create the impression that the wealthy are paying also. Yes, raising income taxes on the wealthy is a good compliment to some of the things that ordinary people need to do to lower the carbon footprint. Remember, it is ordinary people who drive the markets, to a large extent, but ordinary people aren't likely to change unless they feel they are being treated fairly.
These big changes don't have to be seen as sacrifices. Maybe using things like public transit and bicycles can be better than addiction to the automobile. Depends on circumstances and attitudes. I does work for me. I'll admit I am a bit unusual.
There's also new technology such as electric cars that are charged from a power grid based on solar energy.
Ending fossil fuel emissions in 10 years is a tall order, but maybe it can happen.
The wealthy corporate owners often blame average people for the way things are. The corporations say they have to follow the market which is made up of average people who are just trying to get by. Just trying to raise families. Corporations also blame regulation. It's kind of a vicious cycle that keeps us from solving climate change. Keeps us in the status quo. Average people living their consumptive lives and corporations promoting and profiting from that. Laws which hold people into it.
We are entering a time when the whole thing is starting to unravel and maybe change more radically. Hopefully for the good.