Letters
Open Letter: We Are Against the Flat Tax Proposal
In November 2018, Armenia’s acting government released a draft law, “On Amendments to the Tax Law of the Republic of Armenia,” which will reportedly be considered by the new National Assembly in January-February 2019.
One of the most notable changes included in the act is the revision of the country’s income tax rates.
At present, income t
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A flat tax is nothing but legalized tax evasion. The oligarch class can pay plenty. That’s why Alexandria Ocasio-Cortez wants to tax the rich at 70%.
I think that Armenian Weekly is quickly turning from just being “socialist” to being “rabidly marxist/communist”. Also, Alexandria Ocasio-Cortez is a moron for talking about taxing “the rich” at 70%. Why stop there? Let’s tax corporations at 80%, then complain why they put money offshore or start replacing employees with robots.
MIT economics professor Peter Diamond, who won an Economics Nobel prize and UC Berkley economics professor Emmanuel Saez, estimated that the optimal top tax rate should be 73 percent, while UC Berkley economics professor Christina Romer, who was the head of President Obama’s Council of Economic Advisers, estimated that the optimal top tax rate is more than 80 percent. These high, top tax rates existed in the US during rapid economic growth, 1940s, 1950s and 1960s. During the 1950s, when our economic was experiencing significant amount of economic growth, the top income tax rate was 90%. Clearly, Alexandria Ocasio-Cortez, the capable young congresswoman from New York, is fully in line with respectable academic economic research.