this post was submitted on 27 Jul 2023
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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth (www.commondreams.org)
submitted 2 years ago by [email protected] to c/[email protected]
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cross-posted from: https://lemm.ee/post/2125276

According to a summary of the bill released by the Patriotic Millionaires—an advocacy group that helped craft the measure—the wealth tax would have four brackets:

  • 2% for all wealth between 1,000 and 10,000 times median household wealth;
  • 4% for all wealth between 10,000 and 100,000 times median household wealth;
  • 6% for all wealth between 100,000 and 1,000,000 times median household wealth; and
  • 8% for all wealth over 1,000,000 times median household wealth;

"In the unlikely event median household wealth fell below $50,000 from its current level of about $120,000, the thresholds would be fixed at $50 million, $500 million, $5 billion, and $50 billion respectively.”

The legislation would also require at least a 30% IRS audit rate on households affected by the new wealth tax.

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[–] [email protected] 3 points 2 years ago (1 children)

The irony of that "go bigger" banner

Because god this is small

[–] [email protected] 3 points 2 years ago (1 children)

8% of net worth taxed every year is small? The goal of this tax is to make the only way to reduce it be to reduce inequality. Seems like a solid strategy to me. Mind you, it requires that you don't have a party of ratfuckers to work.