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.

  • PatFusty
    54·
    11 months ago

    Whats the point of taxing the lower end of the tax bracket? Its just another handicap they are incurring on the already marginalized class… i dont care about people saying not taxing the rich enough, stop taxing the fucking poor!

    Whats 600k for a person making 10M? Probably no waterfall pool renovation this year.

    Whats 200 for a person making 10k? Probably going homeless.

    • GojuRyu@lemmy.world
      9·
      11 months ago

      The 10k isn’t what they make. It is how many times the median wealth they have. So the poorest affected will have a thousand times more wealth than the median household.