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.

  • SapphireFox<3English
    15·
    11 months ago

    It’s crazy this nation started because of a Tax on tea. Now everyone wants to be taxed into oblivion.

    • SuiXi3D@kbin.social
      5·
      11 months ago

      Turns out when a few experience unchecked growth, it comes at the price of literally everyone else suffering.

    • oozynozhEnglish
      5·
      11 months ago

      Taxed into oblivion? The max rate is 8% at 1000000x the average. I think our poor billionaires can cope.

    • MasterEnglish
      2·
      11 months ago

      The vast majority of this country is already taxed into oblivion. The only ones that are not taxed are the extremely wealthy who, incidentally, are the ones who can afford to be taxed.