Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth
Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth
"American oligarchs have used their wealth to accumulate an unprecedented level of political power, which they've used to amass even greater wealth. We must stop this cycle."
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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This plan is so very soft on the billionaires and yet we are going to see it being resisted violently and with extreme prejudice.
By temporarily embarrassed millionaires, no less.
Even most of the extremely rich aren't effected by this, if you calculate it out you need over 31,000,000 dollars before the lowest bracket kicks in.
Uh my house will totally be worth that much so I hate this!
/S
What about the family farmers and small business owners?
/s
Pretty sure thats the point.
Showing that the billionaires will react to practically nothing like it will destroy them. And hopefully maybe a few more people will realize they're full of shit
Keep in mind it's a wealth tax, not an income tax, so these numbers hit way harder than the income tax ones you're used to.
It hits the same as property tax hits, because property tax is also a form of wealth tax.
How so? It works help to have that context
Income taxes only effect money earned that year, and have plenty of loopholes to lower that amount significantly. A wealth tax is based on total wealth owned, so it hits every year at the full amount, assuming wealth never goes down. Think property taxes; you pay the same amount for your house tax every year, because you still own it. And if the value increases, so do the taxes.
Thank you, that helps a lot.
Yes, percent should be about 10x what has been recommended.