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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth (www.commondreams.org)
submitted 3 years ago by to c/politics@lemmy.world
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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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[–] 52 points 3 years ago* (1 child)

Eight whole percent. I can hear their boots shaking now /s

Go with the Bernie plan. Anything over $1B is taxed at 100%. Shit, I think even that is too soft. Nobody needs even a fraction of that to for themselves and their children's children's children's ... to live like kings their entire lives.

Also, it's always hilarious how American politicians are so obsessed with overly on-the-nose acronyms for legislation.

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  • [–] 2 points 3 years ago

    You're almost certainly confusing wealth taxes with income taxes. Bernie Sanders had a wealth tax plan, it ranged from 1%-8% depending on wealth. From $1B to $2.5B the rate was 5%.

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