This plan is so very soft on the billionaires and yet we are going to see it being resisted violently and with extreme prejudice.

For everyone saying this is not harsh enough, it is a WEALTH tax. Not income, wealth. All owned assets. Meaning any of these people who don't increase their net worth by at least the amount of the tax each year will lose more and more of their total wealth year over year.

It isn't intended to strip all mega rich people of all their stuff immediately - that obviously could never pass - but still is intended to open the door to wealth taxes and redistributive policies more broadly.

It's a great move. If we can get anything like this passed, it is a significant victory.

It's got a snowballs chance in hell of going anywhere, but it's nigh time a wealth tax entered the realm of possibility

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.

What a travesty. Is a man not entitled to the sweat of the brows of everyone he's screwed over to amass his fortune? Sure, I might not have two cents to rub together between paychecks but I'd better oppose this just in case I get rich some day.

Isn't the issue that they are currently hiding and obfuscating their income? Increasing the percentage is a great idea and all but 1% or 8% of zero is still zero.

That's it? The highest one is 8%? Wtf is this, a joke? No one needs billions of dollars. No one should hoard billions while others sleep in the streets. Hell, billionaires shouldn't exist at all.

Edit: also where is the "assets" and stocks tax?

Wealth taxes are super easy to avoid, so I'd much rather see something like cap gains+"luxury" sales/income taxes and such, but it's a step in the right direction

Now raise taxes on everyone making over 100k and we're really cooking with gas

Good thing the people who have to vote on it aren't impacted by these brackets at all!

The Supreme Court would veto it as unconstitutional even if passed. https://www.npr.org/sections/money/2019/12/17/787476334/is-a-wealth-tax-constitutional

My understanding is that this would be x% of your total wealth, which is much more reasonable.

So you would pay an extra 2% of your total worth every year. So at a billion that's 20 million, at 980 million 19 million and change, etc.

The numbers could be much higher, but this is a lot of funds. It also would take several generations for the inheritance to drop below "you'll never spend this" to just "you can live on the interest". Even with zero interest on their investments (which is absurd - so really this would more be a source of funds than anything). At least it would be a starting point

Can someone ELI5 with examples? Is this based on income?