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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth (www.commondreams.org)

submitted 1 year ago by ATQ@lemm.ee 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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[-] Sneptaur@pawb.social 141 points 1 year ago

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

[-] ATQ@lemm.ee 73 points 1 year ago

By temporarily embarrassed millionaires, no less.

[-] slicedcheesegremlin@kbin.social 26 points 1 year ago

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.

[-] joekar1990@lemmy.world 14 points 1 year ago

Uh my house will totally be worth that much so I hate this!

[-] jscummy@sh.itjust.works 1 points 1 year ago

What about the family farmers and small business owners?

[-] givesomefucks@lemmy.world 19 points 1 year ago

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

[-] twelvefloatinghands@lemmy.world 17 points 1 year ago

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.

[-] Rodeo@lemmy.ca 4 points 1 year ago

It hits the same as property tax hits, because property tax is also a form of wealth tax.

[-] Sneptaur@pawb.social 1 points 1 year ago

How so? It works help to have that context

[-] Holomew@lemmy.world 5 points 1 year ago

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.

[-] Sneptaur@pawb.social 2 points 1 year ago

Thank you, that helps a lot.

[-] ZoopZeZoop@lemmy.world 10 points 1 year ago

Yes, percent should be about 10x what has been recommended.

this post was submitted on 27 Jul 2023

633 points (97.9% liked)

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