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Progressives Unveil OLIGARCH Act to Combat 'Existential Threat' of Extreme Wealth
(www.commondreams.org)
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this post was submitted on 27 Jul 2023
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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.
It literally says "all wealth" and doesn't talk about income at all.
This is exactly the kind of tax we need. I think its a very interesting idea to tie it to median wealth, though using household as opposed to individual wealth I'm not sold on.
The same point still stands regardless of it's income tax or any other arbitrary constraint, if they hide their assets how do you apply this policy to that?
I don't understand what this statement says. The it's has to pick 30% of all households that make more than a thousand times the medium income? Is that lower than standard or higher? Why 30% and not 100%?
since they took the effort to include it in the proposal, I would assume it is significantly higher. Where I live the standard often varies from state so state, because some states use a low enforcement rate to attract buissnesses ("as in yeah, our federal taxes aren't cheaper here, but we if you cheat it's not like we are gonna catch you...").
I assume not a 100% because that would be a herculean effort and at a certain point if your chances of getting caught are high enough -and there are significant fines- you won't need 100% because the risk is high enough to make most people not cheat out of fear of getting caught.